All Forum Posts by: Markeilsha R.

@Shaun Reilly that's  really great advice. If all fails I'll ask her how she feel about our next step and either make it happen or go through with this.  I won't let self interest screw over  my friend or anyone for that matter. Tomorrow's a new day, I'm hoping for the best!

@Brant Richardson thank you for the advice. I think my biggest hang up was getting the job done as quietly as possible, but she is ready to move. My local REIA has a meeting Wednesday so I'll head out there. The property asking price is only a smidgen above 50% ARV (BPO) so it's worth a shot.

@Kyle J. 

Thanks, I am strongly considering that, it would ultimately mean a $500 loss to me for attorney's fees. :(

Who said I couldn't close? The problem isn't with me closing, which if I was making 5k+ I'd be ok with. The problem is that there's not enough spread for me to do that AND make a profit.  

There's tons of wholesalers on this site. While I respect you're opinion on it, going around another investor may seem savvy to some, but all actually it's just plain shady and not particularly smart if you live in a smaller market where others can mark and taint your reputation.

That said...I've already discussed this with the seller and my back up strategy is to assume the mortgage myself and partner with another local investor to do the rehab on a 40/60 split.  I do have another investor interested but his funds are not readily available for the timeline. The ISSUE that I was asking advice on was whether or not this is situation that can be WORKED on from a wholesale standpoint. Obviously, my initial plan was a quick in and out and I'm not getting rich off this deal.  

Copied this into a new thread because I submitted under the wrong forum.

Okay...

A good friend at work asked me to help her sell her house. She is the original owner of a little over 20 yrs but has been having issues with the bank and got a little behind on the payments. With everything happening she is just looking to move as quickly as possible.

I get the property under contract and get interest from a local rehabber through an Ad on craigslist. First issue is he makes an offer on the property DIRECTLY to the seller (putting her name on the contract). I explain the the property is available, but only by assignment. He asks to look at my contract, which I give him along with my assignment paperwork, disclosures, and an amendment I used to adjust the original price on the purchase contract.

After a day he gets back to me stating that his "attorney has advised that he make the offer to the seller and leave the name blank on the contract with his desired terms". Additionally, he is looking to push the date. Now I'm not sure what to do. My contract will expire on the 16th, and it looks like his attorney is advising a double close (or for him to weasel me out of the deal), but there is not enough spread on the deal to make that realistic.

Details:

It's a 21yo house in a suburban development outside of Syracuse.

4/3.5 1767SQFT

She owes 90,000

He offered 96,000

I amended to purchase at 93,000 (3,000 assignment fee)

He is unwilling to pay sellers closing costs.

Trouble is, she's my friend and she is seriously stressing about the whole thing. I want her to be able to get the house off her back ASAP, but this issue is really tying up the deal.

What should I do? How should I approach this? HELP!! SOMEBODY...ANYBODY!!!

Okay here's the story...

 A good friend at work asked me to help her sell her house.  She is the original owner of a little over 20 yrs but has been having issues with the bank and got a little behind on the payments.  With everything happening she is just looking to move as quickly as possible.

I get the property under contract and get interest from a local rehabber through an Ad on craigslist.  First issue is he makes an offer on the property DIRECTLY to the seller (putting her name on the contract).  I explain the the property is available, but only by assignment.  He asks to look at my contract, which I give him along with my assignment paperwork, disclosures, and an amendment I used to adjust the original price on the purchase contract.

After a day he gets back to me stating that his "attorney has advised that he make the offer to the seller and leave the name blank on the contract with his desired terms".  Additionally, he is looking to push the date.  Now I'm not sure what to do.  My contract will expire on the 16th, and it looks like his attorney is advising a double close (or for him to weasel me out of the deal), but there is not enough spread on the deal to make that realistic. 

Details:

It's a 21yo house in a suburban development outside of Syracuse.

4/3.5 1767SQFT

She owes 90,000

He offered 96,000

I amended to purchase at 93,000 (3,000 assignment fee)

He is unwilling to pay sellers closing costs.

Trouble is, she's my friend and she is seriously stressing about the whole thing. I want her to be able to get the house off her back ASAP, but this issue is really tying up the deal.

What should I do? How should I approach this? HELP!! SOMEBODY...ANYBODY!!!

Hello,

I have a property under contract that I am looking to get rid of quick.  It's super clean so I thought that instead of keeping it for cash flow, I'd try my hand at wholetailing.  Does anyone have any advice about how I can go about geting a buyers agent on my team??  Ore even how to find an agent with an active clients list?

The house in in Port Byron, IL. Let me know!!!

thank you everyone.  I've tried to get more info from the owner to find out who holds the note, but she claims not to know anything after being notified that BOA sold it.  She said that they've tried to get her to make a payment plan but she has not.  Theses are distressed low income houses, so the not holder probably didn't pay much but I font want to rehabbing and having it taken.  I think I will take a pass on this deal. Thanks again everyone!

I have recently found an owner who is willing to quit claim her deeds on 4 properties to me for free.  The catch is that they are all financed and defaulted for over 4years.  The banks have never foreclosed and she believes that some or all of the noted were sold but has no clue who now owns the note.  She is not in the least worried about her credit, she just wants out.  I took a look at the properties and all but one are severely distressed. Also, the taxes are current on all but one.  I'm not sure what to do. I want the one house, but I'm not sure what my liability will be if I get them rehab and rent.  Can the note owner come back and take the properties? Am I am yo do a quiet title action? Or has enough time passed for me to claim a clear title?

Hello all,

I'm looking for a few good recommendations for title companies or real estate attorney in Binghampton, NY.