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All Forum Posts by: Steve Babiak

Steve Babiak has started 70 posts and replied 12707 times.

Post: Is the title clean on REO properties?

Steve BabiakPosted
  • Real Estate Investor
  • Audubon, PA
  • Posts 13,453
  • Votes 8,355
Originally posted by Chris Martin:
... The simple solution is to always get title insurance for REO purchases. ...


Title insurance is NOT sufficient, as the title report can come with exceptions; you can agree to accept the property "subject to" those exceptions remaining in place.

The only way is to be sure that the title report comes back clear with no exceptions; then, YES title insurance will protect your interest.

Post: Who flips REO Properties

Steve BabiakPosted
  • Real Estate Investor
  • Audubon, PA
  • Posts 13,453
  • Votes 8,355
Originally posted by J Scott:
Hi Jonathan -

Thanks for the info!

Quick question...can you give us an idea of the specific statute or law under which these people were charged?

... If there is some specific statute that he should be aware of, I'd love to give him the information...

Thanks!


Originally posted by Stephani:
Hi Jonathan,

I'm just looking for more information about the specific laws that are being violated when doing a double or simultaneous closing on an REO property.

If you could point me in the right direction, that would be helpful.

Thanks!

Steph

Jonathan,

Two BP members - both quoted above - made a request for info regarding specific statutes. Do you have that info for any state? Statute of frauds doesn't cut it IMO, since it's very generic and that doesn't specifically address the concept of the back-to-back closing.

Post: Section 8 housing.

Steve BabiakPosted
  • Real Estate Investor
  • Audubon, PA
  • Posts 13,453
  • Votes 8,355

Eddie,

The Fair Housing folks come around posing as various groups that are suspected of being on the wrong end of discrimination. That is how they can tell if the landlord representative did something that violated Fair Housing regulations.

Post: Is the title clean on REO properties?

Steve BabiakPosted
  • Real Estate Investor
  • Audubon, PA
  • Posts 13,453
  • Votes 8,355

Jamie,

You are so right, and YOU got my vote.

Post: Very new in Central New York

Steve BabiakPosted
  • Real Estate Investor
  • Audubon, PA
  • Posts 13,453
  • Votes 8,355

Welcome to the BP site; I'm sure that you will find much worthwhile reading here, so plan on spending a good bit of time in reading through the various forum topics.

Post: Where can I buy an A/C unit cheap?

Steve BabiakPosted
  • Real Estate Investor
  • Audubon, PA
  • Posts 13,453
  • Votes 8,355

Some contractors do not care to deal with materials that they have not acquired from their own sources. What type of warranty should they offer? Their labor could be perfect, but if you bought a junk unit, then you might expect them to re-do things - but would you pay them to re-do in that case?

Ask your HVAC contractor what he / she can do and if it isn't within your budgeted numbers, then ask regarding alternatives to meet budget.

Post: 3 Questions about this flip (w/ pics)

Steve BabiakPosted
  • Real Estate Investor
  • Audubon, PA
  • Posts 13,453
  • Votes 8,355
Originally posted by Mark Beekman:
Brian- The roof color can be changed (see the "Paint" Asphalt Shingles thread).

Jon- The house is in the Philadelphia area and I don't think any of the neighbors have above ground pools. Some have hot tubs, though.


Mark,

There are actually at least two BP threads on painting roofs; one you initiated, and another from some other person. Since you are in the Phila. area, the contractor that I posted in your thread could be consulted for an opinion on prices and colors.

Regarding the hardwood floors. What I see that is to the side of your photo is staining from wetness; if the staining is urine, then you will find that upon refinishing the floors that there will be a darker stained area where the urine was. Good floor guy would be able to patch that corner (I had something similar in a flip I did, except there were some - but not enough - boards to use); but the determination of how good the overall look will be could be limited by the composition of the wet stain. If that wet area is big, you might have to go to a really darker stain when refinishing. I can direct you to a flooring guy that I used if you'd like.

I would also be concerned with what is below that plywood patch. It looks just big enough for somebody to have used as an entry into a crawlspace. Since this is a split, you might have crawlspaces, and no easy way into them for any work you might need to do.

Regarding the pool. This is one of those things where you will have some challenges. We are now late in the year, so growing grass over the ground covered by the removed pool will be tough; sodding is an option if you can get the sod. Is this neighborhood dotted with pools like this, or is yours the only one?

Post: Tenant Leaving Before Lease Expires, NEED HELP!

Steve BabiakPosted
  • Real Estate Investor
  • Audubon, PA
  • Posts 13,453
  • Votes 8,355

Get a judgment - sounds like you won't have that until after her closing date on the new house - and then slap a lien on that new house. When she tries to refi or sell, you have a chance to get paid. Often, the judgment isn't worth the paper it's printed on, let alone the expense of getting it; but when they become owners of real estate, you have a property where you can attach a lien.

To get the judgment, you will need to follow all proper procedures for the location of the property. Info Jon gave you will be needed - keep track of all your costs in accommodating this wayward tenant.

Post: Buying a house with Girlfriend

Steve BabiakPosted
  • Real Estate Investor
  • Audubon, PA
  • Posts 13,453
  • Votes 8,355

As you can see, the same advice is repeated by posters of both genders; no gender discrimination involved in this advice IMO.

Post: Monthly reduction or a month free?

Steve BabiakPosted
  • Real Estate Investor
  • Audubon, PA
  • Posts 13,453
  • Votes 8,355

Eddie,

It's economic conditions such as we have today that leads people to have that freeloader mentality; if it's not free, they can't afford it!