So I recieved a call from a DETECTIVE. - Posted by HankFL

Yes to sub2 question??? - Posted by HankFL

Posted by HankFL on July 23, 2011 at 11:34:29:

I think you said “yes” to the sub2 question. Banks don’t mind you taking over payments w/out a formal assumption?

Re: So I recieved a call from a DETECTIVE. - Posted by HankFL

Posted by HankFL on July 22, 2011 at 11:39:34:

If an associate is known to me they can give the code for a vacant junker after they’ve qualified the person, which often is a repeat buyer.

And yes, I fully expect tenant aps to be filled with BS.

Do you do sub2 deals? What about double/simultaneous closes?

Re: Yes to sub2 question??? - Posted by Sailor

Posted by Sailor on July 23, 2011 at 22:39:08:

Oh, did I confound you w/my ethics declaration? But I did take responsibility for all of my husband’s financial obligations when he died, & notified the banks. Do you think that was not the right thing to do? The banks had absolutely no problem w/me continuing to send them $$$ & I’ve never been asked to sign any papers.

Tye
www.ShoeboxProject.org

Re: So I recieved a call from a DETECTIVE. - Posted by Kristine-CA

Posted by Kristine-CA on July 22, 2011 at 12:17:25:

I must be missing something. You say you would allow an associate,
known to you, to give out entry codes to property that belongs to you.
But you take it on yourself to give others permission to enter properties
that aren’t yours…without the owner’s permission?

I do double closes. And because of liability issues the escrow/title
companies require disclosure of both escrows to all parties involved.
It’s also in the contract that this purchase (or sale) is part of a
subsequent or concurrent escrow for re-sale of the property for profit.

Re: Yes to sub2 question??? - Posted by HankFL

Posted by HankFL on July 23, 2011 at 23:20:11:

“ethics declaration” … hehe

I think it’s just fine what you did after that sad thing, so long as you didn’t notify the banks by bandit sign. :stuck_out_tongue:

Re: So I recieved a call from a DETECTIVE. - Posted by JTH

Posted by JTH on July 22, 2011 at 13:20:04:

>>>>

Kristine. Is this a law in California or a procedure your particular title company follows? I used to do these all the time in Florida during the boom but there was no requirement to notify all parties.

Re: So I recieved a call from a DETECTIVE. - Posted by HankFL

Posted by HankFL on July 22, 2011 at 12:28:56:

I’ll allow a entrance into vacant junkers under contract as well. We’re going to close no matter what, so I don’t feel bad at all, and they are ugly houses after all. If a house has nice stuff inside, that’s a different deal.

Do you tell your prospective buyers upon first contact that you don’t “own” what you are selling? Have you ever used an inspection period not for inspection, but to find a buyer? CREI is filled with this stuff, especially outside of heavily regulated states like CA.

I took a few years off because of a family illness, but I remember you. You’ve been a good poster for years. You haven’t done a sub2?

Re: So I recieved a call from a DETECTIVE. - Posted by Kristine-CA

Posted by Kristine-CA on July 22, 2011 at 14:12:16:

I’m pretty sure it’s not law, but title/escrow company policy. Trouble
was every one of the title companies in my farm started requiring it. It
started around 2005 or so. At first I argued that the double close
disclosure was in my contract, and they said they needed it to be part
of escrow instructions for liability purposes. Made sense to me. After
a couple of deals like that, I started copying the title company
disclosure language into my contract so that the seller wouldn’t freak
when they read it in the escrow instructions. Way better to explain it in
the contract signing phase than in the escrow phase. It’s still in my
contract even though I don’t plan to double close. It’s there if I need it
and it’s one more clearly stated disclosure regarding buying and selling
for potential profit. My contract to buy is 4 pages, double spaced with
12 point type. Sellers know that I’m not going to live in it and that I’m
planning on re-sale.

Re: So I recieved a call from a DETECTIVE. - Posted by Kristine-CA

Posted by Kristine-CA on July 22, 2011 at 14:02:22:

You might be barking up the wrong tree. I’ve told every buyer that I
had a contract. I told them they could either take over the contract via
assignment or we would double close. I’ve closed on every flip for the
last few years though. I’ll use my own funds, hard money, private
money or seller financing to make sure I have something I can close on
in order to market more easily my way. Actually, I’ve used a few
options recently, for exactly the purpose of finding a buyer.

Like I said I don’t market to find sub2s. They come my way because of
my focus on problem properties, often involving probate issues. I have
no interest in landlording, (or very little interest, I do it when I have to),
so I don’t have much interest in taking over payments. Unless doing
so the short term will help me (or my buyers). And it has.

“Ugly houses after all”? Wow. Please don’t ever make on offer on
something I have to sell. My ugly, vacant junker may not mean much
to you, but I have fire and liability insurance on which I would rather
not make a claim. I had a buyer like you, one who thought it would be
a-ok to tell his partners and potential buyers to go ahead and unboard
the windows to take a look inside. Nothing like driving up to your
property when someone you don’t know is using a power drill and
crowbars to get inside. You know, it was a junker after all. But it’s
mine. Hello. I get to decide whether I need to be present or whether
I’ll send someone over to supervise. Not the buyer.

No need to attempt to find my inconsistencies. I have them, but I’m not
going with you on the CREI is filled with “this stuff”. Who cares if it’s
filled with it? I don’t do because I don’t like it and don’t want to be
treated that way by others. I think bandit signs stink, so I don’t do it
in my neighborhood or other neighborhoods. (That being said, I live in
a town with signage laws so strict, height allowances SO low and no
billboards…even McDonalds and gas stations have no sign poles)

Re: So I recieved a call from a DETECTIVE. - Posted by HankFL

Posted by HankFL on July 22, 2011 at 14:22:45:

Now I’m telling people to unboard houses? Huh? I’m talking about pre-screened people getting in through a door.

“No need to attempt to find my inconsistencies. I have them, but I’m not
going with you on the CREI is filled with “this stuff”.”

Everything I mentioned is common practice and taught at REIAs, online, in courses and at seminars. The things I mentioned, when practiced with discretion, are harmless.

Harmless - Posted by Kristine-CA

Posted by Kristine-CA on July 22, 2011 at 14:52:23:

You don’t seem harmless to me! The attitude you post here is too casual
and hence potentially reckless for my taste. Glad your farm has space for
you and glad you’re not working in mine.