I recently did my first SS and here's how i strucured it (I am an agent as well). I had the H/O deed the property to my LLC and wrote up the Purchase Agreeement/Offer in the name of my LLC and/or assigns, then i negotiated the SS. Since the property was the in the name of my LLC (technically mine) i had my LLC hire me as their agent to sell it, so i listed it on the MLS and four days later an agent called me with an end-buyer that was already pre-quailifed! I did disclose to the Buyers agent i was negotiating a SS and it would have to be contingent upon me being able to successfully negotiate a SS with the lender and disclosed everything in writing. Long story short we closed the deal. (with none of my money BTW (by the way).
(the story gets very interesting...)
THE F-BOMB WAS DROPPED! 2 days after we closed the title officer called me and said we had to "unravel" the whole thing! After we had closed, after the new "end-buyers" had moved in!
Apparently (this sounds shady) since i never closed at a Title Company when I initially purchased the property from the Romero's (well my LLC purchased it) this was a Null and Void deal... To backtrack, when I had the H/O deed the property to my LLC i was "SUPPOSED" to have closed at a title company...and the escrow officer said i did a "pass-thru". That what I did was not legal because I sold a property that wasn't mine??? Why can't I negotiate a SS wher the property is mine. Second, why shouldn't i be able to sell it using "someone else's money"?????? How do you guys do these?
The second half of the story is that I had to find an investor to lend me 80,000 dollars for one day and offered to pay him 10% on his money for a days worth of use (8000 dollars...ouch)
So we had to rewind. I had to have the H/O come and "close" at the title comany which is the part they sold it to my LLC. So in a nutshell... Why do i have to use investor money when i can find an end buyer who is qualified already and use their money to fund the whole thing and i don't have to use investor money. I am running a business and it's my job to cut costs and save money! If i can find solve a problem w/o the use of investor money why shouldn't I??? Big time help on this one guys!!!
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