easiest job on earth - Posted by Gene
Posted by Gene on March 06, 2007 at 15:11:43:
Is the San Diego Weather Man.
Re: Bought and Resold in 2 months - Bank Scared? - Posted by S. Nathan
Posted by S. Nathan on March 06, 2007 at 22:43:50:
first I do not read these posat to try and win buttons. I do it to learn how to make money, and maybe earn a few friends along the way. Secondly I thought I was giving a compliment,not bashing up on anybody. Thirdly, I said I was a newbie so my questions should have reflected that. When you FIRST STARTED, I guess all your questions never sounded so off base, like mind did huh???
Re: Bought and Resold in 2 months - Bank Scared? - Posted by ski
Posted by ski on March 06, 2007 at 18:25:15:
Gold RING, not gold buttttoooonnnn. come’on y’all be nice.
Here’s another idea… - Posted by JT-IN
Posted by JT-IN on March 07, 2007 at 22:07:27:
Natalie:
I have literally gone to closing… having my title company prepare 2 sets of docs, one as the contract states, and the other as I want them to be… (totally unknown to seller prior to closing). With full knowledge of my closing Atty of what I want to do, and with quite a bit on confidence in the control that I had with the sellers… the 1st HUD was presented, showing them what their expenses are, and their net proceeds. Then with a slight of hand (not really), the 2nd HUD was laid down, and showing them exactly the same NET PROCEEDS (+ $ 100.00 as a tip)… and a different sale price with a credit for repairs. Explain to them that there is no penalty to them for doing it this way, no tax liability, etc… just better for us… Atty confirms this, and they say, heck, why not…? So we also have a contract addendum ready for them to sign that changed the price and terms of the contract to match up with the HUD. If they balked, (and I have only done this twice, and they didn’t balk either time), then I would have immediately backed off, and done the deal as agreed.
The problem is that until you are sitting there at the closing table, they have all that time to think of all these negative things… while at the table, and seeing the check right next to them, all they have to do is sign, and it is over, cashed out. As long as there is no downside to them, what difference does it make…? Of course these are on cash deals, and I essentially control the funding of the purchase, so there is no element to deal with there either. This wouldn’t be something that I would try with just every potential seller, but there are those that you KNOW will be OK with it… IF not, you do the double transaction deally.
Hope all that helps.
JT-IN