All Forum Posts by: Brenda Walston
Brenda Walston has started 2 posts and replied 5 times.
Post: Help with Quit Claim Risks
- Real Estate Investor
- Pittsburgh PA and Central VA, VA
- Posts 10
- Votes 10
Have never purchased a property this way, am a conservative investor who has been bitten by my own hesitancy to take risks! I am willing to take a risk on this one but want to be educated on the risks and how to minimize them.
Property was previously purchased by our seller as an REO bulk buy. The seller is a reputable company that buys and sells dozens of wholesale properties per month. They deal in volume and sell as-is with a quit claim deed with the transaction taking 5 days.
In our negotiations, we are willing to pay $1,000 of back taxes that were disclosed to us by the seller (I confirmed the amount with the city). All the numbers work with room for error to make an attractive profit but quit claim deeds concern me. The seller just purchased the property and is not yet showing up as the owner.
The seller states the following – “at your option, for $250 we can order an insurable title commitment with results delivered within 48 hours which is inside the 5 business days required to close the purchase. Should an issue come up with the title commitment our in house team will work to resolve it on your behalfâ€
Please educate me on these types of deals and the risks involved. Thank you
Post: Cheers from Virginia
- Real Estate Investor
- Pittsburgh PA and Central VA, VA
- Posts 10
- Votes 10
Thanks a bunch Mike. Happy to be here.
Post: Cheers from Virginia
- Real Estate Investor
- Pittsburgh PA and Central VA, VA
- Posts 10
- Votes 10
Eric, good to meet a neighbor. Let's become colleagues/ contacts on here.
Thanks for the welcome Nathan.
Post: Cheers from Virginia
- Real Estate Investor
- Pittsburgh PA and Central VA, VA
- Posts 10
- Votes 10
Thank you Ted. Yes, I've got my hot chocolate and laptop and I'm digging into those forums.
Post: Cheers from Virginia
- Real Estate Investor
- Pittsburgh PA and Central VA, VA
- Posts 10
- Votes 10
Hello all,
I'm excited to be a part of this community and look forward to networking, learning and participating here.
My background is a 15 year career in traditional advertising sales (TV, radio and print). Very lucrative until 2008 when wallets tightened up.
My RE company is Direct Properties LLC located in the Shenandoah Valley Region of Virginia. I have invested in rental properties over the years but am new to wholesaling. This will be my primary focus in 2010.
We are about to get snowed in for the weekend so I'll be getting familiar with this community and playing wii!
Brenda