All Forum Posts by: Nancy Cimino

I was just on a webinar where they have a marketing system and RE business management tool that is just what you all are looking for. Since I am just starting out in REI, and have not made my first deal yet, I can't afford it now; but as soon as I can, I am going to get it. It will organize all your leads, contacts & deals. It is pretty amazing. Check out www.thancall.com. I think you can get the entire system for $997, which includes prewritten marketing letters and lead capture pages. I hope this information helps.

Take Care!

Nancy

I am currently in need of a very experienced Buyer's Agent who can represent me. I would like the agent to have a strong background in Real Estate Investing and one that is open to creative strategies and thinking out of the box for (Subject To, Short Sale, Assignment, Preforeclosure, Foreclosure, REO, Probate, etc.). For now, I am looking to lockup properties as a wholesaler, then assign to an end-buyer.

Here's where I really need to be specific. The agent I want to work with has to see the big picture and want to build a long-term strategic partnership with me. I need someone willing to present many offers on Northern Virginia properties, and yes many will probably be low, and many will be countered.

I am a hard worker and whenever I can assist the Buyer's Agent I will. Please reply to this email if you are interested in working with me. I hope to find someone this weekend if possible, because I have at least one property I am very interested in learning more about, and possibly putting an offer on.

Thank you,

Nancy

Thank you all for your help. I will look into affidavit of memorandum and flex options.

Nancy

I haven't locked up the property yet. I was planning on writing up an Offer to Purchase Agreement and give that to the homeowner, as a proposal to enter into a standard Purchase and Sales Agreement. That way I know if the homeowner is open to accepting my offer before I actually write up a Detailed State Specific Purchase and Sales Agreement with all of the State Requirements disclosed, which for a property in Maryland is over 10 pages. I would do this for properties where there are no real estate agents involved. I am not familiar with an affidavit of memorandum or how to record this. Can you further explain?

Thank you,

Nancy

Thank you Jen,

So you are saying to not add in a "first right of refusal clause", instead I should just release it, correct? Also what if I find a buyer who will pay the Purchase Agreement Price, but they find one who will pay more? Do I release the contract to them? Also do you suggest a 30 or 60 day lock up period? I appreciate your help. I just want to make sure I start off right, in a way that everyone benefits.

A business associate of mine, who is a real estate broker told me to be very careful about what I have stated in my Purchase Agreement. He asked me to find out what happens if I lock up the property with a Purchase Agreement for 30 days, and are unable to find a buyer during that time, but the homeowner or seller's agent does find a buyer. How would I proceed? Are they still obligated to keep me in this deal, since I am acting as a wholesaler not the end-buyer?

One person told me not to put in a first right of refusal, another said I should, and still another said you may get yourself in trouble if you have more than 30 days to find a buyer and can't find a buyer and the property goes into foreclosure. They said these days anyone can get sued for anything, and a judge may think that I have taken advantage of them and given them false hope.

Can someone help me with this scenario, and also share with me what and how I should state contingencies in my Purchase Agreement that will protect me as much as possible? I am going tomorrow to meet with my Real Estate Investment Attorney for the first time, and I want to make sure he understands my concerns when we write up a Standard Purchase Agreement for me to use with all my deals in VA, MD, and DC.

Thank you for your help.

Nancy

You are absolutely right. I will look for one that understand this new way of investing. Thank you for your help.

Thank you all for your replies. Your help is greatly appreciated. I know I have a lot to learn; and I also agree that at least for my first deal it is probably best to speak with a real estate investment attorney.

I hope someone can help me. I was talking to my potential title company and they said that laws are being passed daily concerning purchasing Maryland Real Estate (residential), especially if the buyer is out of state, like me. I was looking to purchase my first investment home and then assign it. They said it could be risky (a new income tax law, capital gains, etc.), and may even be illegal, because I would be acting like a realtor, even though I am not. They also said that I, not the end-investor would need to put out money for an inspection and title search as soon as I lock up the property, not after I assign the property. I am not sure if I understand the liability I take on when I purchase the home (with contingencies in the contract) to wholesale it. By the way, does anyone have a purchase agreement with the standard wholesale/assignment contingencies in it that they could share. I only have one from a realtor that is so complicated, and for now there are no agents involved, so I can't use this one. Any help would be appreciated.