All Forum Posts by: Karl James

Looks like an attractive lot based on Google Earth.  Outside my cuurent area of interest but I wish you well.

Carey,

My limited experience (just a few deals now) leads me to believe your best (and first) opportunity to make money on a deal is on the buy. If you are looking at listed properties - you probably have to get insight into the good deals before (if) they hit the public domain.

I noticed you are in Medford. I have a cousin who has been a real estate agent for 20+ years. She is in Medford also. Over the last few months, I've noticed from her Facebook posts she has begun to become RE investor knowledgeable (FB posts about tax liens, tax deeds, house flipping). I don't know if she has done any investing herself yet. She might be a good contact to get insight into great deals before they hit the MLS. She's not on BP yet. If you are interested in making contact, send me a PM back and I'll reach out to her and get her business info.

Karl

Ditto what @Curt Davis  said - with State Farm, same $ range.

I had heard 905 of tax liens get redeemed, 90% of tax deeds do not.

But I can't say from experience - I've not bought either.  Instead, a couple of times, I've bought directly from the seller in advance of the tax sale.

Interesting insight - thank you all.

@Keith Belzner 

I agree with the previous posts, and it sounds like (from your replies) you do to - it's best not to sign a contract unless you are willing to close.  That doesn't mean you shouldn't pursue wholesaling the deal, bringing in a partner or buying and marketing while you hold - just don;t leave the seller hanging unless they clearly know your intentions and that one possible outcome is they don't have a sale.

The "and/or assigns" wording doesn't give you a legal out.  It gives you the right to assign.  If you do assign the deal, then your protection is wrapped up in the subsequent assignment agreement.  You'll look to it to keep you whole if the assignee walks the deal; i.e. against loss of earnest money or indemnity if the seller pursues legal recourse when the assignee doesn't close. 

If you are looking for an 'out' - be very clear with the seller that you are in the business of helping people sell who are motivated enough to sell below 'retail' and you work hard to find buyers.  But, if you can't find someone to whom you can assign the contract within X days - you can't buy their property and you will need to cancel the deal.

Two ways you can do this and I have included wording in my buy contracts allowing both - just not both for the same buy contract.

1 - @Guy Gimenez  mentioned it, an option clause.  For example, (being from TX Guy will recognize) the wording from the TREC contract, clause # 23 available here:

https://www.trec.state.tx.us/pdf/contracts/9-11.pd...

2. Cancellation clause - Here's and example of one I've used.  When I've used the TREC contract above, I've included this in the Special Provisions section and ensured it is clear to the seller.  "A.CANCELLATION: Buyer retains the right to cancel this agreement by delivering written notice of cancellation to Seller before Closing Date or the date when the deed is delivered to Buyer, whichever is earlier, and any earnest money will be refunded to Buyer."  

In addition, I've ensured my right right to assign is clear to the seller.  In addition to have "Karl James and / or assigns" in the buyer definition, I've also included this clause in the Special Provisions section:  "B.ASSIGNMENT: Buyer has an unqualified right to assign its rights under this contract to a third party so long as the assignee agrees to be bound by all terms and conditions of this contract. No notice to Seller of assignment is necessary. Such an assignment will create a novation and release the original Buyer from this contract and substitute the assignee in the original Buyer’s place."

Sorry this is wordy - but hopefully helpful.

I own Williams Triple Strike - great condition.  I have had it since 1978

Accepting offers now on a very attractive 0.55 lot in Richmond / Rosenburg / Fulshear / Katy area of Fort Bend County Texas.  Located in a rapidly growing Master-planned Community.

See details / contact info at the link below:

  http://www.4vacantland.com/?page_id=239

I recognize you are in Florida so this only helpful by way of an example but here is a link to a copy of the form promulgated by the TX real estate commission for unimproved property.  It is intended for use by real estate agents but, because it is a state commision and public,  it can be used by anyone.  I suspect if you google FL real estate and contract and unimproved - you may find something useful.

I am very new to buying real estate.  I've bought and sold one lot, closed the purchase on the 2nd parcel yesterday (currently marketing) and will take a contract to Stewart Title tomorrow for an accepted offer purchase from a seIler I got this afternoon for a 3rd parcel.

I was a bit anxious the first time but found the process to be quite easy.  The first time,  I called the title company near me and asked to talk to an escrow agent that could walk me through the closing process, cost involved and timeline.  They were very open and helpful.  If you'd like  me to share with you the process from my perspective on the few closings I've  done and an idea or two on how save a few hundred $'s in closing cost send me a note to [email protected]

Karl

https://www.trec.state.tx.us/pdf/contracts/9-11.pd...