All Forum Posts by: Lilly Fang

oh I just read their purchase agreement with the seller, it seems they did get POA to do anything with the house. I believe the seller didn't understand it.

10. MISCELLANEOUS: Seller agrees to allow Buyer to potentially utilize partnerships, joint ventures, the multiple listing service, and/or novate this agreement with no change to the price or terms of this transaction. As such, Seller grants Buyer limited and specific authorization as its attorney in fact to potentially advertise the property and execute any documents including listing agreement(s), disclosures, cancellations, sales contracts and addendums. This authorization may be revoked when the above stated transaction has been successfully closed or completed.

11. DEFAULT: This is a legally binding contract for the Purchase of the Real Estate described above. In the event Seller fails to close the sale of the subject property pursuant to the terms & provisions of this Agreement, Buyer shall be entitled to pursue legal recourse for specific non-performance and shall be entitled to compensation for any costs associated with such actions, including but not limited to escrow fees, title fees, attorney fees, court fees, etc.

Thank you so much for the explanation. I didn't know this.

We just bought an off-market property as an assignee with a local wholesaler, which went smoothly. Now, we are dealing with PinPoint. I have seen their contract with the owner, which states the closing date is 4/22. The document is titled as:

REAL ESTATE PURCHASE AGREEMENT – ESCROW INSTRUCTIONS 1. PARTIES: Seller: RQ

Buyer: PINPOINT OFFERS USA, and/or assigns,

2. PROPERTY: address xxxx

And PinPoint even listed this house on MLS. They advertise it on Zillow, Redfin, and their own email listing. From what you said, this is illegal. They probably didn't have a listing agreement with the seller.

This is something I can report to Ca Department of Real Estate, and AG office. It will be fun, haha.

Can I send a demand to close escrow form? The problem is on the form, it's seller and buyer. However, the contract I have is assignment agreement. The seller is the seller, but the buyer/assignor is PinPoint, I am the assignee. 

BTW, my local eXp office all went to Real. I have to decide if I go with them to Real (including my team leader, she is already at Real), or move to another eXp office.

I am currently under a team at eXp Realty. The broker takes 20% (have to correct here, I think it's 20%, not 15%), then the team leader takes 25%. The team leader has become a friend. We discuss everything. She has been great in helping me through the contract process. However, I also know I can call in help with eXp's broker helpline. My question is, I feel my team leader is doing what a broker should do, which is helping me go through the document and learn how to deal with buyer's remorse. Now, I have completed three transactions, which allows me to be independent without a team. One the one hand, I like to be with my team leader. On the other hand, a 25% cut is too high, considering what she does is what a broker should do; she doesn't provide me with any leads. I got all clients through my own network. 

After the 3rd transaction, what should I do? I hope to join a team/company that the broker helps me as my team leader does, but only with one layer of commission cut, not two layers.

BTW, I am part-time. I do this mostly for my own investment, but help friends buy and sell as well. I am not pursuing any outside business. 

what's the difference? It says the property:

Assignment Agreement

Property Address: XXXXX, CA xxxxx

Effective Date: 04/11/2024

Escrow agent is hereby instructed and directed by PINPOINT OFFERS USA (“Assignor”) that the

Assignee(s) in the above referenced escrow is/are PATRIK INDERBITZEN AND XIN FANG 2024

TRUST (“Assignee”), and you are hereby instructed to treat said Assignee(s) in all respects as though they

were the original purchaser(s) to said escrow

Pinpoint offers (the wholesaler) failed to close escrow. The seller was still in the house. Pinpoint said it’s clearing a title issue. Someone in their own team said the seller was waiting to close her purchased home. I requested a clear and definite date of close. They said they are actively working to clear title and can’t give a clear date.

I already had contractor lining up for the work and now had to inform them the delay. 

I can’t let this delay indefinitely since I am going abroad for a month in June. I can’t sign the closing document while I am traveling from country to country.

What can I do? Can I give them a deadline? If no closure by 5/10, I have to cancel the contract. Should I get a real estate attorney? If so, any recommendations in California.

Thanks! So I will pay for the lender's title insurance when I refi, and I can choose a title insurance at that time? Or will the lender choose one? Anyway, it will be cheaper than the lender's title insurance, which this title company wants to charge me now.

I am in Nor Cal. Usually, it costs me $3000-4500 for title and escrow. However, I am buying a Nor Cal house from PinPoint Offers right now and just found out the title and escrow cost $8100! They selected a So Cal title company and a escrow company and said it's too late to change now since we are going to close on Monday.

I am purchasing this house by cash, and I see they listed the lender's title insurance for $1650. My plan was BRRRR. Do I need the lender's title insurance for now? I think I probably need the lender's title insurance later when I refinance. Fidelity National Title charged me $1100 for the lender's title insurance for my last property. Can I shop for title insurance later when I refinance? Or do I have to use the title company and their insurance quote now, even if I pay cash?

Thank you, everyone. I am learning something every day. I will write "cash or existing credit line" next time.

One of the two friends is actually my mortgage broker. She knows us so well that she will personally lend to me without any collateral. She will construct the loan with no point, no fee. The other friend just planned to wire money to me directly without any note, but I will ask the mortgage broker friend to do it right so that I can re-finance easily. 

The worst scenario is if the seller or escrow really requires me to use my own cash, I will use my HELOC and cash to buy it. I just don't like to see the number in my account tank.