All Forum Posts by: Scott M.

Well - both. If you or your "partner" do not want to move forward after an inspection then the deal is void.

You can always make a counter - based on our inspection we dont' accept the current deal but will offer X.

The OP was concerned about backing out because he coudn't get the cash or assign the deal but I suppose it could work either way.

Well - I for one do not consider myself smart enough to read the bill and actually understand what it means. it is written for and by laywers.

I work with one of the best real estate laywers in Michigan - he sits on the board for the real estate divsion of the Michigan bar. He writes one of the most respected (in terms of real estate) newsletters in the biz....

In addition - Tony posted similar comments by his lawyers......

If you search the web for LAYWERS talking about this bill 100% I have found agree......

AT WORST this bill may require you to become a mortgage broker (lisc.) - does that KILL your biz? No - it is a pain in the --- YES - but it doesn't kill it.

AT BEST tis bill will require you to follow all RESPA and TIL disclsoures - which you should be doing anyway - AND which you HAVE TO DO BY LAW TODAY if you do more then 5 deals in 12 months...

Should you write yoru senator - of course - I did - both of them :)

But the overstated drama that this will "KILL" the biz is a bit much.

Some are always looking for the problems - there are ways around this bill........

Also - it doesnt' take effect for 18 months AFTER it passes - it will not pass till fall or winter - so you have 2 years to go and get your brokers lisc. if that is the case - shouldn't be a problem.

Again - dont' take me wrong I think this part of the bill is ludacris - but hey - it is what it is and we have to deal with it.

I agree the best way to deal with it is to change it - but assuming the worst and it passes as is - there are ways around it and all the examples people give can still be done.

I for one am glad it isnt' a biz killer.

I am all for out-sourcing but putting up signs is a GREAT way to see what is going on in the hood.

Unless you do it at midnight :) Do it at noon - drive the streets - I have been approaced by a lot of people when putting signs out - some have led to deals - I have found many deals by doing this myself.

But if you must - I agree 100% with Nationwide - hire someone you know and trust - if not - have the "stranger" take a photo of EVERY sign he puts out to give to you as proof.....

What woudl I pay them - min. wage.

A seond endorsment for Wendy Patton's book - all of her books for that matter.

Well if all you want is a way to back out I would use nationwidepi suggestion with one added word - partner.

This contract (or purchase agreement) is contingent upon buyers partner physical inspection of the property.

Doesn't matter if you have one - or use a different word for partner such as contractor or whatever.

That will cover you.

When you get to $50K and less does the broker / lo make any cash?

I have had a few deals that clients wanted to do but the lo suggested they would be paying for the loan VS making money

Any truth to that rumor?

"aren't anything like the guru hype"

What is? :)

I think your mileage will vary - Mike is VERY that you will be right where you are financially if you would have rented it out.

I am very clear that "I MAKE MORE $$" - cuz I do.

Assuming Mike is telling the truth and has done more then a handful of them - assuming I am telling the truth and I know I have done a handful of them then you need to test it out in your market and see what works....

Cant' hurt to try :)

QCD = quit claim deed. Meaning no closing / no titlework prepared - you are on your own. Bank sells house for $1,000 - you give them $1,000 for their rights in the home.

You now own any liens / water bills against the house - meaning you owe it.

If you do your homework before you buy and run your own title and call the water company your cool as you know what your getting into before you get into it - but if you don't you could get stuck with liens / high past water bill (water in Detroit follows the house not the person - gas/electric follow the person not the house)

Depends on what scenario you want the clause to protect - more info please.

Some of us are engineers and some of us are artists :)

While this kind of a complex model would lead me to paralysis by analysis if it works for your then AWESOME - keep it up - just remember the key points people have about assumptions and be prepared to adjust.

Curt is 100% correct - people do like to see numbers when they buy homes from out of state - heck - in state - when your selling a home to any investor they need to see numbers.

The thing is - my experience tells me to show them simple numbers - in fact the fewer the better - but the ones they will want to see.

Your sheet "may" lead to paralysis by analysis for your buyers - understand your buyers may be artists and less is more....in fact - I find less is more until they ask.

Like anything - you are prob. not going to close the deal with one sheet - so give them a good solid overview that will get them to call you back - once that happens you can find out what they need.

But hey - that is one impressive spreadsheet - really - that it a skill I just don't have!