Escrow Balance
I took a house subject too in July of this year. I fixed it up and closed on the deal with my buyer today (oct 25, 2005). How do I get the escrow balance funded to me instead of the original home owner? All that is in the escrow is taxes not insurance. Someone help!! Thanks
Yes, I took title in my company name back in July. I did not get anything at closing from escrow balance? Any forms I need to fill out?
Who did the closing with your new buyer? Talk to them. You should have received some sort of settlement statement and final HUD1when you signed the closing docs. Depending on your state and the lender, it sometimes takes a few days for them to fund. But again, talk to whoever did the closing. Find out when are where the money is being disbursed.
If title is in your company name than you company owns the house and any equity in the house
Maybe there was no balance. Maybe you were short. Just a thought.
Define "not much luck". Who are you mailing to - what is your mailing list. When do they get the first postcard, and do you send any repeat postcards. What is your call back rate?
Also, why would you want to throw away someone who is in foreclosure, has a house worth 200k, but will sell it for 110k.
Brenda
I have never mailed to people who have 1-2 year loans, and I have never heard any one say that they mail to people with 1-2 year loans - and I have listened to many of the "gurus". Maybe your list is bad. What is your reasoning for the 2 year old loans? I know that most people in foreclosure have a loan less than two years old.
It is hard to identify people who are having money troubles. When it is not hard, like foreclosure, then the competition is intense. Maybe people is the military, people in foreclosure, out of the area owners, people who are late on their taxes, etc.
Just a thought - maybe 2 year old loans in lower income areas.
I would tweak the list.
Brenda
Another thing I am confused about is the subject to only approach...
Buying subject to is a matter of economics only... If the seller can’t sell subject to structure the deal so your cost and net return are the same if you have to obtain the capital yourself.
As for lists, I mail 200 postcards around new listing and new sales in the area I want to buy in. I use a simple message. "I Buy Houses” and CASH in 14 days...
Quote: As for lists, I mail 200 postcards around new listing and new sales in the area I want to buy in. I use a simple message. "I Buy Houses” and CASH in 14 days...
New listings as in MLS Listing? And what do you mean by new sales? Trying to understand your list.
Brenda
What is your reasoning behind mailing to solds?
Brenda
i dont think you should quit a postcard because a group of 350 homes didnt work out. a conservative return rate is 1/4 of 1%. I would suggest targeting more homes to see if it was the postcard or the targeting. dont give up so quickly some people market a lot before their first deal. just my opinion.
Joe
Brenda,
I am considering moving to Central Fl. I love the Heathrow area. Foreclosure/SS etc. property. Maybe you can help. Can you PM me at **Please See My Profile** Thanks..
John Cash Locke has a great system... and it certainly includes 1-2 year old loans...
[addsig]
Quote:
On 2005-10-25 09:38, mattfish11 wrote:
John Cash Locke has a great system... and it certainly includes 1-2 year old loans...
But not limited to.
My point was that there is not just one way to do things. If your current marketing in not working then you need to change things to find out what works well in your market (which is what Brenda pointed out)
I dont know maybe everyone else thinks with a single track mind.[ Edited by ZinOrganization on Date 10/25/2005 ]
Can I be the referee? You two need a hug....