All Forum Posts by: Larry N.

Hi Brian,

Thanks for your response. I've seen many different ways to do this process which can be confusing for the newbie. Your information is very helpful!

I've heard a Letter of Intent is not legally binding because you have no equitable interest.

What is the difference between the 'Flex Option', Letter of Intent or Option to Lease Option?

How do you determine which one to use to gain control of the property?

Thanks!
Larry

Lot's of Great info here! Hey I have a question and wondered how this process works with wholesaling lease options...

So after the Investor and Seller sign the option to lease option agreement, then you find the qualified T/B....

next the T/B goes down to the title escrow company to sign the assignment agreement with the Investor assigning the option to lease option "rights" to the T/B...

next the T/B signs the lease agreement and option to purchase agreement between the T/B and Seller...

next the T/B delivers check to escrow company for assignment fee and 1st months rent...

then the Investor gets paid by the title escrow company and out of the picture

Is this correct?? Thanks

Hi BryanA,

I've been trying to find motivated sellers or landlords that will do a L/O deal.

What sort of ad did you post in the "For Rent" Section of CList for motivated sellers?

Any ideas on marketing for motivated sellers or landlords that will do a L/O deal?

Thanks.

Hi Hazel

In your post you mentioned

"find a listing agent who is adept at short sale negotiatons, pay off the current listing agent at 1% and let them go down as co-listed, and let the new listing agent (who ideally has an in-house buyer's agent) double dip? This would free you up to invest your time in finding more deals, no?"

- Could you please explain what you mean when you say pay off the current listing agent 1% and let them go down as co-listed?

- Are you saying to pay the original listing agent to give up their listing and find another agent to do the neogotiations?

Hi Moeskii

Had did that approach work out for you?

Hi Aly L

I see you use a buyer's agent. When you submit your offer, do you state that you will be doing the negotiation with the lender?

Hi Scott

How do you approach the Realtors and MB to bring you leads?

Thanks to all!!

Thanks Moe for the great informative post!

Does anyone here actaully do short sales in Maryland?

Some agents tell me that all the shorts in the the Maryland MLS have either attorneys or agents doing their own shorts.

Thanks.

1. Other than LLC, what can we use as company name for Buyer? Doe this have to be a registered D.B.A. name with the state?

2. After getting under contract, then send addendum to title co. to have title vesting XYZ Land Trust,.. etc.?

3. What is the beneficial interest? Who is the 100% beneficiary...me? I'm the beneficiary and the trustee?

4. I sell the beneficial interest to the cash end-buyer in a private meeting before the escrow?

Thanks so much to all!!

Thanks Justin and Stephen.

I'm new to short sales.

So you are saying on the A-B side you get your own lead with NO realtor involved, right?

Is it better to
(1) find your own leads
(2) use a buyer's agent
(3) contact listing agent directly

I haven't been successful yet directly contacting the listing agents with short sales with my benefits to their client and the realtor.

In states such as Maryland there are very restrictive laws regarding investors/foreclosure consultants contacting homeowners in default. Maybe I will look in other states.

Thanks for all your help!

Hi Alex

So are you saying on the A - B transaction:

- Listing agent would get 3% commission paid by Seller (lender)

- My Buyer's agent would get 3% commission paid by me

On the B - C transaction:

- What ever agent brought my end-buyer to the table to buy would get the 3% comm.

So the the Investor would pay a total of 6% commission in this scenario and if I had no buyer's agent to represent me, I would then pay total of 3% commission? Thanks.