All Forum Posts by: Steve Morris

Wait a second, what's the address?  That's my house.  I was wondering what happened.

I guess if that's what happened, hell, I'd be buying tax auctions all day long.

In OR.  There are owners that assign their redemption right to a foreclosure for a fee to a 3rd party (usually like $5000 or so).

Then once a foreclosure and final billing (debt balance + penalties + lawyer hours) happens, the assignee can buy it back, hopefully for less than it's market value.

Otherwise, I have no idea why someone would buy a wholesale on the property.  Just too cumbersome and hard to put a value on and redemption by the owner.

I don't wholesale, so maybe I'm wrong.

Forgot to ask, who is left on title if you did a valid quitclaim?  Also who is the named insured on the policy?

Think you mean quit claim.  That means that you're relinquishing your interest in the property itself.  However, if you signed a loan with a lien against the property, that doesn't relieve you of having to pay the loan back.

People usually use quit claims to take clouds off properties.  e.g. Grandma left the property to her 26 children jointly.  1 of them might tell the 25 others, I'll give you $100 each you sign a quitclaim and we record.  If succesful, you'd be the only person on title.

Otherwise, you need 26 people to agree to sell and manifest it at close with 26 separate signatures.

There were issues discovered with the home inspection and they are not willing to negotiate anything

Some sellers are just a-holes.  Sorry.  Think I'd make a good faith retrade and if they don't want it, start looking again (or I guess swallow your tongue and proceed).

That's the problem with declaring you're in a 1031, they know you have one less exit.

Well, if I was seller, I wouldn't allow an inspection without an accepted offer.

However, you should see it in person to look at things that are expenses like:

1) Siding and paint

2) Roofs

3) Windows

4) Paving and grading

5) Any evidence of moisture invasion like warped boards.

6) Is it sited well and have curb appeal?

It'll help you figure a price out.

"There is a seller who wants to sell her house but is concerned about paying capital gains?"

If the $500K exemption doesn't work, explain 1031s and TICs/DSTs to them.

"The Seller only provided one out of the four leases. She did not have the others."

Hopefully lesson learned, get books BEFORE closing and approve them.

Craigslist and some people are starting to use apartments.com and rent.com.  Those are pay-for services (which I guess Craigslist is becoming also).

Half your leads will come from drive-by, so:

1) Make sure your prop has curb appeal

2) Make sure you have signage advertising it and vacancies where it's easily seen if you drive by.  Even if the main road is a block away.

"was recorded as a "exception item" on prior title (and not sure what it means by "exception")."

I think title calls everything recorded on title as an exception.  That means they either get removed at close (like prop taxes due lien) or survive close (like an easement).

Sorry, I still think this is on your broker.  He should've seen it and told you since he has some (I hope) experience in comm RE.  It also should've been a contingency in the PSA.