All Forum Posts by: Robert Capel

What can happen if you get past your inspection period but are unable to close with the bank, either due to lack of funds or some unforeseen event? I'm not in that situation now, just wanted to know whats the worst that can happen? Is there a way around it and still able to save a little face?

Who do you recommend for flash funding? Whos the cheapest and most reliable?

The plot thickens...
Turns out the wholesaler is also going to provide the transactional funding for the deal, but from talking to him it doesnt sound like he has a buyer lined up and the bank wants to close on thursday. On top of it, he sends me a pof with his comany name on it to submit to the bank, but said to keep my llc name on the contract. Am I missing something here? I thought my name had to be on the a-b side of the transaction. Or is there some unknown reo flipping stratagy that I'm not aware of? I just dont want this one to fall apart, and need to make sure it wont with enough time to find another buyer if need be.

-nervous..

Jesse, thanks for the reply! The wholesaler hasnt told me who his buyer is yet, just sent me an assignment contract. Do most transactional funding places require you close with the same title company? By fill out should I do that, or will the title company give me something to fill out? Sorry for all the noob questions, just trying to get this first one under my belt. :) Thanks again for your help!

Just getting started with an REO property, and here's what I've done so far, just wanted to make sure this is ok.
I found a REO that was just appraised at 140k for 53k. I placed it under contract and sent it to my list. I got a call from another wholesaler in another state that says he's found a buyer. He sends me back a signed assigment of contract for $60k. Since bank contracts arn't assignable, I assume I will have to close on the deal with transactional funding. My question is, will I need to draw up another contract and assign it, or how does this work with the title company? Does anyone see any pitfalls here? He says he should be ready to close next week and so will the bank. Can anyone give me any pointers here? I really want to make this one happen. Any advise or insights would be greatly appreaciated.

Thanks!