Hello Folks - I am thinking about making an offer on http://www.hubzu.com/property/0007110154379-53-Hoo...
The Agent I am working with says since these are sold as is, I could put a financing contingency but nothing more. My concerns are what do I do if an inspection uncovers structural issues that can make the investment unprofitable or what if title search reveals liens against the property or if other such issues come up. It seems unrealistic that I would need to incur expenses on the above items before submitting an offer. How should I handle this situation? Also, do I need an attorney to look over the offer letter before submitting?
I'm an agent in Columbus, OH. I've used Hubzu to purchase properties for myself as well as other investors. I've been involved in 20-30 transactions with them dating back to 2010 when they used to be Altisource. All of their customer support and transaction coordination is handled out of call centers in India. There's a good chance your agent couldn't make contact with the listing agent no matter how hard they tried. Phone calls, emails, smoke signals...nothing works. Not a big deal to me as I could care less. Regarding contingencies, each property is different. Some allow them, others allow none including financing. You're realtor will be able to figure that out when they go to submit your offer. The title companies they use are regional and may not even be in your state. They're the ones that have made the transactions the most difficult for me. I've found them to be slow, unorganized and not big on customer service. I've talked to others that love them so maybe it's just me. PM me your email address and I'll give some tips and tricks that you and your realtor can use to get the best deal.
Brian - I PMed you my email. The agent did arrange a showing of the property. What I am concerned about is he is saying "You can get a contingency for financing but nothing more because these are all as is sales." How does this protect me?
Hi Abdul Azeez. Brian is correct. I've also bought properties, and the title companies are a pain.
If you have the opportunity to use your own title company, and just buy your own title insurance, DO IT. I had one that didn't record the deed for 3 months after purchase, making it impossible to sell FHA for 3 extra months! It cost me $5k in holding costs.
how much extra expense will i incur in getting my own title company?