All Forum Posts by: Luigi Ontiveros

Hi Chris,

I ended printing out a Memorandum of Contract and taking it to the San Diego County Recorders office , only to find out that San Diego county does not provision/recognize the specified document.

I requested to see the listing agreement from the agent and even called her broker and they never got back to me nor did I see the listing agreement.

The seller called the same day I went to the County Recorders office and said he DID want to sell the property to me. I set up an appointment with him for the next day and when I arrived he said that his real estate agent told him not to talk to me anymore.

My next step was to talk to an attorney acquaintance of mine and he suggested I send the seller a 'demand letter' stating that we had an enforceable contract and to follow through with the deal or a ' Lis Pendens' would be filed.

After a few days of the letter being sent out, my attorney received a letter back from the sellers attorney stating that I should back off and that the contract was not enforceable because supposedly the seller was not in "capacity" to enter into a contract at the time of signing. In which statements are completely untrue.

I decided to wash my hands with this deal and focus on the prize of what is coming. I was spending too much time on a deal gone sour , when it could be time spent talking to sellers and doing more marketing to find more deals.

I have another property I am looking at right now and the seller is motivated since he has destructive tenants, but other than that is seems a bit slow probably because of the holidays.

Thank you for your interest.

Luis

Keep persisting Greg!! Do not stop!!!!

Sooner or later, that true motivated seller will come into the picture and make all of your hard efforts worth it.

Luis

Subscribe to RealQuest to pull comps and use eppraisal and zillow as secondary comp valuations.

Thats's the way I do it and I'm accurate and on point each time.

Hey Tim,

Thank you for the words of encouragement.

My wholesale deal fell through this past Saturday when the seller backed out and now wants to sell it to another person for a higher price.

I'm going to be at the monthly SDCIA meeting tomorrow at 5:30 in Mission Valley. Are you going?

I'd love to meet up and share notes over a cup of joe and see how we can help each other get ahead.

PM or email me when you get a chance and let's set something up.

[email protected]

As some of you may already know I tied up 2 free and clear wholesale properties under contract Yesterday. Here is the situation:

Motivated seller called, we met, I offered , he agreed, we signed two purchase agreements.

ONE of the two properties had a listing agreement with a RE agent. So we both agreed, we would just give her the commission and call it a day.

The other property was not listed and had nothing to do with the RE agent.

This morning I get a call from the agent stating that the seller was no longer following through on BOTH properties.

I spoke to her later today and she said that she is going to sell BOTH properties now to some other buyer.

I am thinking of letting the one originally tied up with the RE agent go but filing a memorandum of contact with the county clerk and recorders office tomorrow morning on the other property that had nothing to do with the agent and enforce the contract.

I know this isn't a legal advice forum , but any comments, recommendation or suggestions would be greatly appreciated.

Yes, I did have a purchase contract with the seller.

We SIGNED a purchase agreement on both properties Yesterday. I also spoke to the agent that had ONE of the properties listed on the mls and told her I was purchasing the property and that the seller and I had signed a contract. She said it was fine as long as she got her commission.

This morning I get a call from the agent saying that the seller was not selling the property to me any longer and that she was looking out for the best interest of her client.

Is there anything I can do ??

Thank you

UPDATE: BAD NEWS!!!

One of the two properties I put under contract yesterday was listed with a real estate agent.

I spoke to the agent Yesterday and she said she was fine as long as she got her commission.

Today , she calls and says that the seller is backing out of both deals and that he will not be selling his properties to me any longer.

I am extremely upset, but hey, it's not the only deal out there.

Thanks

UPDATE: GREAT NEWS!!!

I am still jumping in my chair with excitement.

I started calling back all the hang ups today and I found everything except motivation. Until a call came in around 11 am and it was an EXTREMELY motivated seller with two inherited properties.

I set up an appointment and locked in both properties under contract. WOW !!!!

Now I need to send the properties to my buyers list.

I am a bit hesitant about sending the property address to the buyers list which includes some people that I don't even know and have never met.

Is it safe to send the property address so the buyers can run their numbers??

I just want to be as precautious as possible since the seller is so motivated and anybody else could go around my back once they know there is a deal there.

Thank you for your help.

Hi Guys,

I am looking for an investor friendly title company in the San Diego California area.

I need them to be familiar with assignment of contracts, double closings and simultaneous closings.

Thank you very much for you help

I sincerely appreciate it.

Luis

I agree with you 100% !! Thank you.

I will be calling each and every hang up at full force. I'll keep the thread posted. :)