title search

[fdjake]

I NEVER forfeit my deposit.....EVER!!!   It's tough to lose your deposit when YOUR LAWYER is holding it.
If they owe MORE than the purchase price, then they can't get me a clear title and I'm out via the escape clause.

I always ask what these people OWE on the property BEFORE we even talk price.  I explain that anything they owe, liens, sewer, water, back taxes, mortgages will be completely paid off at the closing....... out of THE PROCEEDS. 

The key here Mike is to ALWAYS ask that question FIRST before you ever discuss price.  That way you can make a quick calculation as to the amount needed to get back to ZERO.  THEN the discussion turns to what they GET....Most of these people would NEVER be able to pay off these liens without selling the property.  They can't WAIT to get their $$$$$.  Some of the idiots I've dealt with were talking about going to the "CASINO" after the closing while they sat at the table.

Never UNDER ESTIMATE the stupidity of the average American!!!

[allagash]

thanks buddy....

back to sanding joint compound tomorrow morning....

 

-Mike

[fdjake]

Are you working on that flip??

[allagash]

this one I'll hold as a rental.

see what that's like....

-Mike

[GL - GA]

I always have title insurance when I close, but I look at many deals per day. And a simple title problem can ruin a deal. It can be as simple as a subordination clause that reverses the priority of two liens, Or knowing that liens fall off in 10 years here, or understanding what liens are wiped out by foreclosure and which ones arent. Or it could be much more complex with estates with liens filed against them (but not recorded as a judgement).The point is I can't be calling my attorney for each one. To do what I do (mostly buy foreclosures at the courthouse) you have to be able to quickly weed out the deals that looked good on the surface, but weren't when you started digging. To do that you need a pretty good understanding of the laws here.

I like to think a good RE investor needs to be a jack of all trades but master of none. You have to have a pretty good idea of just about every aspect of RE, but just before you lay down some serious $$, you need to go ahead and double check yourself with an expert.

John,

Whatever happened to the house you bought after the commercial building you did so well on?  IIRC you were selling it in the mid 200's or so. 

FWIW reading fdjake's and your posts was part of my motivation to buy my first investment only home.  Instead of rehabbing, I took fdjake's advice and had the overgrown yard cleaned as well as the inside of the house.  It has been on the MLS a week and I have already had a verbal offer of more than double what I paid for it.  Hopefully, he will come in with a written offer and we can get a deal buttoned down.  So thanks guys for the motivation. 

[Hoosier4life2005]

I always have title insurance when I close, but I look at many deals per day. And a simple title problem can ruin a deal. It can be as simple as a subordination clause that reverses the priority of two liens, Or knowing that liens fall off in 10 years here, or understanding what liens are wiped out by foreclosure and which ones arent. Or it could be much more complex with estates with liens filed against them (but not recorded as a judgement).The point is I can't be calling my attorney for each one. To do what I do (mostly buy foreclosures at the courthouse) you have to be able to quickly weed out the deals that looked good on the surface, but weren't when you started digging. To do that you need a pretty good understanding of the laws here.

I like to think a good RE investor needs to be a jack of all trades but master of none. You have to have a pretty good idea of just about every aspect of RE, but just before you lay down some serious $$, you need to go ahead and double check yourself with an expert.

John,

Whatever happened to the house you bought after the commercial building you did so well on?  IIRC you were selling it in the mid 200's or so. 


FWIW reading fdjake's and your posts was part of my motivation to buy my first investment only home.  Instead of rehabbing, I took fdjake's advice and had the overgrown yard cleaned as well as the inside of the house.  It has been on the MLS a week and I have already had a verbal offer of more than double what I paid for it.  Hopefully, he will come in with a written offer and we can get a deal buttoned down.  So thanks guys for the motivation. 

Let us know how your deal turns out GA 

[John_in_NC]

I always have title insurance when I close, but I look at many deals per day. And a simple title problem can ruin a deal. It can be as simple as a subordination clause that reverses the priority of two liens, Or knowing that liens fall off in 10 years here, or understanding what liens are wiped out by foreclosure and which ones arent. Or it could be much more complex with estates with liens filed against them (but not recorded as a judgement).The point is I can't be calling my attorney for each one. To do what I do (mostly buy foreclosures at the courthouse) you have to be able to quickly weed out the deals that looked good on the surface, but weren't when you started digging. To do that you need a pretty good understanding of the laws here.



I like to think a good RE investor needs to be a jack of all trades but master of none. You have to have a pretty good idea of just about every aspect of RE, but just before you lay down some serious $$, you need to go ahead and double check yourself with an expert.

John,

Whatever happened to the house you bought after the commercial building you did so well on?  IIRC you were selling it in the mid 200's or so. 

FWIW reading fdjake's and your posts was part of my motivation to buy my first investment only home.  Instead of rehabbing, I took fdjake's advice and had the overgrown yard cleaned as well as the inside of the house.  It has been on the MLS a week and I have already had a verbal offer of more than double what I paid for it.  Hopefully, he will come in with a written offer and we can get a deal buttoned down.  So thanks guys for the motivation. 

I sold that house back in Feb for 273,500. I was under contract in a little over a week of being on the market.

[allagash]

Hi John,

didn't you pay something like 190 or 195 on that one?

bought on courthouse steps?

what type of work/money, (if any), did you put in before reselling?

-Mike

[John_in_NC]

I paid 189,500 for it. I put a little over 30K in it. It wasn't a home run, but it made money. I probably could have gotten more for it, but I decided not to get greedy and took the first offer.

[allagash]

thanks.....

pretty nice spread....

glad to see you got out of the SLV market.....

competition is way too fierce unless you're really devoted....

spreads in RE........

 

-Mike
>bounty hunter in Josey Wales:
"I had to come back"
lmfao

[GL - GA]

I always have title insurance when I close, but I look at many deals per day. And a simple title problem can ruin a deal. It can be as simple as a subordination clause that reverses the priority of two liens, Or knowing that liens fall off in 10 years here, or understanding what liens are wiped out by foreclosure and which ones arent. Or it could be much more complex with estates with liens filed against them (but not recorded as a judgement).The point is I can't be calling my attorney for each one. To do what I do (mostly buy foreclosures at the courthouse) you have to be able to quickly weed out the deals that looked good on the surface, but weren't when you started digging. To do that you need a pretty good understanding of the laws here.

I like to think a good RE investor needs to be a jack of all trades but master of none. You have to have a pretty good idea of just about every aspect of RE, but just before you lay down some serious $$, you need to go ahead and double check yourself with an expert.

John,

Whatever happened to the house you bought after the commercial building you did so well on?  IIRC you were selling it in the mid 200's or so. 

FWIW reading fdjake's and your posts was part of my motivation to buy my first investment only home.  Instead of rehabbing, I took fdjake's advice and had the overgrown yard cleaned as well as the inside of the house.  It has been on the MLS a week and I have already had a verbal offer of more than double what I paid for it.  Hopefully, he will come in with a written offer and we can get a deal buttoned down.  So thanks guys for the motivation. 

Well to update this post....I did exactly as I said before.  I bought the house for 13k plus closing and I paid a guy 560.00 to clean up the place inside and out.  Other than replacing two door locks, that is all I did; admittedly the house took longer to sale than I was expecting but I eventually closed 30 Jan 2012 for 31k.  It was sold to another investor who is going to rehab it completely and sell to a retail buyer.  I wish him luck, but I think I got the better deal.  After all costs it was a ~150 day hold for an 89% ROI (not counting my time making offers and looking at houses)  Hopefully it will be the first of many.

[travistane]

If you are unable to come in person, title companies can do the research for you.There are public terminals available to search and print documents.