All Forum Posts by: Olivier Mader

 Well, I already sold the house that I bought via Hubzu and the title search from the buyers title company did not show any title issues.

 I went with the seller's title company as I thought that it would accelerate thing but it looks that I was wrong. I did buy a home through Hubzu before and the title company was a pain to deal with. They seemed to opereate out of India with a US address.. However, the closing was done in time.

I went with the seller's title company, Boston National Title..  Not sure if that's actually auction.com's title company or the one that Wells Fargo picked.. I'm not sure if there were any code violations. It's a possibility.. The property is not in an area where code enforcement usually makes it out to. It's on a private road - cul-de-sac. It's not within city limits, just county and code enforcement in polk county is not very strict.

I actually don't mind the wait because I'm working on one of my properties to get it ready to sell, so I won't have time to work on the one I'm buying until I finished the one I'm selling. I was just wondering as I never saw such delay related to titlework.

I think that the issue is related to the transfer back from HUD to WF. It should not take that long to show on the property record..

I'm not an agent but I ALWAYS carry a loaded .45 on me except where prohibited by law. I got a state issued Concealed Weapons Permit. I've been carrying for over 10 years and luckily, I never had to pull my gun..

The delay is not at the bank. The delay is with the title work, specifically the LIEN certification.. The Property Appraisers Website shows that the house was sold with Warranty Deed from Wells Fargo to HUD in 2015 and I doubt that any LIENS have been placed on the home since then..

I personally sell all my properties on the MLS with FLAT FEE MLS listing. That way, I only pay one low fee to list it with no listing agent commission. I offer 3.5% to the buyers agent to incentivize them marketing my home. So, instead of paying 6% commission, I pay 3.5% plus the flat listing fee, usually around $100. I have my own lockboxes and don't need an agent to market and show the home for me. Saves me tons of money..

I'm in process of buying a property in an all cash deal. I opted for insured closing instead of a QC. I have closed on properties with warranty deed (insured closing) as fast as 9 days from accepted offer to closing before.. Right now, I'm in process of buying a property with cash and the Title Company just sent a letter to both, seller and buyer (me) to extend the timeline by 30 days.. It has been over a month since executed contract so far. I called the title company last week and they said that they are waiting for the lien certification... Never saw that kind of delay and I've been through many closings. The property has an interesting history. It was foreclosed on in 2013 by Wells Fargo. They had it for 1.5 years and then sold it to HUD for the amount of the principal owed. The company that manages all HUD properties (CWIS LLC) determined that the property was in too bad shape to sell via Hudhomestore.com and the property was supposed to go back to Wells Fargo. However, somehow, the property got lost in their system and was never given back to Wells Fargo and was neither maintained by HUD. They realized that when I called HUD about the property as it was not being maintained (grass was 3 feet high). I own the property across from it (rented out) and always wanted to buy that one, so I called them to either a) maintain or b) sell the home. After my inquiry, they realized that the home was "forgotten" and never given back to Wells Fargo. 1 week after my call, the house popped up at Auction.com and I got a contract on it via Pre-Auction bid. To this date, the owner on the property record still shows "SECRETARY OF DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT" as the owner even though the party I'm buying it from is Wells Fargo Bank. Not sure what is going on there.

There are lenders that will lend you money but ony if the property already comes with a tenant. Banks will not lend money on vacant or distressed properties. What I did in the beginning was to buy property with money from the HELOC on my primary residence. Once the property is remodelled and tenant occupied, you can get a mortage on it. Provident Funding is my lender of choice for my rentals. They will finance up to 10 properties.