All Forum Posts by: Dan Robinson

Does anyone have experience with filing a lien (at least I think it's a lien) on a property with a private mortgage in Prince George's County? It's a long story, but I have a loan from a relative with no documentation, and I need to make it official. I can't quite tell from the PG county land records website what I need to do.

We were able to obtain the rights of all the parties, but it did cost us quite a bit. It's really a game of chicken with the tenants. You have to decide if they are capable and willing to shop it around to other parties and if those parties will pay more. We are paying half a small portion now and the remainder when they move out.

I'm trying to get a line of credit on a rental. I borrowed money from a relative to refinance it many years ago so I have a "mortgage" in some sense, but there is no lien filed with the county. 

Most banks don't do equity lines on rentals. I've found a few that do but for whatever reason require that there is a first mortgage in place and don't recognized the agreement I have with my relative. So to put it simply, they won't give me a loan unless there is already another loan. 

They also won't let me do a refinance because, again since there's no lien on it, they think it's a "cash out" refinance and won't do it on a rental property, but they would if it was a second home and not generating any income. 

Can anyone recommend a bank that doesn't have their head up their asses?

Another TOPA question. Suppose there are two tenants and both submit letters of intent to purchase independently. How is that handled?

You're in the wrong "Washington" forum.

I'm a buyer, and it *is* my problem because I will not close on a house with tenants in it. 

I understand that most tenants won't or can't buy the house, but they are free to sell their rights to another party which I am hoping to avoid. I am trying to buy their rights and have offered what I feel is a reasonable compensation for them having to find a new place. They have asked for substantially more money. I'm not sure what leverage I have to negotiate.

Without having their rights assigned to me in writing, it is proving difficult to obtain title insurance.

Anyone have experience with TOPA and getting tenants to waive or sell their rights that would like to share some tips? It feels an awful lot like extortion. Any suggestions on what I can use for leverage in negotiations?