All Forum Posts by: Rich Baer

@Russell Brazil

I have seen it many times if the Buyer when the Buyer is merely purchasing from a Developer in a new subdivision. Another scenario is if the sale came through the same title company previously. All they would have to do is update the previous work. Any other scenario would be hard for me to understand.

@Account Closed

Usually one or more of these reasons:

1. They are giving the Seller a discount.

2. They will put through the deal despite a shaky title issue.

3. They have done the back work and payoffs for the Seller.

4. They have found an insurance underwriter who will insure the property even though most other insurers will not do so for some reason.

@Richard Plack

The purchase as your first rental seems reasonable on the face of it. Obviously try to get your purchase price down. Don't be timid. If you like the house, like the numbers and feel good about about it be confident. We all have to have a first. If you are seeking to build a portfolio of rentals over time remember 2 things. Time is always the great equalizer for errors. More importantly, your greatest lessons in the business and in life will come the hard way. Stay in touch.

@Jenni Moore

Jenni,

     You will find much more success with Hubzu. It is the best site and they do reduce the Reserve price over time. Somewhere in between is XOME.com. If you look like you are going to win check back with me and I will offer you some pointers.

@Megan Nell

I have been in a similar situation twice before. One time we helped to place the occupant in a VA hospital. That took a few months. In the other situation we paid the security deposit for the woman's new apartment. At the end of the day you have to deal with people in unfortunate situations and be able to sleep at night. These were not people trying to stick it to you. They were just people who had lived in their homes for 30 years, had no family, no way to support themselves in their current situation and no where to go. You should try to give them a little help.

Dundalk (7226 Holabird Ave) $99,000

Renovated building 

3 bedrooms

New systems

Zoned RO

Last used by a mortgage company

On lockbox

Havre De Grace (720 Erie Street) 21078 (Harford County) $55,000

2 bedroom/1 Bath

Not too bad from the pictures shown to me.

@Josh Cohen

Just make it one page simple. Just lay out the terms so a 15 year old can understand it. A to B. The following are B's responsibilities.

@Larry F.

Hi Larry. I need more info to try to help. Regarding the life estate, was it created in the deed or the estate (will)? What is the exact language of the Life Estate?

@Ned Carey

The key word is unresponsive or unknown. We had purchased a shell property in Pigtown back in 2006 from a Seller who thought the mortgage was paid. It was a $20,000 mortgage from 10 years earlier. We paid only $10,000 for the property. We had a contract to sell it for $60,000 as is. We filed the quiet title action and on the very last day for the Bank to respond before we received a judgment to void the mortgage, a motion was filed saying the balance was $11,000.

@Matt Pfefferlen

It is taken care of by filing a quiet title case in Court. I did this in Maryland. In a nutshell, you serve the Resident Agent and any Trustees in the Deed of Trust. You ask the Court to render the mortgage void unless someone steps forward with a payoff. In our case, someone actually did come to Court. The Court case can take 6-12 months so you should get started on it.