[Adam Olsen]

in reply to: How to target market for short term options?

Adam Olsen

[quote]
Posted By donwede on 20 Dec 2008 12:18 PM
Tim:

Norm is correct. I do the same I use a sales contract with contingencies. In essence it is nothing more than an option. I have done some straight options but it has always taken more money. In fact I believe Jack Miller has also using a contingent contract.

Don Wede
[/quote]

Where would I be able to find an example sales contract with those contingencies in it? I just had a Seller deny signing my Option to Purchase Agreement today and would love to try the sales contract instead.

Thanks in advance,
adam

[Adam Olsen]

in reply to: Optioning a Property Subject to a Short Sale

Adam Olsen

Hi Jackie,

Quick question on this deal as it relates to the short sale portion of the deal…. How exactly do you language that when talking to the bank? I’ll take a stab at it….

ME: “Hi, my name is Adam and I’m with _________________ (company name). I’m trying to do a short sale on a property located at _____________________ (address) with a borrower name of _______________________. Who would be the best person for me to speak with regarding a short sale on this property?”

(I realize I may have to send over a signature authorization at this point to even speak w/ them.)

BANK: Let me transfer you to our short sale department.

(Talking to short sale dept.)

ME: “Hi, my name is Adam and I’m with _________________ (company name). I’m trying to do a short sale on a property located at _____________________ (address) with a borrower name of _______________________. What items do you require in order for me to start the process on this?”

(Then, the Borrower and I proceed to fill out the applicable paperwork and send it back to the bank.)

Is that it? What am I missing?

[Adam Olsen]

in reply to: Optioning a Property Subject to a Short Sale

Adam Olsen

Thank you Jackie! I’ll let you know how things turn out….

[Adam Olsen]

in reply to: Need shipping container or large storage barn….

Adam Olsen

Check out Craigslist.org…. I did a quick search in my area (Oregon) and it came up with quite a few. All different sizes and prices. Also, maybe try searching on Craigslist in an area that is close to a port.

[Adam Olsen]

in reply to: Potential Deal

Adam Olsen

Hello Tim,

What about doing one of those two game plans you listed above AND wait for the Seller to get motivated? Especially if there is a good LTV on the place.

If he is out of state and has had problems once, seems the chances are good he’ll see the same problems down the road.

Hope that helps,
Adam

p.s. Maybe put the loan in an IRA? Go for the tax-free gains….