All Forum Posts by: Patrick Ellis

Daniel, if you truly had this deal under contract with the seller, why wouldn't you just look to sue for specific performance. You can also file a lien on the property as an interested party, putting cloud on title so they can't close.

Good morning, I can help you. Feel free to contact me.

Patrick

You should be careful about trying to do a double closing.  Texas law prohibits certain advertising and also many title companies are now requiring you to take ownership, if not just for 48 hours. 

It's kind of funny how you're not getting any DFW responses.  I think it's like standing in line for concert tickets and asking everyone in front of you what you can do to get to a better position in line.  No one really wants to help the competition.

I'd tell you that your volume is low for a mailing. Usually 1000 pieces is the minimum mailing size most investors send. Add to that at least five repeat mailings to the same group. Even at 1000, the response is going to be very low.  I know some wholesalers that send out 5-10,000 pieces a month.

Good luck in your endeavors.

Lucia, I would say it's a combination of two things.  One, the homeowners are getting a little smarter. Two, everyone wants to make more money.  I wish there was a way to know what the wholesalers are making on each deal. When wholesaling started, it was a common understanding that wholesalers would make $5,000-$10,000 on a deal, similar to that of a Realtor.  But I would guess that they are doing what they can to increase their profits today because there is no rule or governance that says they can't.  At least real estate agents are somewhat bound by the transparency of a 3% commission.

Good luck to you.

Joshua, you can't play middle-man on a real estate deal without being licensed. You should find an agent that can help provide them a reasonable selling price. If they truly need to get out fast, then talking to an investor is their best bet. Feel free to contact me if you have any questions. You may be able to participate in other ways.

Texas is a title company state. You don't really need an attorney unless you are doing something not covered in the standard 1-4 family residential contract or one of its addendums. 

Neil is correct. As an agent, you are required to use the TREC form or risk losing your license. That's why some folks decide not to go the route of agent.

Was this deal done on the standard 1-4 Family Residential Contract along with a Third Party Financing addendum having the top box in section B-1 checked?  If so and you've met all your obligations, you need to lean on the title company to release your earnest money.  It's not always easy.  But if you properly dotted your "i"s and crossed your "t"s, you should prevail.  

Tonya,

Please feel free to reach out to talk more about an investing partnership.

Patrick