All Forum Posts by: Don Henderson

The below property is available for sale.  Part of property located in floodway.  Water available.  Confirming location of sewer.  Survey available upon email request.

0 Magnolia Circle, Magnolia, Texas 77354

14.999 Magnolia Circle - Commgate

i walked away from my transaction

My business partner and I own two single family homes, a four-plex and two duplex units in Houston County, Texas (all rentals).  Recently, the appraisal district sent us notice letters on our four-plex and two duplexes stating that, "Apartment complexes now fall under income producing properties, so we must obtain some information from the property owner in order to be able to apply the income approach to value."  

As far as I am aware, all these properties have been valued under the Market Data (Sales) approach since the beginning of time.  I am generally of the opinion of not providing the appraisal district any voluntary information, but I wanted to reach out to see if anyone else has received similar letters and how the transition process worked out for them.  I can't imagine the appraisal district taking this route if they thought it would result in less property tax dollars being paid.

The four-plex is valued at $162,660 for tax purposes, and the two duplexes are valued at $67,200 and $68,050 respectively.

Thanks in advance.

Me.  My business partner and I have two rentals in crockett

Thank you for the information.  I have tried that route already.  They use PTS-Texas Title, Inc. now.  Apparently they just switched over.  I somehow got in contact with the supervisor of the supervisor of the supervisor at Altisource over the phone.  Despite the fact he was in India, he had excellent speaking and reading comprehension skills, understood the problem, and claimed he was going to go get the document from the "Seller Review Team"

I am carrying the water for the title company right now.  if fraud is involved the contract is void and inapplicable.  the fact that they have closings in 50 states is not applicable here as this is a universal issue of proving they have authority to sell the home.  I have a poa in hand, but without the trust instrument, the poa is essentially worthless

I am trying to close on a hubzu auction property now. The altisource people assigned to help close the deal have been nothing but clueless and incompetent. I do not know if this is because they have little real estate experience or if they are all foreigners and do not understand US property law and trust law basics. As an attorney by day, I knew better than to use their preferred title company that shares ownership with hubzu and altisource. I have been repeatedly requesting documentation to paper up this transaction showing altisource has the power and authority to act on behalf of the trust that owns the property with little success.

Seller is now 6 days in breach of contract and claiming they have no paperwork to provide us (even though they have claimed this before) although I know for a fact documentation exists as they have provided another trust instrument. Unfortunately the trust instrument provided was for a different but related trust. No legitimate title company in Texas would provide title insurance under present conditions.

Borderline ready to sue hubzu usa, inc. (delaware company), arns, inc. (texas company) and altisource (luxembourg company) for various types of fraud and violations of the Texas Deceptive Trade Practices Act.

I am trying to close on a hubzu auction property now.  The altisource people assigned to help close the deal have been nothing but clueless and incompetent.  I do not know if this is because they have little real estate experience or if they are all foreigners and do not understand US property law and trust law basics.  As an attorney by day, I knew better than to use their preferred title company that shares ownership with hubzu and altisource.  I have been repeatedly requesting documentation to paper up this transaction showing altisource has the power and authority to act on behalf of the trust that owns the property with little success.  

Seller is now 6 days in breach of contract and claiming they have no paperwork to provide us (even though they have claimed this before) although I know for a fact documentation exists as they have provided another trust instrument.  Unfortunately the trust instrument provided was for a different but related trust.  No legitimate title company in Texas would provide title insurance under present conditions.  

Borderline ready to sue hubzu usa, inc. (delaware company), arns, inc. (texas company)  and altisource (luxembourg company) for various types of fraud and violations of the Texas Deceptive Trade Practices Act.