1st ACCEPTED offer today.. Finally!

Congrats on everything! I read your other posts about this property and you did some great work to make this deal work! Be very proud of yourself

Looking forward to hearing about your next deal and being able to talk about our first deal.

Lea
SPR Property Solutions, LLC

Thank you very much! It makes me glad to know that I can help others with my postings. I am kinda proud of myself as well lol.

Thanks again and good luck! I hope to hear success stories from you in the near future!
-Mike Hutchins

Thank you for the support and encouragement! I look forward to hearing about your 1st deal as well!

You 2 are from PSL huh? I have moved to and from quite a few times. I have family there and still come down to visit whenever possible. I haven't been down in about 2 years now tho. My father lives there along with my step-mother and quite a few other family members. I hope to get down that way in the next year atleast.

How is the market down there? I've thought about possibly working some deals in the area, once I am more experienced and capable.

Good luck!
-Mike Hutchins

Congratulations on your first accepted offer. *High Fives* Now go out there and get #2 and rest under your belt.

Thank you! I'm looking at another property and will be placing an offer in the next few days. I'll be sure to post the details as things move forward.

Good luck!
-Mike Hutchins

Mike, Lubertha and I are proud of you as you are of yourself. You know it was just a matter of time, next in line is 2, 3, 4, 5 ........ Way to go. God Bless.

Sandra

Thank you very much! You ladies are excellent inspiration!

Lubertha was one of the 1st people I spoke with here and watching how much the 2 of you have accomplished in such a short period of time, is SO encouraging! It also provides me a kick in the butt because I know that she joined just a few short weeks before myself, which means..

I HAVE TO CATCH UP! Haha Im jk, I know this is no race, although we do all have a similar finish line.. SUCCESS.

I am proud of the 2 of you as well! If you 2 aren't in Dean's next book, I will be SHOCKED! You are absolutely correct in saying it was just a matter of time. With determination, thats all it is. Time. If you tell yourself you CAN and WILL make this happen.. YOU WILL! Never give up!

Thank you for the continued support! I honestly believe that having the DG Family here is one of the most valuable tools supplied by Dean. Yes, knowledge and know-how are crucial. But without the support and encouragement of everyone here, it would be so easy to become scared, discouraged, stuck or just down right lose motivation.

There have been quite a few times in the last few months where I had no idea what to do, say or ask. Without the support of the DG Fam, I may have grown frustrated and simply gave up!!

I apologize for "going off" lol. I feel so strongly about this tho, that I want to make sure that other new members understand that help is HERE!

I wish you "continued success" Sandra & Lubertha! May God continue to bless you!!
-Mike Hutchins

Thank you so much for the words of kindness! Nothing wrong with speaking from your heart. This is the light I first saw from Dean. His sincere beliefs! It is always important to speak and act on truth and faith. I believe, what energy you put out on this earth will be what you receive in return. I want the best for everyone! So I try to be the best that I can be in life. Mike, the doors are open now. Opportunities will come from out of the wood work. Because fear has been broken by persistency. It's Official, your on your way to financial freedom...........Yeh! As always, Continued success to you..........Lubertha

awesome work mike i feel your enthusiasm!!!!!!!!!! way to take action .that is exactly what dean and the people on this site want others to know that we r here to help in any way possible YOU just have to take ACTION and get out there and make offers like you just accomplished!!!! great work mike !!
jay

Thank you! I'm excited for things to gain momentum, I can't wait to see what the future brings!

Good luck!
-Mike Hutchins

Thank you very much! I appreciate the support.

Good luck!
-Mike Hutchins

That's the way to stay with it. I'm proud of you, sounds like you faced challenges and overcame them.....Way To Go!

Keep up the good work and keep it going.

Nick

Congrats on your deal & may many more come your way! I need to ask you where can I get a hold of this "Discharge of Agreement" form? That's one form I haven't picked up yet to sign it over to the investor, does the investor give you this form or is there a place where I can get it? Thanks for your help.

Everyone Can Make A Difference!
John A.

Hello DG Fam.

I wanted to update as I have yet another prospective obstacle. My Realtor called and informed me that his (not my) broker told him it is not possible to right up another P&S Agreement between seller and my buyer. His broker told him that this would change numbers for fees (commission, etc.) or something along the lines.

My Realtor did tell me that this conversation took place very quickly right before leaving the office and that he did not provide his broker with much detail, nor did he discuss the fact that I have a signed 'Investor Disclosure and Seller's Acknowledgement' in place. Which I reminded my Realtor of.

From my understanding the only problem which could arise from this, would be a problem getting the seller to sign on the secondary P&S because they may not want to pay the extra commission. But the fact that I have a signed Investor Disclosure, prohibits this from happening by binding them in contract and forcing them to sign all necessary documents, including secondary P&S.

The following is taken verbatim from the Investor Disclosure Statement:

"...It is understood by Seller that Investor intends to purchase Seller's property described below (hereinafter referred to as "the Property") with the full intention of immediately reselling the Property to another party. Investor will sell said Property to another party for approximately $10,000 more than then amount for which the Investor purchased the Property from the Seller. It is further understood that Investor intends to earn a profit in this resale transaction..."

and

"...Seller agrees to sign any other forms that are required to close the transaction and generally cooperate with the Investor to affect the sale..."

Meaning that seller is obligated to sign secondary P&S Agreement between themselves and my buyer. They also are aware of the fact that I have intended from the beginning to make approx $10,000 in this transaction and agreed to this.

Before I go any further I would like to provide a few details on this deal as it stands currently. I have a signed P&S Agreement between seller and myself for the purchase price of $329,900, along with the previously mentioned Investor Disclosure Statement and Seller's Acknowledgement.

My intentions are to get a secondary P&S in place for $339,900, signed by my buyer and submitted. Along with Discharge of Agreement to Purchase, releasing me from the original P&S between seller and myself.

What I'm wondering is, did I make a mistake somewhere? Was I supposed to write the original P&S for the same price as the secondary P&S for my end buyer?

I can't see this being a deal breaker. The buyers are definitely going to sign the secondary P&S. So with that submitted and my release from the original P&S, am I wrong to believe that I structured this correctly?

I certainly hope this will all go according to plan. I am meeting with the buyer tomorrow morning to get the secondary P&S signed. That way we can submit that along with the Discharge to be signed by seller.

My Realtor is on the same page as I am, but he will be unable to speak with his broker again until Monday. I am hoping that when he fills him in on the details, everything will be understood and good to go.

Any feedback on this would be greatly appreciated! Thanks ahead of time to anyone who responds!
-Mike Hutchins

Thanks for the support!

I have certainly ran into my fair share of obstacles throughout the process of working this deal. I just try to handle them as they come. Hopefully all will continue to work out until we can close.

I hope to hear success stories from you soon! Good luck!
-Mike Hutchins

Thank you for the congratulations! Below you will find a link to some of the more difficult forms to find here on DG.com. The bottom one being, the Discharge of Agreement to Purchase, which you requested.

Heres the link:
http://www.deangraziosi.com/allforms

I hope this helps! Good luck!
-Mike Hutchins

Mike,
We seem to be paralleling each other in our progress. I have been on the program for a few months and keep hitting obstacles. I got my first deal locked up almost two weeks ago but am having trouble finding a buyer so I may miss out on this deal.
Just remember, just because one deal falls apart doesn't mean they all will. Keep you chin up and keep plugging away and you will find many other deals.
I have made a goal myself to do ten offers this next week with the hopes of getting at least one deal.

Thanks for the congratulations, I agree. I am still going along with this deal anyways, I don't feel this deal has fallen apart just yet. I met with my buyers today and got the new P&S signed and submitted for sellers signatures. Hopefully all will work out and go according to plan.

Thanks again and good luck!
-Mike Hutchins

Hello DG Fam!

I wanted to update on progress.

(Yesterday/Sunday)
I went and viewed the property and met with my buyers for the 1st time. They had viewed the property previously with the listing agent, but the husband is a contractor and wanted to do his own inspection. My Realtor met us out there as well with the secondary P&S to be signed by the end-buyer. Everything was quick and painless.

(Today/Monday)
My Realtor called and stated that his broker is still saying there will be problems. That we should have filled both P&S Agreements with the same price. I was under the impression that I needed to lock the property up at $329,900 then market the property to my buyers at $339,900. That way I would create equity for myself. The broker is insisting that both P&S Agreements should have been for $339,900.

I am confident that he is either wrong or the sellers will still sign on the new P&S with the end-buyers names. I have my Investor Disclosure Statement signed and in place already and the sellers will be signing the Discharge of Agreement to Purchase at the same time as signing the new P&S. This will release/make null and void, the existing contract between myself and sellers. That said, I had my Realtor submit the new P&S to sellers regardless of his brokers opinion.

The only problem I see arising could be appraisal. If the property does not appraise for the purchase price, that will throw a wrench in the mix. More specifically, if the property appraises for more then my purchase price but less then the end-buyers purchase price. Which at this point, is a very real possibility.

I guess if that happens then I will have to re-negotiate price yet again. But I am hoping the property will appraise higher then purchase price.

If anyone can see where I did something wrong, could have done something differently, or should do something now, I would greatly appreciate any advice or words of wisdom!

Thanks in advance and good luck all!
-Mike Hutchins

Investor Disclosure Statement, let me get the right this form is between me & the other investor, correct? Do I fill it out or do I just give it to the other investor?

Seller's Acknowledgement & Discharge of Agreement to Purchase. I don't have these (2) forms also, can you help me on where to get them, I didn't see it in Dean's all files section. Thanks Mike, I hope your deal goes through in your plans.

Everyone Can Make A Difference!
John A.

The 'Investor Disclosure Statement and Seller's Acknowledgement' is to be filled out and submitted to be signed by the seller's before/during the signing of an accepted Purchase Agreement. This will be very self-explanatory when you look over the contract. But, if you need help with anything else don't hesitate to ask.

---------------------------------------------------------------------------------
Investor Disclosure Statement:
http://www.deangraziosi.com/ieecontracts
---------------------------------------------------------------------------------
Discharge of Agreement to Purchase:
http://www.deangraziosi.com/allforms
(last document on the list)

or more precisely:
http://www.deangraziosi.com/ufiles/discharge_blank.pdf
---------------------------------------------------------------------------------
Hope that helps. Good luck!
-Mike Hutchins

Hello DG Fam!

Well I've certainly run into another obstacle. After having the new P&S signed and submitted for seller's signatures, their listing agent says they will not sign unless we have an appraisal done because they feel the property will not appraise higher then selling price.

I'm quite frustrated right now trying to determine how to make this work. I told my Realtor I would call him back after I did some creative thinking.

The thing that is most frustrating is that they apparently feel that the appraisal will just happen to fall into the $10,000 margin which I left for myself. I really feel that if the property is not going to appraise, then it will not appraise at their asking price. Honestly, the chances of the appraisal falling above $329,900 and below $339,900 are slim. I feel as tho the listing agent is getting in the way.

What I'm wondering is, do they have to sign? I do have a signed Investor Disclosure and Seller's Acknowledgement in place. Everyone should be fully aware of what is going on.

The contract will fall apart upon lower then purchase price appraisal no matter what, but now they want an appraisal done before signing. Which I cannot and will not pay for. They do not want to take the property off of the market in case the appraisal is too low and the deal falls apart.

What I'm going to do now is call a few appraisers and ask them to give me verbal comps on the property so that I have an idea of where the property will appraise. I did not realize that appraisers ran comps until my Broker just told me.

In the mean time if anyone here can give me advice I would REALLY appreciate it!

Thanks ahead of time and good luck!
-Mike Hutchins

Hello again!

I spoke with a few different appraisers and got mostly the same response, that it would violate their "Code of Conduct" to give me a comp price without going out and looking at the property. I realized this was true and did not want them to do anything unethical, I simply wanted a price range.

I did however, get 1 call back with a broad price range of $295k-$350k before adjustments. I have a feeling if I where to mention how much I needed to purchase the house for that they may appraise around the range that I need. Again, not unethically. The property really is beautiful, 2-3 years back it was worth $450k+.

I left my Realtor a message stating what I just mentioned and that I was certainly not going to pay for an appraisal nor would the end-buyer before even getting a signed P&S. I said that if this was not enough to make the seller ambitious to move forward, and they where really that worried about appraisal, then we needed to re-negotiate price yet again. The fact that they are this worried about appraisal, in that small of a price range, this late in the transaction, is a little bit crazy. If this is really the case, they should have dropped the purchase price to begin with.

I am sure I will receive a call back sometime tonight or 1st thing in the morning. Hopefully we can move forward somehow. My buyers are going to be extremely disappointed if we cannot make this deal happen, they really have their heart in this home. I certainly don't want to disappoint them either.

I'll update as things progress. As always, if anyone has any advice, it is greatly appreciated!

Good luck!
-Mike Hutchins

Wow - I can feel your frustration on these obstacles. I really dont have an answer to your question as to whether you structured it properly or not, but when I did my assignment from Rina we had a completely seperate assignment form that we both signed. This had the assignment amount on it which I paid to her seperately. Once that was signed and delivered to the realtors the contract was then put into my name and the deal went forward according to the original purchase agreement. Our deal was cash, however, so I understand that a 10,000 assignment fee would need to be financed and that would affect the amount of realtor commission and other fees. Do your buyers know and understand your fee? Well, I hope someone else here can give you better insight on this and I will look forward to reading the responses myself. Good luck with it and hope it works out for everyone!

Thank you for the feedback, it is always much appreciated. I figured out that I was supposed to have both P&S signed at the same purchase price, the Investors Disclosure covers my profit margin, all I need do is provide the documentation to the Title Co.

If my buyers did not need financing then I would of much rather gone with an assignment, it sounds much quicker and less painful. Unfortunately this was not a cash buyer and I could not structure an assignment in this case.

The buyers understand that I create equity in contract, beyond that I haven't really gone into detail. If I need to, I intend on it. I never meant to mislead them or be dishonest, I simply had not yet needed to discuss this in detail. They understand I am making money in the transaction, beyond that they really did not care how or how much.

I'm sure if I was trying to make any more then I am then it would of became apparent that I was trying to take advantage of someone and they would not have been happy (Given that the numbers are so tight in this particular deal).

I'm still working to pull everything together and make it all work out, hopefully I can do so.

Again, I appreciate the response, thank you!
-Mike Hutchins