All Forum Posts by: Sean Dieden

Thank you both for the information. I will inquire with the title company tomorrow about the "hold open" option. I know there rate card shows minimum of $1325 for all values under $100K. When talking to the title company they stated I would have to discuss with my lawyer to see if he would negotiate some of his commission from writing the 2 policies. I have already sent up my paperwork to Hud with this title company so changing might not be an option. I will update when I find out more. Thanks again!

I am currently under contract for a HUD property that I am paying cash for and set to close at the end of the month. I have a couple of questions about title insurance and costs. I know that HUD doesn't provide title insurance so I am looking to obtain it for the purchase. The title company's rate card states $100,000 and under will be $1325, escrow charge/fee of $935, and lawyers cost is $400. What are the concerns and risks my lawyer might have in writing this policy for the purchase? Does HUD provide you with clear title to the property before closing? I understand there could be items that where not recorded, but that is why I am purchasing title insurance.

My other question pertains to a buyer that I have secured to purchase the property from myself after I close. Do I have to obtain another policy to offer the potential buyer and pay all these expenses again to close. How can I save money on a double close. I know HUD properties cannot be assigned so double close is my best option. Any feedback from the BiggerPockets community would be highly appreciated.Thanks,

Sean

Thank you Anson for the information. The amount is under the restriction but the loan is a FHA so it complicates the matter. I am talking with her lender and asking them for ideas. Talked to couple title companies and due to FHA the title might have some seasoning issues. I am still looking for other options and will look into the hard money lender for her.

I have been using this site for information for about 3 weeks now and have always learned something new. I am new to Real Estate investing and have recently contracted a HomePath property for a cash purchase under my LLC. Today I received a call from a potential buyer that is willing to purchase from me for $6000 more than my contract. My dilemma is that she is financing 90% of the deal per her preapproval letter from the bank.. Any suggestions on how I might be able to get this deal done.

Thanks,

Sean