Hello DG family,
Wow, I don't know how to start this post. Incredible to say the least. Everything that has happened is different than from what I expected in my mind. First of all I have more information on that property that I tried to get under contract. I was mistaken on the offer accepted, I thought the offer was accepted at 105k but at that price it'd be a short sale, so we settled on 115k and I've found an end buyer. The problem that I didn't anticipate was that I needed to provide proof of funds and/or validation from the end buyer for me to be able to sign a valid contract with the seller so I can't do assignments. I have to work mostly for finder's fees, I could be mistaken but that's how this deal is apparently headed, go figure. Today I had a three way call conference with the seller's agent, the end buyers and myself simultaneously, highly educational I have to say(still have a problem with cell phone etiquette though LOL). The buyers are interested in seller financing and there's other complicated things involved that I'm not familiar with, but I'm going with the flow. It seems as if it's a done deal but I still have my concerns, if it's successful there still is the problem with my end of the bargain since I'm under contract with none of the parties involved and they both have each others contact information so it could potentially be a work-around leaving me in the dark, but the end buyers are some of the people I've met at the REIA so they seem friendly and in the right, I don't know. If that situation does occur I just have to be more diligent in the future and try to get some kind of protection.
Trust me, it's alot more intriguing than what I've
said but I'm not so good with words and I'm still in disbelief overall at what has happened today. I'll give more detail as time goes on. Even I'm in the dark in this one, since I'm "the new guy".
Prelude into second deal: It will be a short sale, for this one I'd probably need you guys' assistance since these buyers really focus on assuming mortgages/seller financing, and at the moment they're my only sure financiers(I'm still trying to network). The property is on sale for 115k(but I'll see if I can get it down a little more) from appraised/EMV of 185k. Owners purchased the property for 194k in '06 and it's "warrenty deed". I don't know the terms but I figure that with those numbers there's a general formula that can be concocted. I'll know more next week.
Any help/advice would be appreciated,