All Forum Posts by: Tracey Williams

For a cash buyer,

Please can someone kindly share with me what other fees you are expected to pay at closing?

I will also appreaciate if you can share your experience with me if you have done a cash closing transaction in the past

Thanks

Tracey

Joe !!!!

You just made my day and am still laugh ah!!! ah!!

" I think Obama pays my check""" Joe is not even sure where are checks comes from. TOO BAD!!!!!!

Thanks Jon, you rock!!!!

Hi everyone,

I have read a lot about owner financing and I notice there are lots of profit /advantage to the seller but looking at it from the perspective of a buyer I do have questions when considering owner financing for a multi family-unit

1. Who draw up the agreement? seller's Attorney or buyer's lawyer?

2. If owner finance with 10% down, do you get a title? or is the deed just going to be recorded?

3. Does the issue of closing cost/points comes up and who is going to be paying the buyers agent assuming there was one involved

4. Is there a need for inspection & Appraisal?

5. If buyer pays for inspection/appraisal and something was discovered and seller refused to reduce the price is there anyway to get your money back. (money paid for the inspection)

5. If seller still has a lien on the property how can you find out or how to prevent him from putting lien on the property

6. How can a buyer be assured the seller is paying the mortgage on the property.

As the new buyer do you need a second insurance on the property if the seller as one already?

I will appreaciate your answer to any of the questions or if you have a step by step action to take for owner financing as a buyer.

Thanks

Good luck Kyle!!!!

Stay glue to your Attorney, you're going to need him every step of the way.

For me, I'll say the tools to manage risk is to avoid paying too much for the property in the first place.

LIBRARY!!!! library!!! is a good source for books and books on CD,s

My order will be-

1. money (as part of down paymet)
2. properties (good deals where the numbers will work)
3. sellers (motivated seller that are willing to sell at whole sale price)
4. guts
5. buyers

Still working on my first deal, my second offer was rejected last week but I did not feel to bad bcos the numbers did not work out work for me and I refuse to buy at the retail price.

Realtyman,

Very interesting point of view to consider

Thanks

Bryan,

The website has lots of information about true Cap Rate.

My first lesson on RE is that there is always something new to learn everyday.

Thanks