All Forum Posts by: Spencer I.

Great advise, Thanks Tom. We resolved the issue. Turns out both previous sellers were companies owned by the same person. I made my title company aware, and got it taken care of. 

I am buying a property. The seller purchased the property in 1988. Upon receiving the title commitment, the property is in my seller's name, but there was a break in the chain of title from about 80 years ago. There is no record of previous seller A selling to previous seller B (not my seller). Title company says they want conveyance from previous Seller A to my seller. 

I've done some searching, and previous Seller A's company is no longer in business. 

My question: 

1. Do title company absolutely NEED conveyance even though title is in my seller's name? Will they close the deal regardless?  

2. Will switching title companies be beneficial as other title company may not look back so far? 

3. Is the only way to solve the issue is conveying title from previous seller A to my seller? 

I did, and they said we need the witnesses. Maybe there is some document I've never heard of that sellers can sign? 

Has anyone had this situation happen before? I'll ask a couple more title companies I work with as well. 

I have a seller who inherited a property with a 30 year old will.Our title company says we can file an AOH instead of probate since the will wasn't filed on time. We file an affidavit of heirship, but the seller does not know 2 disinterested parties (witnesses) that knew his parents to sign the affidavit. Keeping everything above board, would a title company accept an affidavit of heirship without 2 witnesses? Is this deal dead?

Samson Tefera, did you eventually get rid of the odor? How? 

Thanks a lot. I will have him fill out a form (maybe 1099)  moving forward. Do I need him to sign one after every closing or just once a year when preparing taxes?  

I am a wholesaler, and I am working with another individual (r.e. broker). Right now only my name goes on each contract which in turn means all of our assignment checks are made out to me. I then write my partner a check for half. Doing it this way, it looks like (to the irs) I made all the profit even though it we split it in half. My question is, how do you structure this so I am not liable to pay taxes on the money we split? Should be ask to put his name on the HUD? Or should I file a separate tax doc stating what he is being paid? Any suggestion will be greatly appreciated.

Can you buy a property that is in tax foreclosure? Meaning the owner has already been through delinquency, tax suit, and tax judgement. Now the city has decided to foreclose. Can these properties still be bought from the owner? Do you have to wait for it to get to the tax auction? How long after tax foreclosure starts until the city owns the property? 

I will check those out and see which best suits our needs. 

Thank you Larry 

Is there a call forwarding service similar to google voice, but will allow you to have more than one number forward to the same phone? I am partnering with another wholesaler in my area, and we need a new phone number so we can track where our leads are coming from. I still have mail pieces going out with my initial google voice number. We want to create a new number to put on our marketing and have it forward to my phone as well. All suggestions welcome.