All Forum Posts by: Linda Kelly

I am so sorry that I am just weighing in on the LLC conversation. For some reason someone out there threw LLC as the almighty GOD in BOLD big letters and did not even whisper or write in fine print. That there are several different ways to set up LLC's and for different reasons, and the sad part about it is that all these online companies are thoughting how cheap it is and you can do it in seconds. So everyone it thinking that hey this is not so complex where I need any advice before I set one up. BUT people let me tell you that is far from the truth. I have had to clean up so many messes from people running out and doing just that. Just like investing in real estate you have to make a blueprint / roadmap to what you are going to do and how you are going to get there. Setting up an entity to protect your investments takes the same kind of work.

You are allowed to collect his deposit. I suggest that you speak with your escrow company.

I feel so stupid.  Can anyone recommend an attorney that would take my case? My lien is the 1st position. Will start searching for attorney's too. Thanks so much, I will keep you updated on my progress and out come.

Again thanks 

Linda Kelly

I have a signed purchase agreement from the seller. The Agent is not returning my call. She has only emailed me asking me for the payoff. With the signed Agreement I gave the agent a 3,000 deposit which she did not deposit in escrow. The agent sent me an email instructing me to pay the lien holder and that it would go towards the purchase. After I gave the lien holder the 25,000 then he said that if he did not have the balance that he would still foreclose because this note was due in 2009  so we paid him the balance of the note, so altogether we gave the 1st lien holder 52,000. The escrow company sent me a email saying that the seller wanted to cancel with me. The agent let me have use of the property, and so it needed repairs and clean up after the fire, we thought we were purchasing the property so we had no problem doing the repairs, but now that they are trying to sell it to someone else. are we out of all our money and time? The escrow company is asking for the "payoff demand" for the new buyer. The lien holder sent papers saying that he was assigning the note over to us? We don't even know what to do with the note.

The Real Estate person was a friend and she was handling both the selling/buying verbally she told me the price was 125,000 then when it was written up the price increased to 170,000.  This is mixed use property commercial in front housing in the back.  The back residential burnt to the ground. real estate person instructed me to give the 1st lien holder 25,000 to hold off foreclosure. tell me that would go towards my down payment. I did that then when i sent them confirmation that the monies had been sent then they tell me that they don't wont to do the deal with me that they have another buyer. I have put alot of time and money into the property. I want it now. how do I get to keep the property? I'm with a non-profit and we don't have that much money but we were turning it into veterans housing. They say that I have to give them the payoff demand. like now!