All Forum Posts by: Shannon Wright

In Cali, you cannot attorney close, we are an escrow state, I think the comment is state-specific.

All the deals I have handled as Escrow and I have never heard or seen that. I would only require an invoice for the payment. Your tax issues are not my responsibility, this is a super odd request. I would question why they want such a thing.

Hi there, since you are in Cali, is the property you closed in Cali, too, Jack? If so, then the settlement agent has the responsibility to prorate taxes, so it is likely that there was a credit to the seller on the closing statement for this. This will not trigger a separate check/disbursement to the seller, it is just added to their net proceeds at closing. 

In Cali, when I close with a Land Trust, we are only to show the Trustee and The Trust name on documents. Trust details are private and that includes the Bene of the land trust. Only the title (and escrow if in Cali) will have the trust docs.

Thanks, @Mark Pedroza! @Nathaniel Ziomek I would love to help you, let me know what you need!

Thanks, @Mark Pedroza! @Karen Garber I would love to help you, let me know what you need!

I do exactly what @Derek Kirkwood does to estimate payoff amounts for clients. It gets you pretty close. 

You can also try a Free credit report, a copy of their last mortgage statement, ordering a Verification of Mortgage (VVOM) or payment history (instead of a payoff) and you might get what you need.

As escrow, we will not order a demand for a deal that isn't locked up yet without written auth from the current owner.

In Cali, YES!!!! But not in the traditional sense of using "and/or assigns" on the offer and then an assignment contract. The way I get them done here is with an entity (i.e. LLC or Land Trust) as the buyer and the end buyer "buys" the entity for the assignment fee amount.

Depending on your state, your options are different. In Cali, some repairs have a deadline of how long a landlord has to do before it is considered an unreasonable amount of time. The landlord likely NEEDS your rent money in order to do the repairs since he is facing foreclosure. 

I have ONLY ever encountered a bank statement request from a seller when they are selling their business (like in a bulk sale) or apt bldgs and such, and never in a residential rental situation. All the residential escrows I have closed have always had Estoppels or Rent Rolls from the seller, plus the current lease and sometimes an additional Estoppel from the Tenants to corroborate the seller info.