All Forum Posts by: Allan B.

I am listing my home for sale to see if I get any offers that I like.  If I receive an offer that I like, I will sell the home.

The home is in a HOA, and has no restrictions in selling, so I am free to sell. However, one peculiar thing is the HOA property manager is insisting that I pay for an Estoppel even prior to listing. Is this necessary and can they force me to do this? I don't see this any where in the HOA doc, and am wondering if its common practice to get an Estoppel PRIOR to getting into contract.   I fully understand, once I am in contract, I will need to pay for and get an Estoppel on behalf of the buyer.   However, I do not want to pay for something that I might not need (in case I don't receive a good enough offer and keep the home).

Any input and advice will be appreciated.

I am flipping a home, but it's a in a gated community (non-manned). I plan on putting in on the MLS, but how do potential buyers (buyer's agents) access the property?

I suppose I could leave in the instructions to type in my number in the Gate Box, which would then call my cell phone, and then I can open the gate for them remotely.  But I would have to do this each time, and what if I'm not able to pick up my phone at the time?

How is this typically done?

Thanks for your answers.  I live in Florida, so assume Florida.   I think in Florida the recording date is the defining method of prioritization.

From all these answers, I would presume Bank B is able to foreclose out Bank A (not vice versa), and Bank A is out of luck and should have done a last-second title check just before recording their mortgage...

But, what if Bank A even did the last-second title check, and found that Bank B had already recorded a mortgage?  At this point, wouldn't Bank A already have given the money to the buyer and the mortgage is already executed?   Bank A could say "Oh crap, there's a freaking Bank B", and then not record its mortgage...but what would it do after this?

Consider this scenario:

1. Bob is purchasing a home, and starts applying for mortgages, and is shopping around.  Home purchase price is $500k.

2.  Two banks, namely Bank A and Bank B, offer him a first mortgage, each in the amount of $300k.

3.  Sneakily, Bob accepts both mortgages, and each bank is not aware of the other bank's mortgage.

4. Bob gets both mortgages, and uses $500k of the $600k received to purchase the home, and pockets the additional $100k.

5.  Bank A's mortgage contract date is 01/01/14, and recording date is 01/10/14.

6.  Bank B's mortgage contract date is 01/02/14, and recording date is 01/09/14 (earlier thank Bank's recording date).

What happens in this case?  Which lien gets priority?   Both banks did not receive adequate notice of each other's encumbrances.

Can Bank B foreclose on owner, claiming first priority, due to an earlier recording date (but later contract date)?

I see an instance where a property has two mortgages, Mortgage A (by Bank A) recorded earlier, and Mortgage B (by Bank B) recorded later. Mortgage B does not have any subordination language, nor does it indicate HELOC language. An no additional financing or subordination agreements are recorded.

Strange thing is, Bank B is foreclosing on this property, naming Bank A as defendant, claiming it has superior interest against all defendants (including the listed Bank A).  It appears that Bank A has not responded to the complaint, and the foreclosure judgement was been executed, scheduled for an auction date soon.

In this case, will a third-party buyer get a free and clear title (not subject to First Mortgage) if they win the auction?

Assuming auction takes place, and third party wins, can Bank A realize its mistake and file an appeal later on?