All Forum Posts by: Mike Romano

Has anyone dealt with a wholesaler refusing to sign the cancellation? The seller backed out of the deal and didn’t show up at closing, but now the wholesaler won’t sign off on canceling the contract.

Has anyone experienced something similar? How did you handle it?

I just backed out of a deal after realizing the house was in a Zone A flood zone. I lost $5K in EMD.

@Kevin Sobilo Thanks, this is a simple and straightforward assignment contract.

Hey everyone, I'm looking for some insight. I have an assignment deal that I'm considering backing out of before closing.( I'm the end buyer) The title company already has my $5K EMD. I just found out the property is in a Zone A flood area, which means lower property values and a longer selling timeline.

At this point, I’d rather take the $5K loss than deal with the potential headaches. Has anyone been in a similar situation? How did you handle it? Appreciate any advice!

Thank you!  @Obed Calixte

Hey everyone,

I have a buyer ready to submit a full asking price offer on my flip, but the 90-day flip rule won’t be lifted for another two weeks. I really don’t want to lose this buyer—what’s the best way to navigate this?

Would it be a good idea to take a deposit to secure the deal until the rule clears? Or should we sign the contract now and set the execution date for two weeks later?

I’d really appreciate any advice or experiences you can share. Thanks in advance!

The buyers are FHA-qualified, and I mentioned the option of switching to conventional, but they prefer not to. Can they get pre-approved for a conventional loan and then switch to FHA once the 91-day requirement is met?

Thanks, @Crystal Smith! I’d love to get more details about Option 2.

Hey everyone,

I have a buyer ready to submit a full asking price offer on my flip, but the 90-day flip rule won’t be lifted for another two weeks. I really don’t want to lose this buyer—what’s the best way to make this work?

Would it be a good idea to take a deposit to secure the deal until the rule clears? Or should we sign the contract now and set the execution date for two weeks later?

Any advice or experiences with this would be greatly appreciated! Thanks in advance.

Hello, 

I'm the end buyer, getting this assignment Trust through a wholesaler. I haven't done it this way before. I see only on the contract, only my name not my LLC. I also hear that HML does not loan this type of contract. I would appreciate it if anyone could guide me in this.

Thank you!