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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Salvage what you can... Posted by Ward-CA- on June 10, 2002 at 5:02 PM In Reply to: Assignment of Trust Deed gone bad?? posted by G.M. on June 10, 2002 at 9:19 AM : Last week, I made an offer of $7,000 to purchase a 2nd Trust Deed with $40,000 or so owing. The current holder had not been paid in 3 years and was happy to part with it. I faxed the offer to the beneficiary, he faxed back an acceptance. I then emailed the assignment to him, he printed it out, got it notarized. I told him to overnight the document to my title company and once they verified receipt, I wired $7k to his account. All this happened, and then a week later, the title company got the document back from the recorder's office stating the document was not an original, but a copy. : I contacted the guy and told him he needed to send the original down, not a copy. He said ok, and then a day later faxed me stating he is re-considering the offer and wants an extra $3,000 to close the deal. I've tried calling him and I've left messages so that I can speak to him directly but no answer. : What can or should I do?? I'm a beginner in this business. : I'm pissed at the title company, but I had no contract with them, they were doing it as a favor. ========= G.M., I’d pay the extra $3,000 and get the original and record it. Once your deal has been finalized and recorded I would sue the guy in Small Claims for the refund of the $3,000. Doing it that way safeguards the bulk of the profit in the deal. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Last week, I made an offer of $7,000 to purchase a 2nd Trust Deed with $40,000 or so owing. The current holder had not been paid in 3 years and was happy to part with it. I faxed the offer to the beneficiary, he faxed back an acceptance. I then emailed the assignment to him, he printed it out, got it notarized. I told him to overnight the document to my title company and once they verified receipt, I wired $7k to his account. All this happened, and then a week later, the title company got the document back from the recorder's office stating the document was not an original, but a copy. : : I contacted the guy and told him he needed to send the original down, not a copy. He said ok, and then a day later faxed me stating he is re-considering the offer and wants an extra $3,000 to close the deal. I've tried calling him and I've left messages so that I can speak to him directly but no answer. : : What can or should I do?? I'm a beginner in this business. : : I'm pissed at the title company, but I had no contract with them, they were doing it as a favor. : ========= : G.M., : I’d pay the extra $3,000 and get the original and record it. Once your deal has been finalized and recorded I would sue the guy in Small Claims for the refund of the $3,000. Doing it that way safeguards the bulk of the profit in the deal. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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