All Forum Posts by: Aldwin De Torres

Originally posted by @Account Closed:

Hi Aldwin Torres, what ended up happening? Were you able to find a foreclosure and then refinance with a conventional loan? I'm in Austin too and I'm interested in trying this.

Hi Seth, since moving here last July, I got as far as networking, meeting HMLs, interviewing GCs, walking properties, but since COVID, I took a step back and didn’t pursue anything. I wanted to make sure my household was in order. I’ll make more progress in 2021.

Thanks,

Seth

@Kris Lai

@Mark Pedroza

Thank you both for your comments and input. These are definitely some routes to explore first before bringing in the attorney @ $400/hr. Yikes!

@Clint Shelley I agree, seeing an attorney is best. Hopefully, I can get some general knowledge to share with my friend. 

Hi BP Family,

I'm asking for a friend in CA. He is 1 of 3 owners on a land deed. He received 75% ownership in 2013, while the other 2 have 12.5% each. Unfortunately, it sounds like 1 of the owners passed away back in 2003. The other person is 86 and still resides in CA.
1) When my friend received the deed, how did a deceased person remain on the deed?
2) What happens to the deceased's ownership?
3) Is there a way for my friend receive full 100% ownership of the land? He has been paying the property tax since 2013 and is current.

Thank you in advance for any input/advice on how to deal with this!

@Kevin Moules That's some good knowledge right there. I PM'd @Shane Avila and he agrees with what you said about fencing and water. I'll have to dig up more info from the seller and neighboring owners. I'll keep this post updated!

Hi BP,

I'm hoping to connect with realtors, development planners, solar farm experts, land developers, or just about anyone in the Merced County area. Maybe the SF San Francisco Bay Area folks can chime in.

The seller has 40 acres of land running parallel to highway 152 between highway 101 and highway 5. The land is off the Basalt Rd exit near the San Luis Reservoir. It is currently zoned for Agriculture. However, about 10 years ago there was a planned community development called The Villages of San Luis Laguna (very close by) that was approved by Merced County. Unfortunately, the timing was terrible (housing crash of 2008) and nothing came about from it. 

The seller is open to selling or leasing the land, but I'm wondering if there is something bigger that can become of this, especially if a planned community was just around the corner. 

There is opportunity here! I just don't have the experience or vision to see the big picture! HELP!

I plan to be moving into the Leander, RR, Georgetown area Q1 of 2019. I hope this meet up continues that far down the line! If so, i'll be there!

@Jordan Moorhead Yep, I agree. 1st option is to do something conventional related. HML is considered if the purchase needed a quick close or maybe a foreclosure/auction that needed payment immediately.

On a 203k loan, the bank/lender sends an appraiser to evaluate the ARV of the property and determines the loan amount based on that, right? As the borrower, am I forced to take the total loan amount offered or can I take less if I plan to do some work myself?

@Wayne Brooks Thanks Wayne! I think your response covers my train of thought and action. 

I mainly bring up HM in case the situation requires funds to be deployed in full quickly (auction, foreclosure where bank wants all upfront, or motivated seller needing cash and quick close). I'm hoping to get the best price on a SFH or duplex where I can add value in 2+years.

My first choice to fund the purchase would be some type of conventional as you mentioned. 

Have you heard of or experienced a similar scenario I just described and it worked out well? or maybe had some pitfalls?

@Kris Wong Thanks for the reply. From what I've heard, if I find a foreclosure, auction, or seller wants all cash, then I may have to get a HML involved. If that's the case, I think the title would have to be in a separate entity due to Frank Dodd? I may be totally wrong..

Is seasoning period 6 months?