All Forum Posts by: Jeff Cliff

The property purchase is in Northern California. I have a follow up question.

Let's say, I have 10K deposit in escrow. I am purchasing property for $500K and the agent is supposed to give me 1% credit. In this circumstances, how much more cash should I come up with to close the escrow?

500-10-5= 485K or are there any other fees/taxes etc I should consider? if yes, how much I should plan for?

Thanks in advance.

@Kyle J.

👍 Thanks

@Cody L.

Thanks Cody. That’s helpful.

@Kyle J.

Thank you so much for cautioning me. I had no clue about it, really appreciate it. I will definitely confirm with the escrow officer before wiring any money.

Thanks

Hello,

I am closing escrow for a property in next 1 week. Entire transaction is all cash, in this circumstances I would like to know what all documents do I need from the trustee (seller) and what all documents I need to get and/or send to county registrars office?

Is there anything specific I need to take care of which would otherwise be taken care by banks when you borrow loan?

Thanks in advance.

@Jeremy Taggart

Hi Jeremy,

Thanks all good ideas. particularly homestyle. Is there any limit on how much in total can you borrow using homestyle? Moreover, would the bank give homestyle loan on a property that’s purchased in all cash and let me cash out money, as significant amount of money is getting tied up here.

Thanks

Hello,

The reason property can’t get finance is because of its current condition. If you put all your cash in purchasing a fixer upper that requires over 200K in rehab. What is the best way to get funds for the required work?

If you can’t get finance in the beginning, is cash out still a possibility? if not, what other ways can you get money?

Thanks in advance for your response.

Hello,

I got inspection report and notice to perform

at the same day due to non-cooperating trustee we had delays.

Now I don’t have enough time to get bids on the work that needs to be done. Given this circumstances how can I provide any kind of objective evidence to negotiate asking price? If not, what are some of the other ways to negotiate the asking price?

Thanks

Hello,

I am reviewing the EXEMPT SELLER DISCLOSURE (C.A.R. Form ESD, Revised 12/16) from the seller (trustee) who is also an attorney. In section 2B it says the following.

Under Civil Code Section 1101.4(b), on or before January 1, 2017 non-compliant plumbing fixtures in any single

family residential real property built before January 1, 1994 shall be replaced by the Property owner with water

conserving plumbing fixtures.

My question is, is this applicable to trustee seller as well? If yes, is it legal for the trustee to have "as-is" sell?

Thanks in advance.

Hello

The house I am in escrow for needs significant work for rehab. One of them is to take care of termites (subterranean & drywood), wood boring beetles & fungus, possibly mold too.

Likely the house would need to be fumigated. The entire rehab project may take any where from 4-6 months. However, I also want to start renting ASAP as well so there is a possibility even before entire work is complete I might be able to rent part of the house. 

Questions I have are:

1) Would it be advisable to rent out before entire project is complete?

2) If not, then should I do fumigation and other treatment towards the end of the project or before doing any work? I was told by someone, its better to do it towards the end as sometimes even the construction material (wood) comes with termite sometimes.

Thanks.