All Forum Posts by: Josh Wood

Thanks! This is what I was thinking. Just wanted to see if there was anything that I might be missing.

I have two properties under contract with a seller and in the p&s agreement, I have an estoppel agreement requirement. I didn’t state when these needed to be produced, but should have. These are two duplexes that are currently occupied. The walkthrough, inspections, appraisals, etc have all been completed satisfactorily. At this point, all of the closing paperwork is with the lawyers except the estoppel agreements. My lawyer says he’s waiting on this paperwork to get clearance for a closing with the bank and the seller says that he will provide the estoppel agreements when we have a closing date. He has been very firm about this, but very cooperative otherwise. He claims that there is concern that the tenants will leave upon filling out this paperwork, but says that he has no reason to believe this, just that it’s a concern. Seems really fishy to me. Also, his lawyer lost the leases for about a month and they have just been submitted to my lawyer for review. At this time, I have only seen 1 of 3 leases and the fourth tenant is in the process of moving out (will be gone as of 4/1/19). Anyone have any advice or insight? Thanks in advance

Thanks Wayne. I don’t think she will go for that.

There is a property in foreclosure in my town. I believe that it is in the early stages. The owner died and I have spoke with his widow (I’ll call her Jessica). She says that the property is in his name and because of the amount of work that it needs, she didn’t want to be tied to it. So, it’s going through foreclosure in his name. Is there a way for me to determine what he owes on it, and buy it from Jessica without her actually obtaining ownership? Thanks in advance.

Community Bank in Oneonta, NY offers portfolio loans at about 5.5% and 80% LTV.

Thank you for the responses. There has been a survey and the pins were visible on the portion of the land that I walked. I’ll call to make sure there is still time to make this purchase.

I really could use a bit of advice. We are meeting to lock up this deal today and I’m still not sure what the contract should say. He has a quitclaim deed. Do I ask him to provide a warranty deed, or do I just sign a contract with him for the sale and then pay the title company myself to do a 40 year search? I’d really appreciate some input. Thanks.

I have been in talks with a guy who purchased some rural land through a tax auction years ago. He never paid taxes on this land and is now at risk of losing it at a tax auction if he doesn’t pay the taxes by May. He says he needs 8K for the land. I spoke with a local real estate agent who says that it’s worth about 22K. I spoke with the local abstract company. They will do a deed search (40 years) for $375 and the tax search to see exactly what needs to be paid for $25. I’m meeting the land owner on Friday to walk the land and make a deal. I have all the funds. What should the contract include? I was thinking that I just need to state the parcel number, address, price, etc. Am I missing anything important? Thanks in advance.

Thanks for the input. I’ve seen some properties getting recycled too.

There is a foreclosure locally and it is being sold on auction.com. It’s a duplex that seems pretty decent, but needs some work. There is some powder beetle damage that my contractor isn’t intimidated by. Some of the sil is damaged and some of the floor joists too. The sil and joists will need to be replaced in a small section. There is also a bunch of cosmetic stuff that needs work too, but nothing else that is significant. Anyone have experience with this type of damage? Any input? My agent got an email from auction.com that says the following “ If you or your bidder would like additional guidance on the relative strength or weakness of an intended bid amount, please call one of our Sales Advisors at 800-844-xxxx” What do you think? Is there any harm in calling and asking if they would consider 5k over the opening bid? Opening bid is 25k I’m open to any suggestions or input as I’ve never bought a foreclosure, from auction.com or off market. Thanks in advance.