All Forum Posts by: Rob Singles

I am an investor from Florida. Uncle passed away earlier this year here in CO and I am contemplating buying out the other beneficiaries of his home. I would like to connect with someone local to the Denver / Englewood area to discuss the process of demolition and building a duplex. Specifically, zoning changes and building costs so I can get an idea as to what is viable and what is not. I'll buy your coffee or lunch if you can give me a staring point so I know what way to go on this. Thanks! 

Hi Mike, 

There is no guarantee that a bank owned properties is free and clear of liens. Lien priority is determined by state law and it is best to have the title reviewed by a professional to see what encumbrances may exist on the property. 

Make sure this is done right. You do not want to go back to the ex 3 years from now because a technical error was made in the execution of the deed. Generally, the divorce attorney's will prepare these as part of the divorce. If not, I would use a title company / lawyer as required in your state. 

Generally the title company would perform all the services you are talking about. I would highly suggest using a title service / lawyer, to make sure nothing is missed. 

It depends on how the home was left to your dad and his siblings. Specifically there is a difference between, joint-tenants, and tenants-in-common - either of these could have been the case. 

Your father, his brother, and any heirs of his sister should have the documents reviewed by a competent attorney to determine how the property was "titled." 

I've never heard arms-length defined that way. Not trying to shoot a shot across the bow, just making sure we all are on the same page. 

http://legal-dictionary.thefreedictionary.com/Arm'...

"arm's length: the description of an agreement made by two parties freely and independently of each other, and without some special relationship, such as being a relative, having another deal on the side or one party having complete control of the other. It becomes important to determine if an agreement was freely entered into to show that the price, requirements, and other conditions were fair and real. Example: if a man sells property to his son the value set may not be the true value "since it may not have been an "arm's length" transaction."

If you were the seller or agent and you just had a buyer walk away because of inspection issues you would want to know why. I do not see the harm in sharing the report. If you feel he is getting something for free ask him for half the cost of the inspection. 

Home inspections can be all over the place, I've seen them miss huge things, had them nit-pick non issues to justify themselves, and also had them point out legitimate issues I had missed. Bottom line it's nice to know. 

A quick google (reference: http://www.courts.ca.gov/9618.htm):

"Breach of a written contract: Four years from the date the contract was broken.

Breach of an oral contract: Two years from the date the contract was broken."

Ultimately, you may be time barred from bringing a lawsuit - however consultation with an attorney is needed as there may be some fact or circumstance that may bring the case within the SOL. 

Practically, your only chance of recovery is to sue this person. So lets say you prevail in court you will now have a piece of paper (judgment) that says you are owed $3,400; essentially this is where you are today. That judgment may permit you to seize assets of the tenant but it doesn't sound like she had anything to begin with. In essence, your former tenant is judgment proof. You also mentioned the tenant moved to a different state - this could require you to domesticate a judgment (or even sue her where she lives) in her new home state before you attempted to go after her assets or garnish wages etc. 

If it was me, I'd forget about it. 

I used a local bank for 4 SFH on a commercial loan. 45 days, seemed to track the process of a conventional mortgage.

The specialty operations, such as B2r and the others claim to close in very short time frames. 

I have no idea what the law in CA is. But advanced rent in some states are suppose to be kept in a separate account (normally with deposits) until earned. 

Was there a transfer of deposits at closing? Does the deposit law require notice of a transfer? Maybe the tenants could use the deposit law as a mechanism to challenge the former owners failure to transfer the deposit. This is a long shot but another angle to look at it from. 

I had a inherited tenant recently claim they had a deposit and advanced rent, but as soon as I showed them the estoppel agreement they signed showing they didn't their memory improved.