Posted by George P. The key item you didn't mention-do you have You should have a note, that buyers owe you The note against the property is what protects your interest. Without that note, you don't own the property or better, you have a questionable interest in the property. My system is 100% perfect and 100% legal if you follow all steps. You should have two notes, one between you and the original seller, spelling out all details. With that you should have two pre-signed deeds, At the final escrow all deeds should be recorded The order would be -the original seller to you, You cannot miss steps in here. Same way all notes should be handled. If the buyer was in default, you should have recorded the property back to yourself or better to your corporation. So I don't know where you stand because you didn't give me all information. However, it is obviously a new loan deal, so the If you have buyer's pre-signed deed to you- Depending on the contract you wrote up with the new buyer. Every contract should have a clause-subject to approval by my partner-that can be anybody, even your cat.No joke. Then you should have conditioned the buyer, subject to buyer's credit and/or using my selected escrow or title company. You should always have a way to get out of the contract. 99% of the time you don't need any of those clauses, but the one time when you need it In order for me to help you, even if things got screwed up, I need 100% info about everything. I charge $750 an hour /for last 15 years/, so I don't think you can afford it. But I don't charge clients or customers anything. Believe or not, every deal is a huge learning experience, because not one deal is same. Even after 1000's of deals you'll have new surprises and things you didn't know about. I have been doing it since 1989 and I am still learning. In fact, learning never stops.
on 5/23/2004, 1:05 pm, in reply to "Re: I need an answer ASAP"
69.166.89.89
There is no such thing to record deeds simultaneosly but that's no problem.
You can record one deed at a time only.
a note against the property?
A note signed by buyers, that they owe you money.
Example-you bought the house for $100,000
and resold it for $120,000 and got $10,000 down
payment.
$110,000, at such interest and all due and payable on /date/.
Then you should have a second note with the buyer, spelling out all details.
one from the seller to you /not recorded/ and
a pre-signed deed between you and buyer in case of buyer's default.Also not recorded.
in proper order and all notes paid off in proper order.
you to the 1st buyer, 1st buyer back to you /because of the default/ and next deed should be from you to the 2nd-NEW-buyer.
Never do any real estate deal without being incorporated.
mortgage company and the lawyer could lose the deal if they are not nice to you.
I would tell them/myself not you/ to take a hike.
record it. Ignore the lawyer, because he is representing the other parties.
Lots of clauses in every contract-that's very important.
you better have it.
Don't worry, it is at no charge.
It would take care of all profit you are going to make.
I think I did spell out, in here, how everything should work.
They all are different. The trick is to do as many deals possible so you learn as much you can.
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