All Forum Posts by: Tom Tram

Great, so there's still some hope that some of these prospects can potentially be a deal. Thank you for the responses everybody.

So people just trust the insight and guidance of the lawyer even though it's not in their best interest.. hmm.. lawyers are a shady bunch aren't they?

Ibrahim, in your experience what have you witnessed to be the likelihood that they'll follow your advice and contract with you as opposed to doing nothing?

Hey everybody, been getting some leads from highly leveraged deals that are in the Lis Pendens phase. Basically, just short sale material. I wanted to ask the pros on here if it's possible to negotiate down amount owed with the second and third lien holders to make them go away without doing a short sale? Has anybody done this before, if so what creative solution did you execute for these situations?

Thanks for the reply guys.. I'm going to stay away from the bankruptcy deals as it just seems like way too many hoops to jump through.

Hey guys,

Been getting some leads for deals where the owner has filed Chapter 7 Bankruptcy. Anybody have experience in this area? Is it possible to earn a fee wholesaling these types of deals (double close/assign)?

Thanks for the reply Nathan. Thanks for clarifying the closing fees, I think my question was confusing.. I was referring to the tax on the deed transfer that would need to be paid. NYC charges 1.415% tax of sale value, with property values being pretty high the taxes can be hefty. In wholesale situations does the end buyer normally pay the transfer tax?

Hey guys, newbie here.. Just wanted to ask the pros about transfer taxes at closing. This might be redundant somewhere on the forums but I didn't manage to find anything.

So my question is, in a wholesale deal in which I would double close/assign who would normally pay the real estate transfer tax... seller or buyer? As a wholesaler obviously I wouldn't, but if the seller was on the hook for it, technically it would come out of my wholesale fee right?