All Forum Posts by: Ned Carey

@James McGovern
           "Was the NAR settlement fake news? Why aren't commissions trending lower?"

No it wasn't fake new just non news, It was a stupid settlement for a stupid prosecution. T

@Bob Avery  
         "which makes it seem like he Callie was the seller, not the buyer."

OK that makes sense now. The guy loses his house to a sheriff sale and he is upset someone bid less that he could have gotten if he hadn't screwed up.  

@Philip Robinson welcome to BP. There are lots of people here willing to help. Don't be why, ask your questions. This is the place to get answers

@Daniel Windingstad talk to your 1031 person. This most surely will affect a 1031 exchange, maybe to your advantage or maybe to your disadvantage but I am sure it will complicate things.

You might consider selling with SUB-2 and a wrap owner financing loan. Doing it this way as an installment loan may also give you tax advantages. You need a pro tax attorney to guide you to what would be the best for you. 

The Guru business is a tough competitive business. Personally I would not sleep at night if I had to say and do the things you need to do to be successful at it. 

@Michael K Gallagher great post. You bring a dose of reality to overhyped positivity of the gurus and marketers. 

I edited out the link, It went to what looked like a Spanish language site and possibly a spam site. 

I doubt Unique lands academy has anything of value to offer re: tax deeds and liens. I do tax liens full time and right now I would say they are a high risk low return asset. People are bidding the interest rate to 1-2% and the price of the house up to 100% of the assed value. 

@Mike St. Jean It sounds like you should be fine. based on the contract wording and the title insurance. 

Quit Claim deeds can be a problem because they can possibly transfer zero property rights, however they can also transfer 100% of all rights to a property, as @Ghassan Jabali said. I mention this not just for your benefit but also for those reading along. Many people don't truly understand what a quit claim deed is. They are way overused

@Joel Carmona I like NOLO Press they have very good books on law tenant landlord issues and for entities like LLCs. Reading about the law is a big help. It is your obligation to know the law if you are in business.

Obviously a lawyer is a good resource. If you don't have the money for a lawyer, you might reasonably ask do you have enough cash reserves to be in the business. That may sound harsh but it is a reality.

Next search state or county laws. Just google you state and county for landlord tenant laws. 

Even if you use a lawyer a basic knowledge will help you work better with your attorney and probably save some money.  Good Luck.

@Callie Mahoney From you limited details, I assume you were trying to buy the property or were you the owner trying to sell it? 

it sounds like the property you wanted to buy was in foreclosure. The person you tried to put it under contract with probably wasn't the owner. He was a "wholesaler" that had it under contract and was going to assign (sell) the contract to you. But the foreclosure happened before the deal could get done. 

It is also possible that you were dealing with the owner. But again the property went to sheriff sale before the deal could get done. So the owner went to the auction to buy his own property back. He used a different LLC to buy at the auction.

You mention your tools, why were they on the property if you didn't won it? 

         "Clearly I am needing some guidance on the situation"

Were here and trying to help. Unfortunately you descriptions aren't very clear as to what happened.  It seems to me that nothing is wrong here. it is all perfectly normal. You tried to do a deal that didn't get done in time, and the owner lost the house to a sheriff sale. This kind of thing happens.