All Forum Posts by: Julia Tse

Thanks @Wayne Brooks, the wholesaler is also the loan agent, he knew all along and he is the one helped me try one lender after another. He is also the one who wrote the purchase contract. Also the closing agent said that he did not buy the property so I have no valid contract with him. He may default between him and the home owner, so that is why the closing agent released my EMD to the home owner. But in this case, I have no relationship between me and the home owner.

Thanks all. I found out the loan failed from the last lender yesterday. I do have financial contingency but the contingency date passed long ago. I have not received any extension and I have not signed any remove contingency as well. I will wait until Monday to talk to the boss of the closing agent and see how they released my EMD without my signature.

Dear BP members,

I am in contract with a wholesaler. In the contract stayed that I will get a private loan with x% of interest rate. To be sure, before I did anything I asked him if there is any chance that I won't get a loan. He said I won't be turn down. So I wired EMD(Earnest Money Deposit) to the third party closing agent he provided. And I spent money to order inspection, appraisal..., but then the appraisal value comes up too low that does not meet the private lender guideline. He tried other lenders and none of them will give x% rate. I own a couple free and clear properties that I asked him to do cash out refi on them so I can free up money to buy his property. Again I have to paid for appraisal fees for the refi. So we tried that for a couple lenders, but still failed. All these effort took 2 months. So I told him I am giving up today. Please return my EMD.

I called the third party closing agent today, and she said the money already released to the seller (the person whom the wholesaler buy the property from). That was shocking to me. How can they release my EMD to someone else without my consent? Her boss is not in today, I have to call back Monday. Closing agent asked me to talk to the wholesaler. Wholesaler said that property was tired up for more than 2 months, but he will try to close another deal with this closing agent. If closed, he can give me back the EMD; if not, the chance I am getting my EMD will be very slim.

Looking back the contract, there is clause said:

"If the Contract is accepted and signed by all parties and the sale does not close, however, a separate mutual release signed by all parties to this Contract will be required before the Earnest Money will be disbursed".

I have not signed anything besides the contract.  So they released the fund without my signature. 

BP, what do you think?  Please help what I should do next?

I found this guy in Linkin network and he said he can give me a cash out refi, but before the loan processing, he asked for security deposit of $700-$800.  It is kind of odd that give wire deposit before getting the loan.  Anyone heard of that company?  thanks.

I like Hueytown and Center Point area

Hi Jeff, please add me to your list my email is: [email protected]

Rented and cash flowing!! This single family home with 3 bedrooms and 1 bath has an excellent tenant taking meticulous care of the property.  Home is currently rented at $700/month with updates that include: Newer roof, Windows, Heating and plumbing.  This is a turnkey investment that gets you immediate cash flow.  

Seller financial available with 25% down.  Please contact Julia Tse at [email protected] for detail.

Dear BPs,

Can you recommend a great loan document preparation closing attorney in Cleveland OH area?  Plan to do seller financing and need help to draft the loan doc.  Thanks.

@Terron Winn,since you are doing refi now, and I am assume you are refi it as primary resident, if so, you will not be able to get another primary resident loan within a year.  So it is better to get the equity out and investing in the rental properties.

Hi David, I am interested too, please send updates at [email protected]