All Forum Posts by: Rick Fonseca

 @ Mike Cumbie.

You are right in the example that you provided. If I was a Realtor I  would be hesitant to submit offers 25 cents on the dollar on someones behalf, but since I am also an investor I would not be hesitant to submit an offer close to 25 cents on the dollar and see where the chips fall. 

Now, the Realtor that I mentioned earlier was not even listening to the buyer (or did not even care) of what the buyer wanted to do.

My understanding of what the responsibilities of a Realtor is to guide and protect the buyer and work in his favor in order to accomplish the ultimate goal of getting the home for the buyer to the point where the buyer feels comfortable with the whole transaction. The  job of the Realtor is to assist the buyer and educate the buyer so that he (Realtor) is not running all over town showing different homes and wasting everyone's time.

Just saying

I agree with Christos, too many people are concerned on what somebody will say or that they will ruin their reputation. I am a Loan officer and I had this Realtor that I was feeding him deals that I had from my own marketing avenues. A few of my clients started complaining to me saying that they wanted to make an offer and the realtor would not submit the offer because he thought it would not get accepted. Some of my buyers were actually paying list price plus closing costs.  I think the job of the Realtor is to justify the offer to where it makes sense to the buyer and the seller and not to make the offer on what he or she ( realtor ) thinks.

Just saying I am not using that Realtor.

Have you heard of Funding for Flipping? I am getting a lot of emails from this company saying that they advance funds not only for Rehabs but also for Marketing.

Here is the situation. A seller wants to sell home and hires a Realtor, Realtor places home in MLS and finds buyer, which of course is represented also by a Realtor. Buyer submitts offer and it gets accepted, now that the transaction is in Escrow seller wants to cancel.

Buyer at this time has given notice to vacate where he is renting and also paid inspection, appraisal and jumped thru hoops to qualify.

Sellers reason is because a relative has told them that they have option to cancel if they do not want to proceed.

What can be done?

Hey Scott,

I purchased your book about a year ago. It's a great book. Thank you for that.. I just started investing in flips but I'm lagging in available funds. Any advice or leads that you can provide me towards a HML in Arizona that will do up to 95%?.

Thanks

Rick

 He tells me it's past due. He said he was railroaded for an extreme amt of a monthly pmt that when he was working, the amt owed was not even enough to get fully deducted and now all that amt is in arrears.

Thanks for your reply

 Thanks for the info, Yeah I do not want that to happen. I worked hard on finding that deal. My partner is going to have to deal with that on his own..

 Thank you much Jerry.

Advice me on how to handle this issue please.

My partner and I have under contract a residential property for a fix and flip. The issue that has come up is that we submitted everything under his name only and now he tells me that his paycheck from his job is being garnished. He has told me that whenever he had started a new job the state immediately initiated garnishment on all his payroll checks.

My concern is that when it comes time to sell the property will the state have access to the profit from the property?

We are set to close on the 26th of this month and I am getting worried about the possible profits being taken away at that time..

 Thanks Joel, I think I will talk to an attorney on this issue and advice my partner to do so as well. 

Advice me on how to handle this issue please.

My partner and I have under contract a residential property for a fix and flip. The issue that has come up is that we submitted everything under his name only and now he tells me that his paycheck from his job is being garnished. He has told me that whenever he had started a new job the state immediately initiated garnishment on all his payroll checks.

My concern is that when it comes time to sell the property will the state have access to the profit from the property?

We are set to close on the 26th of this month and I am getting worried about the possible profits being taken away at that time..