All Forum Posts by: Phil Z.

Inspection and Financing contingency. If you are a serious buyer, you don't need 'weasel clauses'. Those are for people who are making offers and have no financing/cash to actually close, but had false hopes of wholesaling. Even without a weasel clause, you only lose your deposit, which you can have low like $500.

If you know what your doing with wholesaling, you should have a few solid cash buyers who you know will buy a property if you get it at the right price. If you're offer price isn't a great deal .. then you're just wasting your time.

If your not dealing with realtors, you might be able to put something in the Additional Terms like 'subject to investors partners walkthrough' or 'subject to securing an assignment buyer within 30 days'.

It's really not that big of a deal if the seller knows what your doing.

"I secure properties for my investors bc they dont have time to waste looking at bad deals. Once I have it under contract I contact my investors and assign it to them." DONE!

edit: In a short sale you will not be able to assign the contract as the bank approves a specific buyer. I always put a clause that states the buyer will wait a minimum of 90 days for approval and after that they can get their deposit back.

The seller may be countering another buyer at an amount higher than your offer because it was slightly less but had superior terms (no inspections, quicker closing) or they have no agent. Either way I do not see it as unethical.

If you want to make your offer stand out, get rid of the inspections.

Tell them that their agent should have requested a 'relocation incentive' from the bank as part of the short sale. If they did not, or it was not allowed .. too bad for them. Do not make a side deal outside of closing. If they cancel the deal then you may be able to sue for damages and/or hold up their ability to re-sell the property to someone else (depending on the contract terms and your agreements).

I would use the MLS notification system.

It refers to the closing date.

As stated above .. the stipulation is in the Arms Length (or similar) Affidavit signed by the buyer, not in the approval letter.

You can ask me questions any time, but I'm not a 'guru' or a 'coach' :)

Not a deal. $550k * 70% = $385,000

Apparently he's not really a cash buyer ;) You should assign the contract for an assignment fee that could show up on the buyers side of the HUD. But in most cases its not on the HUD at all.

Most hard money lenders don't have a problem with assignment fees as long as the numbers make sense.

If all they are offering is money, then start at the Hard Money Lender rate of 3% + 12% (annual interest).