All Forum Posts by: Rich Baer

@Chun Ju Chen @Russell Brazil

First off, hire an attorney. If you want to keep the property, a title insurance claim must be filed. The Title Insurer, should pay off the open mortgage and work things out with the Bank. Keep in mind, Title Insurers today act more and more like traditional insurers and are always looking for ways to get out of paying a claim. That is one of the reasons you need an Attorney. If you don't want the property or the Bank won't deal with you, simply have the Title Company refund your money with your Attorney supervising the refund. Your Attorney may have to file a Court action if the Title Company won't release the funds. As far as the deed recorded in the Land Records, the Bank or your Attorney will file a case in the Court seeking to have your deed declared null and void. That is the easiest part of it all. Once declared void, your Lease becomes void also. The tenants would have to be removed by the Bank or the subsequent Buyer. As far as suing someone for defrauding you, talk to your Attorney. To try and sue a Bank will take mucho dollars and several years of your life. See if he would take it on a contingency basis. Ultimately it will come down to what your actual damages are.

@Jasmin Mcduffie   I know and like Woodstock. I have one on Cardenas which is right around the corner. The problem is the price. As an Investor you are way off base. These houses you need to be in and ready to rent (including lead free) for no more than $70,000. I am glad I saw your post or you would have been off to a horrible start. I bought all of my houses for prices between $25K and $40K. I add CAC and make them lead free. You can find them. Feel free to PM me or call for more insight. 

@Jasmin Mcduffie

I have many rentals in the area. The majority of the streets are good but there are some blocks you should avoid. What street? What block are you looking at? What price? What condition?

@Thomas Parsley

I often have off market deals that I share. What are you looking for, areas and price?

@Thomas ParsleyI don't know the answer to your question. Many times an Agent will "save" listings for their investor friends and ignore all other bids. It is common to the industry.@Russell BrazilMaybe Russell can help you.

@Thomas Parsley

It is not uncommon. Sellers and their Agents play games all the time. I have used an escalation clause in my offers in the past when I really wanted a property. "Buyer offers to beat highest bid by $2000, if the Seller provides the Buyer with a bona fide bid (name blacked out) and the Buyer is given one hour to confirm the bid and confirm he wants to make the higher offer."

@Irfan Saeed

There are plenty of issues. To avoid the issues, once you sign the contract you give it to a title company immediately along with your deposit. If they can get it ready for settlement and issue you title insurance before the foreclosure sale you are good.

@Russell Brazil

If your client had knowledge that something strange was going on they might not pay out. If he was a bona fide purchaser of the insurance and had no knowledge of anything strange he would most likely be OK. However, that does not seem like its the case.

@Joi Johnson

Joi,

    Your best area to invest is right under your nose. You should be investing in Randallstown. I used to live there. Its a great place to do deals.

Rich

@Account Closed

I assume you are holding a mortgage and the homeowner has stopped paying. Find a foreclosure Attorney in your area and meet with him/her. He will have the necessary forms to send to the Debtor and the timetable for the process. Be prepared to pay the filing costs up front. The foreclosure is not something you can do yourself.