Posted by SCook85 on February 01, 2002 at 10:31:32:
Gregg,
I’m glad that you enjoyed the course.
As far as putting the $1000 into escrow when dealing with realtors it will always go into escrow, it is just a matter of whose escrow account. I would put in my offers that my attorney would hold it. Very rarely did this get questioned. However there are banks today that require their listing agent hold the deposit. This is pretty difficult to get around. I just purchased a property where the sellers wanted $10,000. I wrote it to the selling agent and they said that they wanted to hold it themselves. I didn’t challenge the issue, but I probably could have and gotten away with it. I just wrote the check the listing broker.
When I talked about the simultaneous close in my course. I mentioned step 1, and step 2 just to separate them. They actually take place at the same time. Neither transaction can happen without the other, so the attorney performs them both simultaneously to make sure that all the parties are on board.
Special orderd it, (next day), read it in two days after reading, success stories,and How to . I LOVE THE BOOK. Iam a newbie in this area and have just gotten my real estate license in October. I Love the book, very informative and I finally have a game plan, yet I have a couple of questions for STEPHEN COOK:
How do people (Banks with REO’s etc) react when you say I will put my deposit in escrow, how much do you put ?($1,000) and when you do multiple offers like your examples in “Tale of two Deals”, all of your offers, I am assuming you have the clause that states you will place the money in escrow if accepted. I ask this because I have a pretty good database of REO’s and Hud properties.
2.Simultaneous Closings, on page 191, the first paragraph you talk about “first time, you will act as the seller and the title attorney will collect funds etc”, then the second time you act as buyer, then under “Getting Paid” you talk about HUD-1 statements, you speak of being the buyer first then the seller second, which makes sense to me if I read or understand the sequence of events. Sequence, closing, I close with buying the property and then I close with selling. If that is true how does it work if I need money from buyer first to close? Then I would close the buyer first? how is that done without tile? Help I am confusing myself, does this make any sense??
Sorry to be so long winded. Any help would be appreciated.