All Forum Posts by: Harris Harris

I got into a contract with a buyer for my flip last week. Due to market condition, I accepted an offer which is $20K below asking and additional $20k credits towards closing. After inspection, buyer/agent came back asking for additional $10K credits and few repairs to which I declined. They tried to negotiate hard most of the time threatening they will take legal action by saying few items were not disclosed. I didn't budge and declined additional credits.

They finally sent a termination notice but checking with their lawyer regarding request of earnest money. Looks like they don't want to send the release of earnest money form and instead trying to get some reimbursement for inspection, appraisal etc.

My question is can I relist my property since they sent me the termination? My agent is hesitant saying we should wait for them to send the release of earnest. I don't want to wait and waste time and want to relist it asap. Let me know your thoughts.

 Thanks Mike. Once the title company issues the chain of title to the lender, what role does the lender play after? If the chain of title is clear with no cloud, the lender will approve the closing or will some lenders will also check the deeds etc in the county website?

Just trying to educate myself. I understand the chain of title is issued by the title company to the lender. Is this a document that they create showing the history of the property? What exactly is chain of title doc?

 Escrow officer from the title company did the prorationing. 

I bought a house six months back in Houston area by double closing. I'm the end buyer of the property. The escrow officer emailed me last month that the proration of the property tax was erroneously based on the non exempt 2022 taxes. The first seller has tax exemptions and Taxes should have prorated based on the exemptions but they failed and requesting money back. How do you handle this situation?

Thank you. Yes, I will file the claim today. Title company A is not sharing any information with me since they know they messed the whole thing. Title company A and the wholesaler are in touch with the daughter to get the POA issue fixed and providing me with daily updates but I don't know how quickly these things move.

My understanding is that initial POA was done by an attorney few years back but seal is blurred and is the cause for all the issue.

 My transaction was closed and funded on July 19th. It's double closing so I assume the first closing happened the same day as the second.

To answer your question:

I'm lookin at my policy and Date of policy is July 24 2023, Issued by Fidelity National Title. I don't have any insight on the first closing.

I have not filed the claim yet since I came to know about this issue just two days back.

The original seller I think is very old and the POA was issued few years back. Her daughter I think did the closing for sale A.

Is this mess covered under the owner's title claim. At this time, I don't own this property.

 Any advice or suggestion how to navigate the situation? 

 I bought the property with cash. No lender involved. Do I have a valid claim under title insurance to recover the funds?

I bought a house in Austin, TX in July with full cash and spent about $60K renovating the property. I have a buyer for this property, and we are scheduled to close next month. My title company alerted me that the paperwork from my initial purchase of the property looks incomplete.

This property was bought using double closing.

1) Seller A sold it to Wholesaler(Big company) using Title company A

2) Wholesaler sold it to me using Title company B

I found the incomplete paperwork is with Title company A not recording the deed since the County rejected the POA for seal not being clear. The deed for the second closing from the wholesaler to my company was completed in July and recorded.

After my discovery of the issue, Title company A recorded the deed yesterday transferring the deed from the seller A to Wholesaler, but POA is not recorded yet in the county. They are working with the initial seller to fix the POA issue but I don't know how long it will take.

1) Title company B issued me the deed and owner's title insurance. Will I be able to claim the funds through the owner's title insurance? How fast or slow is this process?

Any other advice or suggestions that I should be doing?