sarge006

Thanks Mike--we'll see what happens!

Balance of mortgage is around 77K plus what they owe in arrears--which is about 13K.

Well--Bandit signs do work!! Received another call--here is the scenerio-- 4/2 with full finished basement/ 1.25 acre wooded lot/ 20 yrs old/ large detached garage--appraised 2 months ago at 169,700. They are in foreclosure and at this point--they are about 90K in arrears which includes property taxes. It is presently still listed with a Realtor for 30 more days (so far they can't move it at 155K). I told them they were running out of time and if it doesn't sell thru the Realtor--then I would try and at least save their credit and get them something to walk away with. This is what I am thinking---Wholesale it out for 110K and give them 5K-6K to get into another Lease Option--that would leave about 14K profit. I would try and not go lower than 105K as a wholesale price. Am I in the Ball park here?? ( I understand that I have to check for other Liens though--even though they said there isn't any). I need some input from all you seasoned professionals on this Forum. What are the steps you would recommend. THANKS--SARGE

Thanks Mike--I will definitely keep swinging!!!!

Well, struck out on my first 2 deals--but I'm learning!! Which forms do I need for a Wholesale Deal?? I know I need the Assignment contract (Not the CA).----but which other contract??

I meant to say is the buyer going to feel more comfortable giving me a cashiers check "on the street" or at a Title Co.?

My assignment fee on this Pure Option is 12K and I have an option to buy for 8K making a total of 20K. Because the assignment fee is 12K--is the owner going to be more comfortable giving me a cashiers check "on the street" or at a title Co.??

Some other questions---- Should consulting fee be a cashiers check or just a regular check? Do I leave Documents w/him to take to his Lawyer? Is his payment to me prior to our initial meeting?

Thanks Mike--This is new territory for me again----nervous but excited !!!!

One months lease pymt

While my first Pure Option on a fire-damaged duplex is still in the works---I have another opportunity to do a CONSULT on a lease purchase. My question is what 2 forms do I use. I know about the " Consulting agreement"--but which Option To Purchase Agreement do I use and what Residential Lease Agreement do I use?? Any other pointers would be very helpful. Thanks Guys!!

Thanks Mike. I will let you know what happens!!

Finally, No taxes owed and no liens. Because this was just a pure option (not exclusive)--do I need to protect my position with a Memorandum of Option filing or just trust that my end buyer isn't going to go around me and go right to the owner or wait till my option expires?? Mike--you've been so helpful with my first deal--I'm nearing the end of this one (hopefully my first successful deal).

Hopefully--last question, Just found out my Seller still owes about 7500. in taxes to township. He apparently thought the bank was paying this. I told him this would have to be paid before we can proceed and provide proof it was paid. What process do I follow here? My buyer is ready to roll with this.

Mike, One more question on this deal. Because there is no mortgage--would my buyer (after paying me my assignment fee) just give the seller what is owed him (8K) cashier check and in return receive the title to house? I ask this because my end buyer asked me. SARGE