Wall Street

When I write about real estate, I have my son Eric, a mortgage broker, he grew up in real estate and my wife Brenda, world's most tolerant spouse, she's lived thru 35 years of my 36 years in lending and real estate, to proofread my work for content. I have my friend Bob Martel proofread it to make sure I'm communicating to non-real estate people. Bob read my latest book "Flipping For Fun And Profit" he suggested that I needed a check list in addition to explaining the research and exhibits necessary when buying a house to "flip," Something covering the area between finding the opportunity and closing on it.

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Opportunity Check List

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Stock Investing Course This form assumes you have located a property and its owner/seller, and that you have had my class or read my book "Flipping For Fun And Profit" or read my book "One House At A Time / Finding And Buying Single Family Rentals" or a similar real estate investment program.

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Stock Market Game 1. Determine the sellers' problem with regard to the house.

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Stock Investing Game 2. Determine the sellers' time frame, how soon do they want/have to move? If subject to a NOD, how soon are they going to lose the house? How soon do they need cash?

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Journal Prime Rate Street Wall 3. How long have they been trying to sell? Why do they think they haven't sold it yet?

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Stock Market News 4. Ask how much cash do they need at closing to get on with their lives?

Stock Investing Basics 5. Ask what they will do if they don't get that much?

Stock Investing Software 6. Ask what will happen if they can't stop the foreclosure?

Stock Market Trading 7. Ask how much cash do they need at closing to get on with their lives?

Stock Investing For Dummy 8. Ask what they have been offered so far?

Stock Market Crash 9. Ask about the existing liens, how much do they owe?

Stock Investing Tip 10. Ask if there are any liens besides the mortgages on the property?

Stock Market Chart 11. Ask about their taxes? (Property taxes will have to be paid. Has the IRS filed a lien? If so what do they owe the IRS?)

Online Stock Investing 12. Ask what will happen if they can't stop the foreclosure?

Stock Market Crash Of 13. Ask how much cash they need at closing to get on with their lives?

Stock Investing For Beginner 14. Ask what they will do if they don't get that much?

Finance Journal Personal 15. Ask how much cash they really need at closing to get on with their lives?

Stock Market Report 16. Ask if you gave them a little more than their last amount (name a dollar amount) would they sell you the property?

Finance Investing Stock Market 17. Explain, it will take you a week to ten days to do your home work, but you think you can help.

Wall Street Journal Com 18. Ask again if you can net them $xx,xxx.xx will they sell you the property?

Stock Market Investing Advice 19. Ask if they could use a hundred (or two) today? In exchange for a ten-day option, allowing you to do your homework.

Street Trader Wall 20. Pull out your check, the one you keep attached to your option forms and ask how to spell their names, fill in their names (both names with an "and" between them, in real estate never use "or") write the check. Don't sign it.

Indian Stock Market 21. * Fill in the option form (your personal information should already be on the form). While filling in the form explain that it's to bad they don't have the time or money to repair the house and sell it to someone who wants to live in it because they can pay more than you as an investor can. Don't discuss what you're doing just write up the offer! No matter what happens you are going to leave them a copy of your offer, with the cash listed along with your name and phone number.

Stock Investing Advice 22. Explain that this form gives you the right to buy the house "on any terms that net them $xx,xxx.xx, if you exercise the option (notify them that you're going to buy the house) within the ten days and that closing will be within XX days after you exercise the option. "Net Offers" is another article in "A Baker's Dozen / A Real Estate Anthology" and discussed in "One House..." and "Flipping..."

Free Journal Street Wall 23. Explain that you'll have to talk with their lender and have them sign a permission letter letting the lender talk to you. (This letter should be attached to your option form.) Ask for a copy of their latest correspondence from the lender. You'll need the name, address, phone number, and account number.

Stock Market Information 24. Pass them the option to sign while you're signing the check and explaining that this is theirs to spend today regardless. Ask about getting contractors thru the house. If there is any hesitation offer to cash the check for them (explain that you will have to have a cancelled check for your records but if they want you can give them cash, just sign the check and you'll deposit it in your bank, be taking out your wallet and counting out the cash as you talk.)

Penny Stock Investing 25. Get out of there! Once you've got the deal any excess talking can only cause you trouble.

Stock Market Stock 26.* Call your title company order a "preliminary title report and property profile," order this immediately! Pull your car over as soon as you're out of sight of the house!

Stock Market Investing Basics 27. Contact the lender, you'll have to fax them the permission letter before they can talk to you, do so. Get the details on how to bring the loan up to date and a break down on the charges due. Remember you are trying to help the home owner never say you're buying the house!

Black Hoodies Street Wall 28. Do the same with any other lien holders.

Stock Market Trading Tip 29. Determine who stands to lose money or who has to pay good money to protect their interest in this property.

Stock Option Investing 30. You must come to terms with everyone who can make a claim against the property before you are committed to anyone!

Small Cap Stock Investing No one has any reason to negotiate with you if you've have already cured the problems that outranked them! The same secondary lenders that may be willing to waive accrued fees and interest, possibly even discount their principal balance when facing a superior NOD want every dime the moment you've cured the problem! If you hope to deal you've got to do it while the problem exist and you've got to get it in writing!

Value Stock Investing Keep in mind the only way you're going to negotiate anything is if you can improve the other person's position! FHA lenders are not going to lose money on a foreclosure, they are not going to give you any thing. Lenders with PMI, insurance are not going to lose as much as you might expect. Superior liens aren't going to lose money when a subsequent lien forecloses. Don't waste your time trying to negotiate property taxes they are in first position, on the other hand the IRS liens come in as they were filed, (like everything except property taxes) they can and will negotiate.

Invest Stock Market 31. Make sure you have all agreements in writing and signed! (Faxed copies are fine, if they were signed!)

Stock Investing System 32. If all looks good notify seller you're "exercising" the option. Schedule a closing time.

How To Invest In The Stock 33.* Meet with your escrow officer and have them close the loan. Yes, I do close my own deals when taking the property "subject to," but I've been doing this for thirty-six years. You're going to need title insurance when you sell the property. There is no better way to be sure that your title will be insurable than to have an escrow officer do your closing.

Beginner Investing Market There is a list of exhibits you'll need to get at closing in "Flipping For Fun And Profit" you'll need to provide your requirements to your escrow officer. It's rare that the escrow office will know much about "flipping", their job is to make sure you get a marketable title. Spend the money normally only $100.00 to $300.00. If you have to go back to the seller after the closing, you're going to have to pay!

Black Real Street Wall (You may have to go to an independent escrow company because those associated with title companies often refuse to close deals "subject to" and/or without title insurance. Part of your preparation when getting into the business is locating an escrow officer.)

Bond Investing Stock (You're also going to discuss "mechanics and suppliers liens" with your escrow officer. You're going to want to sell the house as soon as possible if you don't have the proper paperwork from contractors and suppliers you may have to wait out a 30 to 180 day filing period before you can get title insurance on the property. Do it right!)

Stock Market Prices 34. Never ever give the seller money meant to clear a lien, use certified checks or money orders in the seller's name (from your bank, and you keep the copy) and you or preferably escrow mails or delivers them!

Free Stock Investing 35. Recorded immediately! You have two reasons to record quickly: 1. The seller still has money problems and someone could file additional liens. 2. Many lenders anti "Churning" rules have minimum time between sales.

Analyst Street Wall 36. Get added to the sellers hazard insurance as an additional insured and get your own coverage.

Stock Market Data 37. Don't spend your profits until your buyers check clears!

Gold Stock Investing * Let no guru mislead you! You are going to need a real, real estate education or you are going to need to hire someone with one!

Street Wall Words

Stock Market Online Investing William J Archambault Jr, is the author of "One House At A Time / Finding And Buying Single Family Rentals", "Get The Money / A Consumers Guide To A Successful Mortgage Application", "A Bakers' Dozen / A Real Estate Anthology" and "Flipping For Fun And Profit" Available @ http//www.reii.org He's been in lending and real estate since 1969. He writes about upto the minute real estate, sales, and personal philosophy, with the wisdom of our grandfathers. You can write him at: author@reii.org

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