All Forum Posts by: Mike Nelson

I used the old school method of mining buyers out of the public records. I was able to get their mailing addresses off the state's website, but the info is limited to just that, no phone #'s. So what Im wondering from others who have done this before, did you just mail out your info to every buyer? Anyone have any crafty ideas on how to expedite this process? I have about 200 names.... Thanks.

I agree with you here Wayne as you know I am in Florida as well and use the FAR/BAR contracts, I would intend on checking the box that says "Buyer will pay cash or may obtain loan for the purchase of the Property. There is no financing contigency to Buyer's obligation to close" This should allow me to obtain financing and in the case I am rejected by the financor, I can resort to cash. Everyone agree? I think this covers my butt to use HML or PM.

In short, say I have 100K and I want to secure 3 properties leveraged at 75% at 100K each, so I need 75K of my money to finance the deals. Are banks REO asset managers turned off by this, or do they see Hard Money as good as gold? Has anyone had luck doing this lately? Im wanted to take on a little more volume, and I cant do all cash if this is the case....

No I do not define "net to seller" anywhere.

When you get your offer accepted on a property, and you offered with no inspection contigency, and the contract states "Seller to deliver clear title" but a title issue is found, say a BIG issue, other than trying to negotiate and going back and forth blah blah etc. is there any recourse for the buyer? and if EMD is put into escrow and this is discovered afterwards what are some ways of getting out? This is the part I am fuzzy about trying to move forward and do my second deal. Thanks guys!

That sounds simple enough, but I was also wondering about delivery of a clear title. Its my understanding that the smart thing to do would involve me as B buying a title insurance policy even for 10 minutes to close transaction B->C in which C would need to get his own title policy. Are there any savvy techniques as how to best deal with clear title transfers in these situations? Can you always get the title policy to delete BI and BII in which they state exclusions to the policy? Title transfer is the big scare for me in this business.

Thanks for the tip, i was actually in the process of mining this out of the county records.

I may be looking at doing my first REO double closing and wanted to get some tips to avoid a bad experience. In other words, In the instance I need to fund the first closing with my own funds, what can I do to prevent the second closing from not taking place? I hate to have all my funds stuck in a property only because the B->C transaction failed. Is it best to have large EMD from end buyer to help secure this? Are there other methods of double closing that are more In my best interest to prevent a disaster?

What has been your success ratio doing this?

im certain it stands for short sale.