All Forum Posts by: Patricia Cote

@Patricia Cote I would really dig into WHY they are looking to walk away from it. We've gotten 2-3 leads over the last few years where it is a similar scenario and for all of them, once we dug into things we realized there were issues. Usually, the issue was that the seller got in over their heads, paid too much, underestimated the rehab, or a combination of things.

I would put on your skeptic/detective hat and try to find out if there is something they know that isn't being relayed to you on the surface of things. If it passes the smell test and all makes sense, then move forward. But if anything seems weird, I would pass on it.

Thank you! Yes, I didn’t get a clear picture of why they were walking away from it so I felt that there might be more to it when I got into it. I ended up turning it down.

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Hi all, I have been flipping houses for several years but haven't seen this before and would appreciate your advice!

I have the opportunity to purchase a fixer upper that is half done. The current investor has a general contractor who has open permits for the entire project, so apparently I would take that over. I would bring in some of my own subs. The numbers still make sense to complete it and sell it, but I am not familiar with the risks this might entail. Any warnings?

Thank you!

Patricia

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Well, today I have some good news.

The title company has agreed to send an amended settlement statement to the end buyer's lender, requesting an adjustment, and they will issue me the funds when the adjustment has been made.

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Mobile, Alabama

Thanks!

Yes the title company issued me receipts for my EMD's that included their agreement that it would be returned to me upon closing. They now agree that they should have issued the credit it to me but state that now it's too late.

I was not invited to view or sign the HUD. I still have not seen the settlement statement. This was my first wholesale deal, and if I don't get to see the closing docs in wholesale deals, I'm not sure I want to do another one.

Yes, exactly, I'm ready to go to small claims court but wasn't sure who I should file it on, and I believe it's now clear to me.

Thank you so much.

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Mobile, Alabama

My first wholesale deal closed a month ago. The end buyer closed a few days before I went to pick up my check. My check was short $2500. I explained that I had supplied EMD funds for that amount (yeah, mistake, I'll never do that again) and instead of being reimbursed to me, the credit was given to the end buyer. The title company said they have disbursed the funds and I need to get a check from the end buyer. The end buyer refuses, said it's not her responsibility. What can I do?

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Mobile, Alabama

All Forum Posts by: Patricia Cote

Patricia Cote has started 4 posts and replied 16 times.

Post: Looking for cash buyers

Post: Fixer upper with a general contractor and permits in place?

Post: Fixer upper with a general contractor and permits in place?

Post: Title Company error cost me money

Post: Title Company error cost me money

Post: Title Company error cost me money