Tampa Pre-Construction Condo For Sale Need Help..
Can anyone tell me if this is the forum where i can advertise selling a contract for a pre-construction condo in Tampa,FL...
Can anyone tell me if this is the forum where i can advertise selling a contract for a pre-construction condo in Tampa,FL...
pmore,
There is no TCI Forum where you can advertise 1 unit of residential property. If it is vacant land and your situation satisfies the other requirements of the Deals in Progress Forum, you can post there. Otherwise, I suggest you put it in the Properties Section.
Nancy
pmore,
go to my profile and you should be able to Private message me there. Give me some contact info.
or you can go to my website link (within my profile) and e-mail me from there.
I too, would like to know how you get around this. I am in a similar situation, however the owner is offering me owner finance to take the deal. I can also qualify for a hard money loan to do the deal. Hmmm... I am stumped as what to do next - its my first deal.
- Veronica
That is True. Maybe its just a case of good old "deal anxiety"
A buyer can back out and all they lose is their deposit. Eventually the person who is buyng the house will see the original contract and also all the numbers involved in the sale transaction on or before closing.
If you want to protect your interest in the transaction and make sure that your buyer does not flip out over the difference in price then you need to do a double close to protect your interest. Yes you will have to fund the first transaction and pay closing costs on the original transaction before you close with your buyer. But he/she will never know what you paid for the property.
Sounds like you have a profitable deal here.... good luck
To avoid flipping issues, you need a double escrow.
You would run the $298k thru the one escrow with the new buyer and the seller and receive the $51,900 for the assignment in your second escrow this way the transaction is done thru the first escrow and the mortgage co. is not seeing any flipping. This is done legally all the time.
Good Luck,
Robert
Hello, people. I have done this type of transaction before. I understand what he is saying. And i think in every state it is different. The problem is the mortgage companies are not willing to give financing to his end buyer, because he is not the owner of title. Where as before it was possible to do flips before, they do not want to do that kind of financing unless you take title, and in most cases have title in your name for 1 year. In new york we do not use escrow companies, we use the end buyers title company to close with attorneys for everyone involved. That means the bank for the end buyer.
Before you could do a double closing and everything was sweet, not anymore. But if you know of lending institutions that do not care that would answer our problems. [ Edited by crusher on Date 03/22/2005 ]
Tell your title agency that you want to do a double close. That way the buyer will not be able to see how much you made from the deal.
I am doing a double close monday. The end buyer has a credit score in the 560s and is getting 100% financing on a non seasoned property. The lenders are out there boys.
Eric5: where do you live? Did you use an attorney or a title co.? And, tell me the names of some of these lenders. Thanks for your help.
I am in wisconsin. I know 3 mortgage brokers here that can do it, you need to call around and ask if they have a lender that doesnt care about seasoning of title. Honestly I havent found it to be a big deal. I think you get in trouble on this site for mentioning lenders because those people pay to be listed in that section of the site. Sorry man
Yes I used a title company, but that is here, I dont know about your state. You need to get close to a title company that understands the business and then it will be like a dream. Free title searches are great.
Yeah, you can do that, but you may encounter another problem. If you are on title short period of time, you are trying to sell the property much higher that what you paid for, you will have to justify why you can do so. If you are really rehabing the property (I mean not just slapping some paint), you should not have any problem. If your buyers are getting FHA loans, it will get a little stickier though.
As long as it is justifiable. If you spend $10,000 to repair and wants $100,000 more for the prop in a month, the lender may have problems with that.
Buying a VA property is no different from buying any other property!
You need to comp out the property to determine its retail value on the open market.
You need to do a walk through inspection to estimate it repairs.
You need to determine if you have the financing power in place to purchase the property.
If you are planning to wholesale the subject property, you will have to take control of the property and have a buyer in place to purchase the property.
Most government owned properties do not all any form of subject to purchases clauses on the purchase agreement.
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"What is necessary to change a person is to change his awareness of himself." By Abraham Maslow[ Edited by joel on Date 03/28/2005 ]