bwhitted

Thanks Bill. That info is what I was looking for.

Brad

I’m working on my first transaction and just read this same section and had the same first gut feeling.

Scott says that the RB gets an appraisal before making an offer. I’ve done 4 conventional real estate transactions and never provided an appraisal with my offer. I always got a pre-approval for a specific loan amount from a lender, then…[Read more]

Oh my god… … Bill, you kill me. I was wondering why NARS wasn’t a member and that explains it all.

To continue the saga, today we get another RB. When we specify needing a money order or cashiers check for the deposit they ask, “Is cash ok?”. I was like, um, well, yea, I suppose that would be fine too. Now this young couple was…[Read more]

I see. So there could be a situation where the RB’s “refundable” contribution remains as equity in the property.

Thanks guys,
Brad

Thanks for your quick reply Joe.

I’m looking forward to seeing the new product. Hopefully it has support for dealing with free and clear owners and inputting a monthly payment to them. For the time being I just modified the appropriate field reference in the template and all is good for now.

Many say they don’t use the proposal template, but…[Read more]

No convincing had to be done. The lady’s husband died recently and she can’t afford the house and knows it. She has to be out by end of year and just needs out. This one was simple.

Brad

Bill,

Like I said “Long story shortened…”. There were many other variables involved such as he was going through a divorce too and referred me to a lawyer that kept me out of jail. His walking away made me interested enough to learn more about real estate, etc.

As far as hiring a failure, the pool of people that will work for $6.50/hour is…[Read more]

Hmmm, never thought about trying to include him as a partner like that. I’ll call him and see what we can work out.

Thanks for the help.

Brad

Thanks for the info and yea, that would be a fairly simple proposition to give him. The problem is that there is no incentive for him to “not have payments” since he owns it free and clear. That’s really where the dilemma comes in. There’s no negotiation for taking over payments since there are none to take over.

I suppose the offer of taking…[Read more]

Thanks Scott. That’s what I ended up doing. I just wanted to be sure I didn’t mess it up.

Brad

Turns out this is a 2 year old manufactured home on .65 acres in excellent condition.
15 minutes from Pearland (city quickly growing as you know)

Community well maintained by water company
Floating foundation (no wheels/tongue)
SB says it was sold as package (land/home) and titled as such with Alamo Title (will need to check)

MAV 130k based on 2…[Read more]