Intro and subject 2 advice

2 Replies

Hello all, I've been lurking here for a while and absorbing a lot of knoledge, what a great resource with a bunch of great people. I have a possible sub-2 deal that I might pull the trigger on but it has a couple of issues with back taxes and a judgement. does anyone know of a good real estate attorney in Colonial Heights VA that I could sit down an discuss these roadblocks and maybe handle the closing if it works out...

Mike welcome first! Is VA an attorney closing state or do title companies do closings? Either way, you will need to know what is on the title for sure before you take the deed to the home. You can do the research yourself at the court house in your area, but title companies do the searches and commitments for my deals. You will want to know all liens on the home prior to taking the deed to the home to confirm it is still a good deal. The judgement is the thing you need to get details on pretty quickly. Can you talk to the person who filed it? Get a payoff in writing now from them? You will also need the same thing for any back taxes. Back to the judgement thing though - consider getting the payoff and then negotiating to offer a small percentage of the payoff if paid by xx/xx/xx date. See if they don't accept your offer and it goes to the state our county for back taxes, then their lien gets wiped off 100%. Just because they accept less on payoff now doesn't mean they can't still go after the seller. Does that make sense? Also on Subject tos, make sure you know the terms of the mortgage and where it stands. You are doing the right thing by learning a lot about it before you move forward, however, if it is a good deal, lock up the home now with an offer which gives you enough time to research the details. Make sense? I've done a few of these in my past :-) Wendy

Hi Wendy,Thanks for the advice. VA is a title closing state, I just wanted to sit with these folks and get some proffesional advice before moving forward..I have been to city hall, and the courthouse yesterday before my visit to meet the owner. can I PM you the details, its a bit involved...?

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