Yeah, she said there is no lawful amount that is required. She said we im guessing the lawyers want to see more option money posted. Why exactly im not sure she really knew. I had bad reception when we talked and so communication was limited. I was glad to hear that all was good with the way this one was done. I have actually talked with this lawyer on a few subjects as she is a real estate lawyer in Oregon. Looking to close escrow now on Wed. Come on payday daddy needs a new pair of shoes...
First Pure Option to close
Posted 22 March 2016 - 09:25 AM
Yeah, she said there is no lawful amount that is required. She said we im guessing the lawyers want to see more option money posted.
The attorneys aren't there to negotiate the terms. They are present to push the paperwork through, dot the i's and cross the t's.
Posted 25 March 2016 - 10:05 PM
That is what i feel i was aking her. That i was in the clear with this going through per my Pure option agreement. Not really sure what to take of her answer. I can call her back and discuss in more detail if i want to for future reference so to be Clear that my ten dollars is sufficient to make my deal?
Now on this one escrow says i need a Commission on demand form for them so to allocate my monies. Is this how this works? is it a commission i am talking? Or ?
Will follow up with them on Monday... Grrrrr But first want your input on this part.
Posted 26 March 2016 - 05:43 AM
I'm not familiar with a Commission on Demand form, since I am not a Realtor and never receive a commission when doing a deal. This may be something specific to California, (although I think I would have heard of this previously), or it may be specific to the way the attorney involved wants this done. As you said, follow up on Monday and stay on top of this with you eye on the prize: getting paid and putting this one in the Done column.
Posted 26 March 2016 - 10:02 AM
I am confused because its not a commission that we deal with correct? The terms were put together with buyer and seller and no attorney involved. This commission on demand is what escrow is saying is needed. Thats where im even more connfused cause why are they telling me how my pay is cut? Also, this is in Oregon. This commission on demand this does this mean im getting a commission? How else would escrow be able to have me accounted for? Staying on these guys cause this was to close on the 21st and now pushed out to the 30th per escrow. Saying the county has been the hold up.. Not liking the hold on my monies.....Ppushing and shoving to get this one in the completed file...
Posted 26 March 2016 - 10:30 AM
This Commission on Demand could be a state thing, a county thing, a title company thing, or an attorney thing. You're not getting a commission, you're receiving an assignment fee. It'll all work out in the end.
Posted 11 April 2016 - 04:05 PM
This one is done, Got my assignment check today from escrow. Although a few gray hairs later i can now enjoy the adult beverage for this one...
I want to thank all of you for walking me through this one. Was my first Pure Option and now excited to have it closed out. Want to give a huge shout out to the naked investor himself and all that share their knowledge and experiences on here. Would not be where i am in my real estate career/ dream without all of you.
I am now hunting down the next deal hoping to be fully naked doing this some day ... Till then just naked from the feet down and working it......
Appreciate all that has come from all of you and this site..
Learning and burning...
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Posted 11 April 2016 - 04:14 PM
That's great news, Mike! I'm happy as can be for you. I know you worked hard for this, saw it through to the end, and now can enjoy the fruits of your labor. Learn from it, rewind, and do it again. It can only get easier. . .right?!
Posted 12 April 2016 - 01:09 PM
I do feel good on so many levels about this one.
#1 I stayed with it to the end learned so much.
#2 It was out of state and still made it happen.
#3 Got my daughter to help me which got us closer seeing were 1000 mile apart. Big Big for me. And so sharing with her the fruit....
#4 I added to my tool belt for more ways to get deals done...
Yes rinse and repeat is where i am now. Got to say yahoo and thanks for being there for me like big brothers you all are...
Next one coming soon ......
- MichaelC likes this
Posted 12 April 2016 - 01:28 PM
And this one had more twists and curves than usual. The next ones will seem like a walk in the park.
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