All Forum Posts by: Sonja Revells

Hello, 

   I'm not sure if this is the "best" forum to post my question but hopefully it is.  :) 

Has anyone worked with a company called  Groundup-Solutions?   

It's a Business Credit and Financing platform that has three different levels of paid membership where they help you build business credit, connect with lenders, etc.   Of course each level grants you access to different things, I'm just wondering if anyone has tried it and if so, was it successful in helping you find funding? 

 @Chris Seveney  I know there were liens because I saw them on Propstream and when I pushed the wholesaler on the issue he confessed (two days before the closing date) that there were a Few liens on the property.      Shouldn't the title attorney have communicated to me that there were liens and for how much and that they would be paid off from the sale of the home?      The title company has never once responded to any of my phone calls or emails about this.  

@Russell Brazil shouldn't there have been something specific stating this?   When I wholesaled a property earlier this year, there were two mortgage liens on it, but it was spelled out that those would be paid off at closing from the proceeds.   The title attorney involved had open communication with all parties on this and an addendum was added to the contract stating this.  

I was looking for partners in my network who wanted to JV on this property, but they wanted to know for certain that the title was clear since it was through a wholesaler and not "traditionally" through a realtor. That is when I pushed the wholesaler hard and he confessed there were a few liens on the property. I never was able to get ANY response at all from the title attorney's office.

  Because of that.... I didn't pursue trying to obtain funding to close on the property. 

 Thank You @Lateefah Mathews. I have contacted 4 different attorney's and none of them are interested in taking on the case if I try to persue it, or they say because I didn't close on the property then I don't get the EMD back.

I was under the assumption because I wasn't informed of marektable title Before the closing date, that maybe there was/is a way to get the EMD back, but based on your response to my post, it doesn't look like I can.

I have a legal question about a contract I have with a wholesaler and the $5000 EMD

I was under contract for a property that I learned had liens on it..... it states in the contract that title must be marketable and if not, then I would get my EMD back..... However, even up until the day before closing I was never informed whether the title was Actually marketable or how and IF the liens would be paid off from the proceeds of the sale.

     I called and emailed the wholesaler's title company several times asking about this, BUT I never received a response so I did not move forward and close on the property.

Now the wholesaler is saying my EMD will go to the seller because I didn't close. Do I have a case at all? I am attaching the contract with highlighted section about this. I am Just trying to understand if I should fight them or not. I have reached out to a few attorney's and of course they are saying I would have to put them on retainer before giving advice.

Investment Info:

Single-family residence wholesale investment.

Purchase price: $137,500
Cash invested: $1,500
Sale price: $155,000

Helped a friend stop a foreclosure on her Mother's home and recoup some of the money that was stolen from her.
Sold the home to two women in my Women's Real Estate Investors Network (WREIN) that are currently renovating it.

What made you interested in investing in this type of deal?

My friend reached out to me and remembered "I was doing something" with real estate

How did you find this deal and how did you negotiate it?

My friend came to me.... and I tried to get her the most I could based on what end buyer's were willing to pay

How did you finance this deal?

I didn't have to

How did you add value to the deal?

Brought all parties together and physically helped my friend go through the house to pack up family heirlooms

What was the outcome?

A win, win, win

Lessons learned? Challenges?

To have a strategy in place on how to set up times for end buyers to walk the property and have a strategy for how the winning bid will be accepted. Either first come first serve or a deadline for all highest and final bids to be received.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No, except a title company in Charlotte that is investor friendly. Sperry Law Firm