All Forum Posts by: Teedi Kelly

Am I understanding you correctly? You just want to know if escrow can make checks payable to you? If I'm getting that right then, here in Washington State anyway, escrow can cut checks to anyone in any name BUT the brokerage has to submit a form designating who gets what. So in your case if your commission is 5,000 and they your brokerage charges a flat fee of $500 with no other charges, then escrow can definately cut a check in your name for 4,500 and 500 to the brokerage. But in no way will they bypass the brokerage where your license hangs. Brokerages always gets the opportunity to collect anything its owed before you get paid and they use the commission disbursement form to do so. 

Hi there, I'm an licensed broker/wholesaler. Got a fix and flip available now in Port Townsend, WA. Please email [email protected] fir a flyer and then if interested I will send more info. Thanjs!

Thanks BP! This is a client of a fellow agent but my assumption is that there would be full disclosure. These are just the numbers each party has in mind separately. It has not been negotiated into its proper perspective as of yet but my questions stemmed from wanting to know which kind of deal would potentially work to investors? Any house can be bought right? Just a matter of which method? Subject 2, lease option, etc. Keeping in mind that once we know what structure is conducive to a house that has little equity and a motivated owner (at least from the standpoint that they must move) then we could pull the numbers into what makes sense for a deal.  It could end up that we have to educate the seller as to the fact that this may only work as a zero to the seller deal.

sfr. Beacon hill area. Seller will sell subject to existing loan with no cash over the piti.

Home needs updating but is not trashed. Owner lives in property.  

Owner needs the cash to move out if state.  No hoa. No rent restrictions. Single story detached garage. And yes as always a due on sale clause. 

seattle home

Value approx 245

Existing Mortgage 208k

PITI 1500

Seller wants 60k down

No balloon time. Life of loan.

What kind of investor would be most interested in this? 

Good deal as is or what would need to change?

Wholesaler wants 15k

Property could rent for about 1800 with some update and a 1/2 bath put in. Which would also increase the market value. 

Hey there. When go under contract, you have normally two days to get the earnest money deposit to escrow. If you did not negotiate for it to be your escrow then it will be theirs. You are best to TAKE the check there but if you are out of state then you make the calls to confirm that the contract is in their possession and you can mail them the check. They are required to send you an official receipt. That receipt will become part of everyone's permanent file. Hope this helps. 

TEEDI K

Designated Broker

Outdated property current as is value around 230K in Seattle's Beacon Hill type area.

 4 bedrooms and 1 bath.

Single level. Detached Garage.

Existing Mortgage of 210K with monthly PITI of $1500

Needs 60-75 Cash to move out of state.