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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] No risks that I see. Posted by Ward-CA- on May 01, 2003 at 8:18 PM In Reply to: Risks of Carryback TD? posted by SeanW on May 01, 2003 at 7:35 PM : I can see how this would be a way to placate the ex-owner that he will be paid, without leaving any ownership interest in the property. But AFAIK, a trust deed must have a defined amount to be valid, not language to the effect "50/50 split of net profit at the resale". : Seems like you're opening yourself up for undiscovered flaws in the house after seller moveout, that must be fixed out of the 50% you planned on getting. : Is there any way to convince a seller that your due diligence is good on a 50/50, "determined at close", deal? Escrow the expenses, maybe? ================ Wow, did I hit a nerve or what? Sorry if I did. First of all, where did I ever say that the carry-back trust deed is not made out for a definite amount of money? I have never structured any deal to be finally determined at the point of my ultimate resale of the property. It’s always unequivocally settled up front, when I get title to the property. Secondly, I made most of my foreclosure profits buying property at the trustee’s sales for 20 years—without the advantage of seeing the interiors of all those properties first. And that’s the case for just about everyone else who buys foreclosures on the courthouse steps too. So now I’m getting into the houses and buying from the owners before the sale. Thus I’m getting a better close-up view than ever before and it’s working out just as well. Finally, when I make a deal with an owner I come up with finite numbers as far as what I’m paying them, when we sign the Equity Purchase Agreement, regardless of how far off I might be in actuality. That way the owner can depend on getting precisely what I promised them now rather than leaving it to speculation. Hope this helps. Follow Ups: (No Nerves) SeanW 9:43 PM, 05/01/03 (0) What about desperate sellers? SeanW 9:32 PM, 05/01/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : I can see how this would be a way to placate the ex-owner that he will be paid, without leaving any ownership interest in the property. But AFAIK, a trust deed must have a defined amount to be valid, not language to the effect "50/50 split of net profit at the resale". : : Seems like you're opening yourself up for undiscovered flaws in the house after seller moveout, that must be fixed out of the 50% you planned on getting. : : Is there any way to convince a seller that your due diligence is good on a 50/50, "determined at close", deal? Escrow the expenses, maybe? : ================ : Wow, did I hit a nerve or what? Sorry if I did. : First of all, where did I ever say that the carry-back trust deed is not made out for a definite amount of money? I have never structured any deal to be finally determined at the point of my ultimate resale of the property. It’s always unequivocally settled up front, when I get title to the property. : Secondly, I made most of my foreclosure profits buying property at the trustee’s sales for 20 years—without the advantage of seeing the interiors of all those properties first. And that’s the case for just about everyone else who buys foreclosures on the courthouse steps too. : So now I’m getting into the houses and buying from the owners before the sale. Thus I’m getting a better close-up view than ever before and it’s working out just as well. : Finally, when I make a deal with an owner I come up with finite numbers as far as what I’m paying them, when we sign the Equity Purchase Agreement, regardless of how far off I might be in actuality. That way the owner can depend on getting precisely what I promised them now rather than leaving it to speculation. : Hope this helps. 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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