Sellers Documents - Posted by Jim

Real Estate Investing
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Posted by Michael (tejas) on March 15, 2001 at 22:22:24:

David, could you explain how you go about convincing
the sellers you are “for real”?

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Sellers Documents - Posted by Jim

Posted by Jim on March 15, 2001 at 24:34:45:

When we buy from our seller and we’re ready to close what documents, if any should we get from the seller?

Thanks (That’s all for tonight)

Jim

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Re: Sellers Documents - Posted by Monique

Posted by Monique on March 15, 2001 at 13:00:10:

Just to add to David’s list … If you can, make a copy of the seller’s Promissory Note, Mortgage/Trust Deed, and most recent mortgage statement. Be sure to get the payment coupon book, if there is one.

Monique

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Re: Sellers Documents - Posted by David Alexander

Posted by David Alexander on March 15, 2001 at 24:43:36:

when buying Subject to any loans

RE Contract
Deed
Trust Docs
POA
Loan Authorization
CYA letter (seller disclosure)
Insurance Change letter (although I never use it, I use the POA instead)

Release of Liability (depending on the deal)

David Alexander

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Re: Sellers Documents - Posted by David Alexander

Posted by David Alexander on March 15, 2001 at 15:11:10:

Make a copy…

Take the copies they have so that they cant sell the deal elsewhere… yes, and get the coupon book.

David Alexander

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Re: Sellers Documents - Posted by Rob

Posted by Rob on March 15, 2001 at 12:32:45:

David:

Once all that is in place. What is your next step?
Open escrow, appraisal, etc…???
When do you closes?

Can you break it down like the seller documents?

Rob

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Soon to be released… - Posted by David Alexander

Posted by David Alexander on March 15, 2001 at 17:46:55:

in my Ebook… Just kidding,Lol.

Basic Anatomy of a deal

  1. Get a call from seller
  2. Screen for Motivation
  3. Screen the numbers (2 and 3 are in the same conversation)
  4. If you smell a deal then make that seller realize your for real so that they stop calling other investors.
  5. Go talk to the seller(s)
  6. Get an agreement signed off on the place.
  7. Do your due diligence, comps, title, etc.
  8. Set up your closing
  9. Close the deal

There could be a 7a. like find the money for your deal.
Also I may start closing like Joe Kaiser does and send them the docs to sign, I’ve only done that in a couple of instances.

David Alexander

p.s. Now will let folks tear my order apart… Lol, or share better ideas as to how they do it.

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Re: Soon to be released… - Posted by David Alexander

Posted by David Alexander on March 15, 2001 at 23:13:34:

I may have worded that wrong… sorta. More just making them feel like your going to do the deal, if you can work something out…

May be its simple dropping everything your doing and getting over there to make a deal, or maybe working at there convenience…

Sometimes it’s just asking how they heard about you so you know if there is even any competition.

It’s just a sales thing and you have to figure out what works for your personality… for me it’s more of a laid back approach.

David Alexander