All Forum Posts by: Lawton Michaels
Lawton Michaels has started 12 posts and replied 26 times.
i currently live in north carolina and have seen lots of good opportunities there for wholesalers. will past along some info shortly.
Originally posted by Mr_Investor:
i found a way to do both. thanx.
When dealing with REOS, what are some ways a wholesaler can get around having to front deposit money on the offer to the bank before they assign the contract?
Post: Brother sold house by investor without deed
- Posts 26
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Originally posted by Rich Weese:
thats BELIEVABLE. with all the foreclosures on the market and the number of investment groups out there,you know this is gonna happen now.
Post: Brother sold house by investor without deed
- Posts 26
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Originally posted by Jon Holdman:
This is a bit scary. I've seen several of these groups recently. They say "give us , and we'll get you into a property, lease it, manage it, etc..." These seemed like a situation where the company made money at every step of the way, and the buyer was left with a marginal deal. Sounds like the outcome may not even be that good.
yes, but if my brother has invested money into the house, he has a LIEN position also, regardless. you cant just put money into a house and tell you to boot like that. MOST people dont know that and would leave, but im instructing him if he doenst get a title, to lien up the property and cloud the title FOR REAL.
Post: Brother sold house by investor without deed
- Posts 26
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Originally posted by Jon Holdman:
Will the investors eventually get him a deed? My understanding is that its not too uncommon to have title issues on these bulk REOs that take some time to sort out. You would reasonably expect, however, that they would sort this out before they sell the property. Does his land contract specify a marketable title is to be delivered at the end of the contract?
the contract said that they will quitclaim the title after 6 months, record a promissary note and mortgage as a lien, but will NOT provide title insurance.
Post: Brother sold house by investor without deed
- Posts 26
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I have a brother who recently purchased a reo by a investment group that buys pooled reos from banks. he bought the house on a land contract wherein after 6 months of on time payments, the deed would be placed in his name. He needed to provide proof of ownership to get some utilities turned on and found out the investors DONT HAVE A DEED. What would be his recourse in a situation like this?
Originally posted by Nick Johnson:
whats an option memorandum and what would the wording be?
Post: Currently, WHY is there a market for wholesalers?
- Posts 26
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With the housing industry soo bad, why would a investor use a wholesaler when they can just about find a deal anywhere?
Post: Put the house under contract BEFORE offering it?
- Posts 26
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Correct, you should put the house under contract before u offer it to the investor. i made the mistake of rushing to the offer before i had a contract and sure enuf, i had to balk at giving the investor the details of the deal.