Posted by Mike on April 30, 2001 at 16:15:22:
I just checked, Steve’s course is available now on Creonline!!
Mike
Flipping Pro’s…calling S.Cook85 & others! - Posted by Taylor
Posted by Taylor on April 27, 2001 at 01:17:19:
Hi,
I’ve read a lot of your post from the archives and you’ve mentioned time and again that you buy REO’s. I have a couple questions that I would really appreciate your answering or anyone else that is able to do so from the point of experience.
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How do you handle a simultaneous close when purchasing an REO? Can you specify in your contract your own attorney or title company for closing?
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When going the assignment route, I noticed on the assignment form that there is a place for the Assignee, the Assignor and the SELLER to sign. Since its an REO when does the seller sign approving the assignment?
Any advice on these two issues will be greatly appreciated.
Thanks,
Taylor
Re: Flipping Pro’s… - Posted by SueC
Posted by SueC on April 27, 2001 at 08:19:54:
Taylor, if your contract with the seller allows assignment, then you don’t need the seller’s signature on the assignment form. You should modify the form you’re using. If your contract with the seller requires seller’s approval for assignment, then you would need the seller’s signature on the assignment form. As Steve says, your assignment clause in the agreement with seller should have language which relieves you of liability in the event you assign.
Re: Flipping … - Posted by SCook85
Posted by SCook85 on April 27, 2001 at 08:02:14:
Taylor,
In most cases you will be dealing with other investors, they understand what you are doing, have most likely done it before and will cooperate to get the deal done. They may ask you to settle with their attorney/title company and that isn’t necessarily a bad thing. If they are experienced with these transactions then there attorney can handle both ends of the transaction. However I do recommend that everyone use my attorney/title company and the way that I get them to agree is by telling them that the title work is already done with my guy.
As far as the assignment route, I never have the Seller get involved in that part of the transaction. You probably have an assignment form that was designed (mostly when dealing with FSBO’s) that would release you from liability upon assigning your right to your new buyer.
I hope this helps.
Steve
scook course - Posted by scott in va
Posted by scott in va on April 27, 2001 at 14:02:03:
Steve I talked to you last wek when do you think your course will be available here.Can’t wait scott
Re: Flipping … - Posted by Nate(DC)
Posted by Nate(DC) on April 27, 2001 at 09:43:10:
Steve,
Lately in the DC area I’ve been encountering a lot of REOs where the bank/seller wants to use THEIR title company, which happens to be the foreclosure attorney, because they haven’t filed a deed to take title to the property to save themselves a few bucks. The one time I asked to use my own title company I was told “OK, but you’ll have to pay more to cover the costs of our foreclosure attorney’s work”. So I went with their attorney rather than mine.
Are you encountering this in Baltimore too? It doesn’t matter to me because I am buying these to rehab, so I’ll be holding for a month or two. I couldn’t care less who the title company is. But I can see how it might be a problem for someone who does a lot of wholesaling like you.
Just curious if you’re running into this lately.
NHT