All Forum Posts by: Ruben Ramon

That is a second option, but I'm thinking the difference could be as much as $12,000. For me, thats a lot of money at this point in my life.

My contract specifically allows me to sell my contract to a third party. When I started, I thought that selling my contract interest and doing a double close were basically the same thing. But there is a difference isnt there?

EDIT: If he were to pay me directly, I will make significantly less money. Thats why I would like to do a double close.

To clarify, I do not know if the end buyers bank is not aware. I have not spoken with them. This is my first deal, and I found this forum after I started this deal.

EDIT: And why should the agent walk away?

Everyone is aware of everything. Why would you be out of your comfort zone?

My deal looks like this. I have a seller who is in redemption in a foreclosure. I am almost done with negotating with the last mortgage on the property. I have the property under contract with an end buyer for $259,000 and my payoff for everything will be around $242,000. I don't believe that the end buyer has a ton of cash to move into my position. So I would like to do a double closing. That is, I go in and get a quit claim deed and then close with the end buyer and pay off all the funds. I walk out with a check.

Does that help?

I'm trying to convince a realtor that doing a double closing isn't illegal. This is also my first shortsale/wholesale deal. Does any one have a sample HUD that I may be able to see so she can see that it has been done and is not illegal?

They didn't think I could find a buyer before the banks auction. But they were excited about it, and then less than an hour later, wanted to back out. No wonder they are in trouble!

I have a standard short sale contract my attorney drafted for me. I used it with a couple who were all excited about the help I was giving them. My plan was to wholesale the property pursuant to my successful negotation of the short sale. They called me up an hour after they signed the contract, and said they wanted out. I responded to them in writing that they had three choices, one, continue wiht the process, two, pay me a settlement, or three get sued by me. He works for GM, and has a UAW attorney. His attorney said that my contract is infact a listing because I specifically reserve the right to assign my contract to a third party in the contract, and because I'm trying to negotiate a short sale. He recommended to the sellers that they file a complaint against me as its an illegal listing agreement. I do not want to go forward with a law suit against them if there is any chance I can get tagged with this listing thing. Following are excerpts from my contract.

BY SIGNING THIS PURCHASE AGREEMENT (Agreement), XXXX, husband and wife, whose address is XXXX (Seller), and XXXX and XXXX, husband and wife, whose address is XXXX (Buyer), agree to sell and purchase the following real estate located in the City of , County, Michigan, described as follows:

Seller shall convey title to the Property to Buyer by delivery of a warranty deed conveying marketable title (Deed) on tender of the Purchase Price. Payment of the Purchase Price is to be made in cash, title company check or bank cashier’s check. Buyer agrees that Buyer will attempt to negotiate a “short sale” with a third party (“Third-Party Buyer”) on reasonable terms acceptable to Buyer, in Buyer’s discretion reasonably exercised. Failure to negotiate satisfactory short sale terms within 120 days of the Effective Date (as defined below) shall cause this agreement to be null and void at the option of Seller or Buyer and all deposits will be returned. Buyer’s obligations under this Agreement shall be contingent on the Buyer, Third-Party Buyer or Third-Party Buyer’s Lender obtaining an appraisal of the Property satisfactory to Buyer, Third-Party Buyer and Buyer’s Lender showing the value of the Property to be equal to or greater than the Purchase Price.

1. Buyer negotiating a “short sale” of the Property with the existing leinholder(s) that will allow Buyer to pay no more than XXXX total for the Property. Seller acknowledges that it will receive none of the proceeds from the sale of this Property other than the Earnest Money Deposit described herein.

Seller and Buyer agree that Buyer, at its sole option, shall have the right to sell or otherwise assign its interest in this contract to a third party.

So what do you guys think? Is this a listing agreement or a sales contract?

how do you get a list of 60 day lates? I've been using the les pendens, and I would LOVE to get at them earlier.

You will have to look at your market. In my market, a master bedroom below grade presents what we appraisers call functional depreciation, that is, a design problem. Assuming your market is similar to mine, you will have to discount your price because the master suite being in the basement. Also, as mentioned before, its very important to do it by the book, and advertise that.