Contracts and Offers

As I'm slowly building my buyers list, and trying to get into part-time wholesaling, when is the right time to request a POF from them? I want to be sure they're serious/capable and can close deals for me. Or is this not kosher?

With the markets across the US heating up, wholesalers are having to get creative to make money in this market. One way I have seen students have success is to go after lease options rather that go after the fixers with equity that every other investor is going after, and specifically going after properties that have been on the market for over 100 days that match what they have lease option buyers with >$10K down already interested in purchasing. These are less popular that the flips, but they can actually get a wholesaler paid like a buy-fix&sell investor if there is any equity in the deal because the lease option purchasers are generally interested in terms and not equity.

I have submitted offers before and have gotten a proof of funds letter from Tail Winds Lending from their website. I have requested one a few times for this current deal, it says it has been sent but it is not showing up. I am trying to work with them to figure out the problem but in the mean time I have an offer being held up due to no letter. Any ideas where I can get a proof of funds so I can get this and future offers moving?

Hello, DG family. I have a quick question about wholesaling. I know we're supposed to lock a deal w/a PA then assign it, but once we assign it to a buyer-and we're out of the deal-what do we we do w/the PA papers we filled out?

So, you've decided to buy a condominium. Here are some facts you should know about homeowners association documents:

1. What are CC&Rs? The covenants, conditions and restrictions (CC&Rs) are the governing documents that dictate how the homeowners association operates and what rules the owners -- and their tenants and guests -- must obey. These legal documents might also be called the bylaws, the master deed, the houses rules or another name. These documents and rules are legally enforceable by the homeowners association, unless a specific provision conflicts with federal, state or local laws.

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You pay $20,000 for a car and would not dream of giving someone near total control of when you can use or sell your auto. You would not let any one control your things and dictate when you could use or sell them. Why do it with a house that you are using for a rental property?

Hello everyone.

What ends up happening if the end buyer fails to sign/show up at a double closing? Will the wholesaler face the burden of paying the purchase price even if a Purchase and Sale agreement is made between 1) the seller and wholesaler and 2) the wholesaler and end-buyer?

This is assuming that the end-buyer had not given any written notice of canceling the contract with the wholesaler prior to closing escrow.

Best,

Larry

I've been asked by students about "allocations" in a contract. So I found this to the point description of said allocations to be interesting.

Real estate contracts sometimes reference goodwill, furniture, fixtures & equipment, inventory, covenants not to compete, etc., but often do not allocate values to these items.

The absence of an allocation not only impacts a 1031 EXCHANGE, but also has realty transfer tax, bulk sales tax, income tax, deed and HUD-1 preparation considerations. gchristofely

I was reading up on Land Trusts recently, and after going through a few of carols chats on Insider Elite about how to use Land and decided I would give it a shot.

The process would be as follows: (as I'm sure most are aware)

Does anyone know how you fill out a POF for a land trust?

Carol says you would fill out the land trust with the name of the address, such as, 213 ELM Street trust. But when I just went to fill out the POF for my property I offered on, I wasn't sure if I should put my name and/or company name, or I somehow think it should be in the name of the trust, right? Anyone? Thanks, Tammy