skrealestate8

"By George I think I got it" Thanks Michael and everyone who contributed to helping me understand!

Thank you all for your valuable reply to my question! I am now less fuzzy about answering the question of where I get my fee. The sellers I talked to do not take issue with me making a honest buck. They just want to know where I get the money, i.e is it comming out of their pockets/profits. And if it is how much will it cost them. My second question is, is it a fair statement to tell the seller that they do no pay any fees for our/my services? I like to be upfront with people so there are no surprises. If the money is comming from the option consideration, why not just tell the seller that upfront that way they can decide if they want to deal or walk away. I really appreciate as much input and views on this as possible. THANK YOU ALL!

Hi: I am always stumbling with this question and it seems to come up to frequently. How do you explain to the seller that you are going to be taking all/part of their option money and at the same time tell them that you do not charge them a fee for your/our services. Obviously the option amount will be listed on the agreements and HUD. Does'nt that create a problem when they find out sooner or later that you are getting your/our fees from what that look at as their money?

http://www.nytimes.com/2011/08/11/business...sures.html?_r=1

Hi: Does anyone have a checklist that they would like to share for the various aspects of the LO biz? I found an old post by member Adam King (belated THANKS!) from 2004 that has the following checklist for the paperwork that is given to the seller after assignment: LOA Back to the seller 1.Cooperative Option to Purchase 2.Rental application 3.Credit application 4.Lease agreement 5.Option agreement 6.Purchase agreement (Not on every deal, but always with a Realtor) 7.Seller's disclosure (Non-owner occupied attached to original seller’s disclosure) 8.Lead paint disclosure 9.Deposit receipt (And balance before move in owed) 10.Assignment agreement 11.Letter of assignment (All parties) 12.Receipt for part or all of the option (AKA Assignment Fee If no one has one, I will get one started.

I typed up some Word docs that I use for SLO's if anyone wants them let me know and I will forward them. It is a disclosure renovations will be approved by the seller, a doc acknowledging that they received a copy of Lead Paint Pamphlet, an additional doc that they sign that they understand the deposit in non-refundable. I also have a seller and buyer call sheet that has guidelines for script and collect info if anyone can use them for calls. Hi Shar: I would greatly appreciate viewing the docs you mentioned above. Thanks for sharing!

Hi Everyone! I read somewhere that most lenders only allow rent credits above fair market rent to count towards the downpayment. So if the fair market rent is $1000 and the tenant/buyer pays $1300 in rent only $300 would be allow towards the downpayment . Is that true? Thanks in advance for any replies.

http://www.cnbc.com/id/43395857 http://www.cnbc.com/id/43396145

Hi what are pros or cons if any with LO mobile homes?

I will play with it and see what I find. There may be some listing agents that may have completed one that can give me the 411. THANK YOU! MichaelC and Lev(GA) for your feedback. PLEASE keep us posted with your findings Lev.

Hi everyone: With so many REOs on the market and more to come, is it possible to approach banks with the possibility of working out LOs? I am new at LOs and was curious if anyone has thought of, or knows if this can be done. Most REOs are not in move in condition though, but still might be an option for some. SC