All Forum Posts by: Michael Kiley

Cleveland's westpark neighborhood! Sometimes I really don't know how good we have it until I look around on BP and see what others are doing.  Bought this beauty in January for 15k...sold it in May for 95k. If you are interested in Cleveland's westside, reach out to me. I've been buying and selling homes here for 20+ years

It really doesn't matter who is funding the deal. An agent owes a fiduciary duty to his client and will submit all offers regardless of where the money comes from. The seller has agreed to pay the agents commission out of escrow when he signed the listing agreement with the brokerage. 

• Disclosure:The agent must disclose to the client any information she receives that may benefit the client’s position in a negotiation.
• Loyalty:The agent owes undivided loyalty to the client and puts the client’s interests above her own.
• Obedience:The agent must obey all lawful orders that the client gives her.

Here’s a list of the fiduciary duties that an agent owes her client:

It doesn't sound like you have a reputable insurance company. I know adjusters want to see the damage and are usually quick to make arrangements to view the damage. Not sure how they will handle the situation if the repairs have already been made. Best of luck.

If the bank owns the house, it's because they were the highest bidder at the sheriff's sale. Many banks have large inventories of homes to sell and some may be willing to work with you. Sounds like the best thing you could do is find a home you like and ask. Best of luck.

It sounds like they will lose the house soon unless they pay their delinquent taxes. A seller who is that far behind in paying their taxes is behind on all their bills and is a motivated seller. If you write an offer, make sure you reserve enough to pay off the water bill too or that could be your problem after title transfers. If there is any equity in the house and you can close quickly, it could be a win-win situation. Good luck

@Ron Gallagher

It would rent for about 1200. But in fairness, I put 30k into it...so total investment is 60k

You people buying garden sheds for 200k are crazy!

I call home, Cleveland Ohio! 30k bought me this 4 bedroom/3 bath on 1.5 acres just 25 minutes drive to downtown and lake erie. So with 200k... I suppose I'd buy me 6 more just like this one! :)

@Ned Carey WFG Title Insurance policy was purchased and they will honor our claim. My question is can the title company be held liable for damages due to negligence on their part?

Delighted to receive 5 offers when we put our Cleveland rehab up for sale this spring! Needless to say, it went for well above asking price. So I called the title company to start service and to my dismay, I come to find out there was a 30k lien on the property when we bought it! Fortunately, my title insurance company said they will clear up the lien but said it's a process that could take "5 days to 5 years"

Moving on... we let the buyer and her 2 huge dogs move into the house until we can deliver a clean title. She pays a tiny fraction of the market rent. I'm worried she might walk and I'll be starting at the beginning if this thing drags on.

My question is this: Is the title company that missed this lien of record liable for damages if this thing falls apart? After all, my livelihood is renovating homes and most of my capital to start the next flip is tied up in that house. 

Good for you Malia! I think your plan to buy real estate to accomplish those goals at such a young age is commendable. I personally bought most of my flips and some homes I lived in with NO money down. Most of the time I'd use credit cards to fund the renovations. Some might say it's not possible or a good idea but don't hear those people. I've done it dozens of times and have always made money. One strategy that could work for a flip is to partner up with a friend or family member that has money, use your good credit to fund the project, then sell your flip and pay your friend their original investment back plus interest. Message me if you want more information.