Learning and Burning 11 Report post Posted February 21, 2013 Wow, Still trying to get lemonaide out of this one..... Agreed now that i would get seller a t/b that she approves of, she pay's me 2k and im out of the deal. Well, sounds good but still no real offers for such.Today i get a call from the unmarried couple. They still want the house. Good Grief Naked Brown.....So, called seller and got her to agree that i would get the tenant buyer qualified, sign contracts get monies and give keys. Pay her and send paperwork for who i got in there. She would take it over and i would be out of the deal. Her concernes are the work needed on the house that they could come back and stick her somehow with repairs. As per line #4 in the residential lease option contract. I said we could put a zero in the per incident line. And an addendum added saying she is not responsible for any repairs. That gives her comfort, will that work?Again, i will do all the paperwork for t/b get money give keys to t/b, pay her and send the paperwork to her and im out So, t/b will pay $3800 i give seller $1,200 the rest is mine. No out of pocket to her, she like that and she is good with this.Thinking i got this, and now wanting to know if this works, if so what do i need her to sign? Maaaaaaaan this one's killing me smalls.... Kinda doing an around the corner slightly on the down low then im out.... But deal is done.Thoughts? Could it fly? Am i asking for T.R.O.U.B.L.E ? Share this post Link to post Share on other sites
MichaelC 160 Report post Posted February 21, 2013 Her concernes are the work needed on the house that they could come back and stick her somehow with repairs. As per line #4 in the residential lease option contract. I said we could put a zero in the per incident line. And an addendum added saying she is not responsible for any repairs. That gives her comfort, will that work?As long as all parties agree and sign the addendum. Thinking i got this, and now wanting to know if this works, if so what do i need her to sign?Hasn't the homeowner already signed the CA Lease Agreement and the Option to Purchase Agreement with you? Now you need the CA Assignment Agreement completed and signed. Share this post Link to post Share on other sites
Learning and Burning 11 Report post Posted February 27, 2013 What i have signed is a lease with option to buy contract with the seller only. For $119,000 and $600.00 per month.Getting her to agree to re writing this has been difficult as she keeps refering to her l/o she has in place with another house. One that was put together by an attorney 5 years ago. At a cost of $500.00 10 pages and more detailed then mine.As of Monday i got her to agree to let me get her a t/b for $99,000 @ $600.00 per mo. She wants to manage the property once i get her a t/b and im good with this. Now, i have the unmarried couple wanting it still and want to sign on Friday. They will have the monies needed sign paperwork with me then i will give all to seller. I told seller i have someone ready to do it and have kept it at that. She is ok with this scenario, i did not go into detail who i have and she didnt ask. She doesnt know the couple from adam and so once i get this signed and money in hand, i will give them the keys pay seller and send paperwork to her. Deal done, I hope. She has agreed to do it this way. How does this sound? I want to get whatever i need from seller to her today. So, come Friday my ducks are in a row. Not counting my chickens yet. so im looking for answers and input for working this one as described..... Thanks Again. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted February 27, 2013 Progressing, albeit slowly. But still closer to wrapping this one up. Sounds to me like all is ready to go. So close this deal on Friday and collect your very deserved assignment fee for what has been a show of persistence on your part. Keep us posted. Share this post Link to post Share on other sites
Learning and Burning 11 Report post Posted February 27, 2013 So, my Lease with option with seller is good? Now, i will have t/b sign the lease and the option to buy contracts? I will then hand over the contracts from me and t/b to seller with her money and thats all i need to be out of the deal? Do i need the assignment fee form? If so that is with me and the seller?Yes persistance is one thing iv been called. Rotten people dont know whats good for them most of the time. So hoping it will pay off.This one has put me through the paces and Man, did alot more learning then burning....... Your help is kept me Focused Michaelson....... Wax on Wax off to the next one........ Share this post Link to post Share on other sites
MichaelC 160 Report post Posted February 28, 2013 As for the specifics of the paperwork, typically with a CA it's a straightforward process: you and the homeowner sign the CA Residential Lease and Option to Purchase Agreements, then when your marketing produces a t/b, all three parties sign the CA Assignment Agreement. You get paid and you're out of the deal. But along the way, if I've followed all this correctly, you've had a few twists and turns. So all I can say is to be sure you have an agreement with the homeowner and that you assign it to the t/b and are paid for your smarts. This places you in the middle of the deal as a principal. Then you look back on this one, wiser and wealthier for the experience. Next. . . Share this post Link to post Share on other sites
Learning and Burning 11 Report post Posted March 8, 2013 Well, well,well.....Tenent signed and paid. Original non married couple. Seller met them and didnt know them from Adam. Ha go figure. Dont Ask Dont Tell. I had a friend get signatures. She signed in place of me on the paperwork then signed. Not sure how else to do this, as i was out of town and didnt want to miss out again on this one. I now have lease and option to purchase contracts that i will sign and send to seller. Along with applications etc,as i will now give my option back to seller. She wants to manage it. No problem with me, tenants and her to do it this way. What will i need to send her to complete the deal this way? Im paid and now got to cross my t's and dot my i's....I learned the most with this one and want to say thanks for all you keeping me in this one.. The hardest one for me yet, and not the biggest payday. But im good with it because what i learned PRICELESS.... Thanks Again all you Naked People. On to the next one... Share this post Link to post Share on other sites
MichaelC 160 Report post Posted March 8, 2013 I become dizzy and exhausted just reading about this deal. Don't know if I could handle being on the inside of it all. In any event, congratulations on sticking with what was an unorthodox and lengthy process. As you said, the education was priceless and you were paid for your persistence and know how. Congratulations! Share this post Link to post Share on other sites
peter01vekselman 0 Report post Posted March 8, 2013 Hello guys! Wow what a great thread! I haven't read through all the replies, but I'm seeing a lot of engaging discussions. I'm Peter, by the waty, and I'm new here. Hopefully I'll be able to give my two-cents soon.Peter Vekselman Share this post Link to post Share on other sites
ErikOk 10 Report post Posted March 9, 2013 Well, well,well.....Tenent signed and paid. Original non married couple. Seller met them and didnt know them from Adam. Ha go figure. Dont Ask Dont Tell. I had a friend get signatures. She signed in place of me on the paperwork then signed. Not sure how else to do this, as i was out of town and didnt want to miss out again on this one. I now have lease and option to purchase contracts that i will sign and send to seller. Along with applications etc,as i will now give my option back to seller. She wants to manage it. No problem with me, tenants and her to do it this way. What will i need to send her to complete the deal this way? Im paid and now got to cross my t's and dot my i's....I learned the most with this one and want to say thanks for all you keeping me in this one.. The hardest one for me yet, and not the biggest payday. But im good with it because what i learned PRICELESS.... Thanks Again all you Naked People. On to the next one...So this is the couple who are the sinners the seller had a problem with Share this post Link to post Share on other sites
MichaelC 160 Report post Posted March 9, 2013 So this is the couple who are the sinners the seller had a problem with Let he who is without sin cast the first stone. . . Share this post Link to post Share on other sites
Learning and Burning 11 Report post Posted March 15, 2013 Yes. The t/b are the original un-married couple. I went with the dont ask dont tell theory and as suspected there was no mention of anything to seller. All has been completed, i got paid, seller got tenent/buyer to take on the house and the work. Tenent got the house.So persistance and all the input from you naked people have helped me get this one DONE.Was a rocky trip to the finish line, but all is good in the neighborhood. Now on to the next one. Thanks again.....Learning and Burning 1 Share this post Link to post Share on other sites
