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Blog2020-10-16T14:41:44-04:00
1008, 2022

What if your end buyer’s lender can’t close timely?

Too often an investor is faced with a serious dilemma if the end buyer's lender can't close timely, or close at all.  The end buyer's hard money lender should have gotten ready for the closing at least days or weeks in advance and, unfortunately, the end buyer may well believe this to be true. Many investors believe that having a hard money lender on their side to close means the deal will close timely. These investors too often tell the seller that they are “cash buyers” because hard money lenders bring cash to the closing, hopefully. Unfortunately, [...]

808, 2022

How long is Transitional Funding and Transactional Funding for?

Transactional funding is sometimes referred to as transitional funding.   • This implies the property “transitions” from one owner to another over an indefinite time period. • While this is the process, transactional funding more precisely means that there are two distinct transactions - an A to B and B to C closing that occurred nearly simultaneously. • In most cases, the first closing takes place on the morning of the prescribed day of closing or the day before, and no funds are paid to the seller - this is called an “Escrow Closing”. • Later that [...]

708, 2022

What about using two different attorneys to close?

It is possible to close at two different attorneys but there can be serious issues.   Usually, this two-different closing agent problem came about because the seller or the end-buyer stated that he wouldn't close except with his closing agent. If a Realtor® is involved, it's likely that this listing agent has a favorite closing agent that he likes to use - not that the seller picked this one. If the end-buyer picks the closing agent it’s likely has brought properties previously and knows what he's doing. That doesn't mean you can't get them to agree with [...]

508, 2022

Problems with Assigning Contracts in Various States

What states have an issue with assigning contracts?   • There is a growing trend among states that want to STOP real estate investors from wholesaling properties. • The movement to stop investors from doing their deals has been a constant drumbeat of the local and national Board of Realtors®. • They believe that investors are “stealing” commissions they are entitled to and that their professionalism and access to the MLS® ensures sellers the highest possible price for the property. • There are numerous reasons every home seller doesn't just call a Realtor® and list their property. [...]

308, 2022

What Happens If Your Buyer Doesn’t Come to the Closing?

Your buyer doesn't come to the closing - Is All Lost?   What if your end-buyer doesn't come to the closing? You have only a couple of options to rectify the situation. • Number one - get his earnest money deposit from the closing agent. • Number two - get an extension from your seller and try to quickly resell the property. • Even though you put on your contract that the end-buyer’s earnest money deposit was non-refundable under any circumstances, it doesn't mean you’ll get his earnest money deposit at all • Paying out the earnest [...]

2607, 2022

What If Your Seller Doesn’t Come to Closing?

Don't just wing it when you have no seller at closing. Your options are going to be severely limited if you don't plan ahead...   You only have a couple of options to rectify the situation. 1. Forget about it and get your earnest money deposit back from the closing agent. 2. Get ANGRY and quickly take legal action. • Walking away from the deal hurts especially when you put in tons of time and effort and built a relationship with the seller. • You may have gone way above the “call of duty” to help the [...]

2007, 2022

Million Dollar No Money Deals Using Transactional Funding

How to do $1 million no money deals using transactional funding.   • Is it really possible to do deals for $1 million+/- with no money of your own? Emphatically, yes! • Whether you're looking at buying and selling single-family homes, commercial properties, multi-families or even raw land, all you need to do is get the property under contract with the seller and find an end buyer. • Some investors look for end buyers who need a specific type of property before they engage with the seller to purchase their property, just make sure you get a [...]

1907, 2022

Why Double Close? Just Assign the Contract.

Why double close? Why don’t you just assign the contract?   Why would you need to double close? • The seller won’t allow you to wholesale /assign your contract • The end buyer won’t allow you to assign your contract • The closing agent or attorney won't do an assignment • The state where the property is located won’t allow investors to assign or sell their contracts • The most important one - your profit is too large! So stop making what professional wholesalers call paying you a “tip” when they take an assignment from you. You [...]

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