Posted by Stacy (AZ) on February 23, 2001 at 17:50:33:
I was insulted for trying to help you. What does it say about me to react to that? That I won’t put up with it. Who would?
Later
Purchase Contract CANNOt be assigned or flipped - Posted by Houserookie
Posted by Houserookie on February 22, 2001 at 21:39:47:
I came across a seller today that wrote it in the
contract.
Does anyone know how to overcome this little obstacle?
Easy! - Posted by JoeKaiser
Posted by JoeKaiser on February 23, 2001 at 24:28:18:
Find another investor named “Houserookie” . . . and sell it to him.
No, not really.
Seriously, make your documents “portable.” That means you name a trust as the purchaser on your buy/sell agreement. That thing can now close with or without you, along with anyone you want to get involved.
Joe
If those two don’t work … - Posted by Redline
Posted by Redline on February 22, 2001 at 22:12:30:
Tear up the contract and find a MOTIVATED seller.
RL
Re: Two ways - Posted by Stacy (AZ)
Posted by Stacy (AZ) on February 22, 2001 at 21:46:43:
-
Do a simultaneous close, where you buy the property for, oh, about 15 minutes, and the new buyer buys it from you. Title companies (or closing attorneys) will take care of it. Check around and find one.
-
Convince the seller to put a single line through the clause, and initial it.
Stacy
Re: Two ways No Way… - Posted by Houserookie
Posted by Houserookie on February 22, 2001 at 23:54:40:
Stacy,
Owning the property for 15 minutes and then
selling to another buyer is called “flipping.”
???
As to the single line right through the clause,
good luck doing it. Any seller that knows what
assignment and flipping means ain’t going to do it.
Re: Two ways No Way… - Posted by Stacy (AZ)
Posted by Stacy (AZ) on February 23, 2001 at 24:16:59:
Houserookie, think about what this clause states. Here’s what it says to me.
-
No assignment. OK, that’s valid. The seller has a stake in who the buyer is. They don’t want you to assign it to an unacceptable person, for example, one who can’t follow through. They are still the seller, and on title, and can control the sale while in this cat-bird seat.
-
No flipping. First, find a definition in any law book or statute that explains what the he11 that means. You won’t be able to. Most people think of flipping as that illegal BS where values get inflated, and defrauders sell back and forth to each other. That’s not what you plan to do, is it? But, you can’t violate a term that has no legal definition. It’s like saying, “No assignment or rubbing”.
Second, find me a purchase and sales contract that can dictate what happens AFTER the seller no longer owns the property. As soon as s/he is off the deed, you may do whatever your heart desires (within the law). Once title is conveyed to you, you have the same rights as any other person who owns property. Among those rights, is the right to sell your property. If it’s five years later, or a millisecond later, it doesn’t matter.
Stacy
Re: Two ways No Way… - Posted by Houserookie
Posted by Houserookie on February 23, 2001 at 06:45:26:
I don’t buy your arguement. I don’t want to be the first guy in court being wrongfully charged for “flipping”.
You may not find out what flipping means, but surely you’ll go through He11 to remain innocent.
On second thought, the clause did say “This Contract CANNOT be assigned or flipped.”
This is referred to the contract, not the property. I don’t flip contracts to other investor. I buy and sell homes.
I have an idea. I like Joe’s advice on using trusts.
Re: Whatever - Posted by Stacy (AZ)
Posted by Stacy (AZ) on February 23, 2001 at 10:50:08:
Houserookie, you happen to be wrong. I can just see the seller, who is no longer on title, and was given every last cent they were owed, suing you for selling YOUR property to someone else…uh…too quickly? This clause interferes with a basic right of property ownership, and is INVALID. This would be thrown out of court so fast your head would spin.
But, if you don’t believe me, that’s life.
Stacy
Re: Whatever is right!!! - Posted by Houserookie
Posted by Houserookie on February 23, 2001 at 11:54:02:
ONce the sale is done it’s done. If a title company will close for you then it’s money in the bank.
The key is to get it to closing.
Re: Please clarify - Posted by Stacy (AZ)
Posted by Stacy (AZ) on February 23, 2001 at 12:41:16:
Sorry, I don’t know what your point is. Are you disputing that a title company will do a simultaneous close? Could you clarify?
Stacy
Re: Please clarify - Posted by Houserookie
Posted by Houserookie on February 23, 2001 at 13:56:40:
Stacy,
I do simul close all the time. This is nothing new.
The title company I use will do anything
I ask of them ( nicely of course ).
The money sources I use have never had any problem.
But I have yet to ask the title company if they will close on a contract that states “This purchase contract cannot be assigned or flipped.”
I’ll find out in a bit here. If they don’t I will have to use the trust route.
KNOCK IT OFF ALREADY!!! GOD!!! - Posted by Peter
Posted by Peter on February 23, 2001 at 15:14:56:
What are you people idiots!
Houserookie is so correct with his statements and this Stacy gal is just edging on a fight!
It’s obvious that houserookie has been around the block a time or two and Miss Stacy just can’t get it through her thick stubborn pig headed skull !!!
You know your way around there Houserookie. Stick to your guns.
Peter
Re: Please clarify - Posted by Nate
Posted by Nate on February 23, 2001 at 14:38:00:
Why not? Closing is not assigning. Closing is not flipping. The contract doesn’t state it can’t be closed. If it did it would be meaningless because it could not be fulfilled.
OK, I’ll knock it off - Posted by Stacy (AZ)
Posted by Stacy (AZ) on February 23, 2001 at 16:37:28:
Yes, I, “Miss Stacy” admit that I am wrong. I am completely inexperienced, and Houserookie is obviously very savvy. This “gal” was “just edging on a fight”. I have a “thick stubborn pig headed skull”. I agree, “stick to your guns”, Houserookie, “you know your way around here”.
(Note to self: Never try to help this idiot again)
Stacy
Peter is… - Posted by Jake
Posted by Jake on February 23, 2001 at 15:32:13:
obviously Houserookie posting under another name!
Miss Stacy? - Posted by Matt B
Posted by Matt B on February 23, 2001 at 15:23:27:
Actually, if I’m not mistaken, Pete, “Miss Stacy” is a guy AND he actually has a bit of experience. Before you start lecturing people, you might want to gather some facts first. Just a suggestion.
Re: Please clarify - Posted by Houserookie
Posted by Houserookie on February 23, 2001 at 17:48:38:
You are 101% correct.
ONce it gets to the closing table, it’s done!
Paperwork signed and cash in pocket.
Re: OK, I’ll knock it off - Posted by Houserookie
Posted by Houserookie on February 23, 2001 at 17:43:31:
Stacy,
After reading your latest post I walked over
to the mirror and there I read the writing on
the wall, “Man, It’s you again.” : )
Why would you ever call youself an idiot for
helping anyone? Why would you ever call anyone
an idiot?
What does that say about you?