Joe Lee

Hehe, another seller wanting to get cashed out *NOW* even though they need to sell and the realtor isnt doing dink for them maybe you should wait a month or so before you call her back if she says no the first time around... I had a seller in foreclosure (4-5 months behind) But she wanted me to make up her payments and cash her out now, so I'm gonna sit and wait for this one, unless she calls another investor when she gets the message :/ Laterz...

I want to do this house, but first I need to make sure that the house isnt listed with a realtor. and it currently is listed. If I do the LP with her while it is listed, I'll be in interference of contract with the realtor (Homeowners Concept). I'd rather wait till the listing has canceled or expired then take that trip to their house.

Oh yea, I asked her the second time I called her if it was listed with a realtor, and sure enough it is, the listing will expire June 30th, but they are trying to see if they can cancel it sooner, I told her to call me back when they do or about to do incase they dont like the plan and they can still have it listed with them. Even if I loose this one, it's only a house worth about 80-84k anyway. I want to deal with the bigger houses of course

The only thing that concerns me about this one is that they need a new roof, not just shingles- but replace the plywood.. How much does something like that roughly cost with a 1 story 85k'ish home?? Oh, btw, I found houses that recently sold through a comps website and they were between 70-85k So I'm guessing that this house would be a bit over 80k man thats some slim pickins-

Someone called me up (of course) the said that they have a house that just needs a new roof and is willing to walk away cause they are relocating. She said they bought it for 69.5k 3 years ago and took out a loan to bring up what they owe to 79k(forgot to ask when they took that out, it must have been a while cause they used the extra money to fix up everything else excpect for the roof. They have no idea what the current FMV is, I'm looking into that myself. Is this doable if I put a t/b in there? or am I in lala land and I'll have to give them the bad news? Thanx-

Yea, the new owners *Could* sue, but prolly tell me to get lost. And I'm sure I'd win in court, but it's probably not worth it to goto court, and worse yet the new owners probably know that Now I'm gonna have to learn the griity details about taking loans "subject to" to avoid both those issues I talked about here. Maybe I'll do a few assignments, then take a course on that- -Joe

I only bring this up because I have heard from a few investors that some title company's close over the cloud cause the title co thinks that it is a opinionated cloud, and they conveniently "miss it". Also, if the seller gets a lein that makes the title unmarketable then *I* have to give back the T/B their option money cause I cant deliver my end of the bargin. Just seeing if there was a way that's all... Thanx-

Soo.... Is there a way to prevent further leins/judgements from attaching to the property? -Joe

This isnt so much the worry about what would happen, just an intense facination on how things work. I like to pick apart the theory and play with it I'm going to do this business either way things go, but if something along the way pops across my radar, I'd like to have an answer to that situation. I am relieved though that you have never came across these supposed delimas I pose here. Thanx-

Ok, then what happens if the lein makes the property upside down? I know I would have to give the T/B their option money back for me not being able to deliver the house, is there anyway I can come out ahead?? Another thing, lets say I just assigned the L/O to the T/B only for an assignment fee, what if the seller say 6 months after I assigned the L/O and I'm gone, and a huge lein attached to the property making the title unmarketable, can the T/B come after me to get back that assignment fee since they cant get the house when they try to close? and if they try, will they win in court? Joe-

So having the sellers signature on the memorandum and recording it will stop further leins from attaching to the property?? Joe-

How do I prevent the seller from having more leins/judgements put on the property? I'd hate to not have a T/B in the house and about to cash out next thing you know they got a new 20k hospital lein on the title -Joe

Sounds groovy to me, thanx people! -Joe

Sorry, I should have blurred out the phone # but even if you called, you wouldnt get anything more than a pre-made voicebox yet to be activated. I will activate that when I start marketing... -Joe

Glad you guys like it. As far as the phone number goes, that number is for my cell phone, and when it's not on (cause I'm prolly trying to get some sleep ) it'll take them to a voice mail box. Oh, and the no closing costs- I wanted to leave that out in case the seller was open to closing costs cause they think it's how it's done and to the T/B it'd make it a better deal than bearing ALL the closing costs. About the pull off tabs, I could get rid of the realtor jazz, since it says I buy houses, it can inferr that I am not a realtor- any thoughts on that? -Joe