I received a spreadsheet from my realtor that showed what we would be getting back at settlement for specific selling prices.

I have used William Rabil in Winston-Salem for two real estate settlements.  

Settlement problems are very common in Texas.

In it, the guy talks about his strategy for buying and renting out over 300 single family homes.For the first property, he started off with around $28,000 or so from an insurance settlement, but he talks about taking out a HELOC or getting money from credit cards and buying the property in cash.Then, once that property is fixed up and rented out, get another loan from a bank on that property for 75-80% LTV, and use that cash to buy another property.

Thank you, Marie,Yes, you are right about the long wait...it is same deal I posted earlier, the lender approved 3 weeks ago, but I have not been given a chance to inspect the property, since seller's divoicing wife does not cooporates, we will have to wait until she moves out.Besides, what do yu think about the divorce settlement, can escrow, lender or I request the settlement detail, to make sure the wife does not own part of property?

Tell your Attorney to email them that he will be doing the settlement and he will confirm the deposit with them on Wednesday.

You'd want to make sure that you have that ability as well.I believe the only time a settlement agent would contact an existing lien holder, is when they need an estopple letter for a payoff. 

Sending the tenant back to the old owner, simply because you did not transfer security deposits at closing, is likely not going to bring a resolution.The security deposit in most rental property closings will be administered by the settlement agent in one of two ways:A Credit for the security deposit to the buyer if the security deposit is owner held.Transfer security deposits by directly providing funds from the seller or their agent to the settlement agent.

Rahdia, as far as I know there are no hard-and-fast rules about who pays what settlement fees.

Below is my first draft at the settlement agreement I would appreciate a critical eye.