Offlineand we looked at 3 properties. 1 short sale and 2 foreclosures. Now I thought I was all set to go now having a cash EMD and rehab partner. I was goona her first refusal then try to assign what she didn't accept. I had a title company lined up that was OK with assignments, simultaneous closings or transactional funding. But the Realtor told me today we could just have a copy of a check for EMD for 1000 and would have a 10 business day inspection period.
Here's the hold up.....he told me I had to use their title company who probably doesn't get it. I'm not sure what to do.
Also I was planning on putting and/or assigns on my signature but the contract says no assignments.
Also should my name go on the contract even though I'm not providing EMD or POF, but my partner is?
BTW, I'm doing Deans book 30 Days to Real Estate Cash and am at the section of getting a realtor and made 10 calles, sent out 10 emails, and spoke with 3 who I will be following up with.
Thanks for any feed back, Louis
-I just met my first realtor today...
Posted on: Sun, 02/17/2013 - 22:29
-I just met my first realtor today...
__________________
-
- by Louis3733
- Login to post comments
Louis,
How exciting. It’s great when things start coming together. A couple of things to note when working with banks. Whether the property is a short sale, REO, pre-foreclosure or foreclosure.
1- Any time a bank is involved in a transaction, you cannot assign that contract. Most banks do not allow any type of an assignment. You can double close the deal, so there is no reason not to proceed with the deal. Just always remember banks= no assignability.
2- Most banks have their own title companies they like to use. That usually doesn’t present an issue. All you need to find out is if they can do double closes. You can call them on the phone and ask that question without even identifying why you are inquiring.
3- As far as the name on the contract, you can put both of your names on the contract. That way there is no question regarding the POF or the earnest money.
You’re doing great! Keep up the good work. Just remember these few things when dealing with banks and the properties they are involved with.
Thanks for your reply. My realtor responded similarly..."if the banks are involved, assignment becomes an time-consuming hurdle." I'll check the double-closing options.
Thanks.
Depending on your state LLc's can be pretty cheap. In Michigan they cost 150 bucks vs 1500-2000 in California and New York. I just did a forum on how to assign reo's and with an llc you can the purchase contract in the llc's name, have your buyer bring 2 checks 1 to buy the property and close the property and 2nd check is to buy your llc's rights and assets for your profit margin/assignment fee
That's good to know thank you.
Tessa E
I have read the books and as much as I have read, I still feel I do not know enough to proceed.
However, No Action = No Deals.
You have taken action and that is what makes this business exciting.
Good luck and keep moveing forward.
Coast To Coast Property Investments
Just keep reading, even things that may be redundant and keep making positive steps towards your goal. You seem to have the drive and ability to get there sooner than you think.
Congratulations Louis on finding the realtor. That is huge! clarson answer the whys of the title company. Yes, call them up!
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.