All Forum Posts by: Geoffrey Pierce

I'm watching a development where the city owns the land and has cordoned off a section for mixed use commercial. Is it common for cities to keep the land and lease back, or do the developers acquire it as part of the deal, generally? 

Seller balked at closing then sold the lot to a 3rd party before out closing date even arrived. Consensus is that Specific Performance suits aren't worth it for this small of a deal (Still worth 25k to me). I'm told the "innocent" third party makes it unlikely a judge will vacate the sale and order seller to sell to me.

I previously clouded title with a memorandum when she balked and before the sale. My question is, is it worth leaving it until the buyer tries to sell or finance? Am I the a-hole for wanting at least my costs back, if not lost profit? How likely is a $5k or $10k recovery from the buyer to rescind the memorandum?

An estate lawyer representing the land I'm trying to buy was asking if I can find Title who would accept an Affidavit of Heirship in lieu of probate, and if not, is there an expedited probate for sole heirs in Florida?

I thought probate was in place to verify said sole heirship, but I thought I'd ping here to see if there's something I'm not aware of.

That is correct. These are notes on vacant land. I've made my margins and want to cash in for more purchases. The notes are currently in negotiation, but you can see them as a pool on Paperstac. Happy to answer questions in private.

All notes performing as agreed. I sent the same info to him. Thanks, Dan.

So much for formatting. All FV's are 0. "Excel's Rate Formula Answer" is the first percent column, last column is that multiplied by 12.

Totals are $22,618.54 for the notes and $635.01 total payments. This is not a solicitation, just math.

I'm selling four notes at 50% value. Buyer is balking, says I need to create notes with double digit yield to be attractive. Am I thinking of some different type of yield than he is? I thought these were good. Is he looking for something different?

There's no interest on the notes themselves.

Thanks, Melvin. The lender says they don't include Non-Ad Valorem. Title says they include them (but didn't include them). Another title company said it's about 50/50 if lenders do or not. Clear as mud! :)

I berated the lender for not including them as it seems defacto that the assessments are as required and lienable as taxes, and again, busy or not, a 1 minute check or phone call to the collector. 

Thanks, Chris. As a layman outside that part of the REI industry it boggles my mind how they can screw up taxes. Took me 1 minute to look up my parcel on the collector's site and review the taxes for the last five years; all within $100 or so variance. I would imagine if other counties don't have the online access my county does that a quick phone call would clear it all up.

What are they doing to estimate taxes if not contacting the tax authority?

We've always had both Ad Valorem and Non-Ad Valorem taxes collected in our escrow impounds by default (not at our request). Our new mortgage does not include Non-Ad Valorem (special assessments like trash) in the impounds. We're instructing them to include them going forward.

Is it common for lenders to not include Non-Ad Valorem? About what percentage would you say? 

Also, who is responsible for getting the taxes correct at closing? Lender or Title? Both are pointing at each other.