All Forum Posts by: Sean Walker

 That small likelihood is my biggest fear though!  Not being on the title would present complications for any future investments and other plans I have lined up.  "right to cure" is a good call....I did not know about that.  Appreciate the advice.  Seems I have a lot to learn!

Dan this is great thank you. The lender did also recently mention they do not allow the title to be held in an LLC. I can almost guarantee the reason is due to being packaged with others to sell. Food for thought. I will have to hold my ground and find a way to be included on the title or walk. Appreciate the thread...I'll definitely have to look more into this.

Hey Dan, as always, I appreciate the insight!  The Guam angle is an interesting one to consider.  Hopefully it doesn't come to that, but that might work.  

We're still working out the details, but they have confirmed adding someone to the title would in fact likely trigger the "due on sale" clause.  Unfortunately we're at the point where I have to get everything in writing because there is zero trust at this point.  They have backed me into a position where if I agree to their terms I'd be assuming a huge amount of risk, which I'm simply not going to do.  A phone call in this situation is probably would have been more appropriate though if things weren't so tense.  Noted for future reference.  Anyway It would be soul crushing to walk away after five months of hoop jumping, but....

So yeah, lots to learn.  Hope it's been more smooth sailing for you so far in 2017!

Hi Mike, great advice.  We're on good terms with the seller as he is aware the constant delays have nothing to do with us.  But that's not to say he'd give us another shot at buying the place!  I'm much more worried about your first point...if they call the note due when/if I'm added it would be a worst case scenario for me.  I can't imagine they would do this, but they don't seem to be playing by the rules so this is the part of the equation that has me tempted to walk from the deal.  

 Hi Upen, thanks for the reply.  My wife can not get in the US embassy to use the notary service so that won't work unfortunately.  

But the lenders also suggested removing me from the title as a solution...I feel this puts me at unnecessary risk so am hesitant to accept this offer.  My brother and I also plan, as you suggested, to execute an independent deal to get me back on the title after the deal in complete, but I was told the lender will have the power to stop this from happening if they feel so inclined...is it likely the lender would interfere?  Would the lender care who ends up on the title after the deal is complete?  I don't trust this lender (hasn't been a good experience) so I would hate to go through all of this and then get burned in the end.  

Hey good to see another fellow (former) Korean resident! I definitely know Dan and Jean-Luc and am an active member of the Seoul REI group. That group was sort of what planted the seed to look for an investment stateside :)

Anyway hoping to salvage this deal, but yeah it's turned into a mess and the lender has made one mistake after another.  It's already dragging on into month five and we're still a week or two away (minimum) from closing.  The seller has had enough so if this deal falls through we have to walk away.  This latest curve ball in the 11th hour has altered the deal in what I consider a pretty drastic way so just trying to make sure I don't get burned.  I have to admit I laughed when they suggested leaving me off the title as a solution to fix their (major) oversight.  I have zero trust in this lender trying to be cautious.  Learned many valuable lessons in the last few months!

Buying a multi-family with my brother (both of us married).  Lender has been a mess from the start.  Long story short, it's in the 11th hour and the lender realized my wife (Korean) can not sign/notarize the dower rights in Korea (we live in Korea, brother lives in the US) due to the fact that the only US recognized notary is in the US embassy, which she can not access.  Their solution was for me to only sign the mortgage and not the title (and thus bypass the need for her to sign any documentation).  This is obviously insane, however after a lengthy email outlining my complaints they have agreed to waive the closing costs if we proceed.  

Assuming my brother is trustworthy, what other scenarios could this come back to bite me in the ***?  The plan is simply for him to transfer half ownership to me after we buy the property.  The title company (lawyer) said there is no reason for the lender to care who the title is transferred to after the deal is complete, but that they do in fact have the power to stop the transfer.   I was advised to inform the lender of our plans, which I did stating this is a condition that must be met if I am going to proceed with closing.  They predictably did not respond to this portion of the request so I have nothing in writing.  

This deal was a slam dunk and now I feel in a bit over my head.  I'm prepared to walk from the deal (even after five months of dealing with this nonsense), but obviously this is not ideal.  I'm happy they waived the closing costs, but these people seem evil and I'm almost certain they will do anything after the closing to make my life miserable lol.  Any advice from more experienced investors?