All Forum Posts by: Scott Morse
Scott Morse has started 2 posts and replied 5 times.
Post: REO and Lockboxes
- Real Estate Investor
- FL, Orlando
- Posts 5
- Votes 0
Originally posted by nationwidepi:
Originally posted by Rich Weese:
I have NEVER had a problem to date.
Exactly what I was looking for!!!!
Thanks to you.... And all the other "cup half full" 'rs in this thread.
Appreciate the community..... So far, so great
Post: REO and Lockboxes
- Real Estate Investor
- FL, Orlando
- Posts 5
- Votes 0
Any heads up as to how to ensure the listing agent comes off the Lockbox code. It seems mighty rediculous that only one agent I have spoken to has given up the lockbox code so I can have myself or a partner first hand view the property. I'm just a newbie so maybe this is general protocol..... but its a hinderance.
My objective is to make sure I get my offer in on a home faster than the slower guy.... but not having access to the inside is pretty bad IMO. I had one realtor state they couldnt meet me there for 3-4days to show it...... while another investor with more capitol to risk may already have an offer getting accepted.
Thanks as always guys/gals
Post: 1st post..... REO flip.... Default Concern
- Real Estate Investor
- FL, Orlando
- Posts 5
- Votes 0
Originally posted by Jaime Vasquez:
The listers agent..... I am buying directly from the REO listing agent, thats why he gets both sides of the commission. Does this answer your question?
Post: 1st post..... REO flip.... Default Concern
- Real Estate Investor
- FL, Orlando
- Posts 5
- Votes 0
Originally posted by Steve Nicewarner:
I think the key word there is "default." If you put a contingency in the contract, then use the contingency to get out of the contract, that is not "default." Default is when you have a binding contract and you just decide not to go through with it.
In other words, write your contract with a few escape clauses [financing contingency, inspection contingency] and you should be fine. Again, this is worth spending time with a lawyer to confirm my interpretation.
I appreciate your response. I understand contingency periods, but for the sake of keeping my offer on these homes "at the top of the list" - i need to keep the contingencies to a low.
Just for my general curiosity, does your sale agreement in NC provide for commissions to be paid in the case of a default?
Thanks as always
Post: 1st post..... REO flip.... Default Concern
- Real Estate Investor
- FL, Orlando
- Posts 5
- Votes 0
Hey guys...
This is my first post, so I hope this community of fellow entrepreneurs can shed some light.
I am in the beginning stages of doing my first double close. I found the house I was interested in (REO) at a price I think can move, and I also have a buyers list already up and running.
Where I am scared is that in the agreement that the realtor sent me (which seems to be common place for Virginia) has a clause labeled DEFAULT. Basically what it says that if for whatever reason either party defaults on the agreement - the defaulting party has to pay the commission which should have been generated (6%) on top of losing the EMD.
Because I am treading lightly into my first closing, I am aware something could go wrong and need to back out within the 30days given to close. Please someone help with how to get around this extra penalty of having to pay the commision. I am a big boy and understand losing the EMD, but I dont understand paying his commission as well....
All Help APPRECIATED.
THANKS TONS and GOD BLESS