All Forum Posts by: Mike Morrison

Take a look at http://www.myhousedeals.com/ . It's a site for wholesaling.

Ann, you're not alone. I've had several discussions with my favored title company. This is a problem in all 50 states. Take a REAL close look at at a title policy underwritten for a foreclosure or short sale. The title policy excludes so many items, I'm not sure what or who is indemnified.
There is no easy fix. This can only be resolved at the state level. No wave of the magic wand. So many transactions have not been recorded at the county level. I seen estimates of over 60 million titles have some sort of defect, eg. broken chain of title.

A few lenders, for the sake of squeezing out a few more bucks, destroyed 800 years of common title law.

I just curious, why would you get an agent involved now if you can't sell until October? I mean as an agent my job is to get the property sold asap. Why would I want to spend MONEY marketing your property now, in February if I can't close the deal for 8, count 'em 8 months? I know that doesn't fit your "plan".

GIVE ME A BREAK. Oh, that's right, agents work for FREE. We never incur marketing expenses, must have slipped your mind!

What you are asking of an agent is like me duct taping you to a chair at dinner. Putting your favorite food in front of you and asking you to wait till I get ready for you to eat...

Save some unsuspecting or rookie agent some grief . FSBO!

Didn't get the memo? Fannie & Freddie are selling $1Billion in REO to Capstone. Capstone will be setting up Residential Rental REIT's.
Bulk Sales is where REO Sales are headed. Look for the major Private Equity/REIT players to announce BIG Residential REO take downs over the next few months.

Best $40-$50 bucks you can spend. 3d party reports give you leverage.

The big title co.'s are not investor friendly. Call a couple of RE Attorneys. My question has always been are you investor friendly.

Or the Wealth Club.

Just folks trying to close before the end of year.

I was wondering when this would happen.The same folks that bought worthless MBS from a TBTF Bank-Maiden Lane. Now have a White Paper blaiming RE Investors for too much leverage during the housing bubble.

http://libertystreeteconomics.newyorkfed.org/2011/12/flip-this-house-investor-speculation-and-the-housing-bubble.html

Jason,

Dale is right on the money.Most folks get into trouble by not having a property under contract before the 45 day window closes. That 45 days is etched in stone.

You might find a Qualified Intermediary to help you. I use First American Title. They have reps that work nothing but 1031's.