All Forum Posts by: Chase Colon

Thanks for the input Stephen!

I have a land purchase contract on some acreage in TX for $100K. I have a buyer interested in purchasing this tract for 160K with conventional financing. I believe he has 15-20% he is putting dow... I have been purchasing and selling land for some time now but this would be my first attempt at double closing on something. I have transactional funding available however i have read that most buyer's lenders won't allow for them to close on a property without a "seasoned title". 

Can anyone confirm this? Does anyone have any experience with this closing procedure in TX?    Or at all?

Thanks in advance for any input!

So I've been waiting to close on a parcel of unimproved property in TX so I can subdivide it. It will net a six figure profit if I can close it but that's the issue. Any help with this is greatly appreciated! 

Recently, the title company informed for that they could not insure the special warranty deed unless the sellers brother, who was an heir to an estate, along with the seller of the property, be involved in the transaction. They are brothers (who happen to hate each other) and their fathers estate was intestate when he died. The gentleman I've been dealing with was named administrator of the estate by the county court judge and he has the documents to prove it. He paid out of pocket to settle the estate. He has been administrator for more than a year now. 

I was under the impression that was the last step before being legally able to sell a property in an estate.

my title company is stating that the seller needs also an "order of sale" which I don't quite understand considering the court order specifically mentions that the seller, as administrator solely owns the parcel I'm trying to buy. 

If anyone has any real experience with this type of thing, I'm curious to know if this sounds like standard title requirements or an odd request. In my dozens of purchases I have never encountered this situation. Any help is beyond helpful and I thank you in advance!!

@Lydia R. and @Steve Morris Good to know guys. Thanks for sharing your expertise. Much appreciated

@Lydia R. Thank you so much for sharing that! Certainly sounds like it could be more trouble than it's worth. I have read that ini certain cases the bank must approve of adding someone to the entity that's purchasing. Don't know how true or not that may be. Any thoughts on that?

Thanks again!

Has anyone had experience wholesaling foreclosed homes? Please don't try to convince me it can not be done. It can be done and I've seen people do it. Unfortunately, I haven't been able to gather any info from those people. In NJ, you can legally wholesale a bank owned property by going under contract in the name of an LLC, and then by selling the LLC prior to closing. Land contracts are also legal vehicles to do this from what I understand. If you have done this before anywhere in the US, I'd love to hear about your greatest challenges to doing so as well as what you learned.

Thanks in advance. 

-Chase