All Forum Posts by: Account Closed

I like the idea about the skylight and the bonus room angle.  Thank you for that suggestion.  Not sure what we'll do next, but it we hang on... a skylight is very likely.  

Just realized by studying internal and external pics of an auction.com house I went under contract with, that one of the bedrooms does not have a window.  No easy way to add a window, as an addition was put on that part of the house where the original exterior back wall probably ended. 

It's supposed to be a 3/1.  1100 sq feet.  It's snug, so no easy way to get creative.  2 car attached garage (rear off alley). 

I have already paid my $2500 EMD. Title work has started. Oh, it's also on a fairly busy street. Single dotted yellow line on most of street except ends at intersections.

Auction.com's contract says they make no guarantees about home specs.   

I spotted the problem because I was looking at pics trying to figure out how to add a second bathroom.  I could annex this 'bedroom' for a spacious (no window?) second bathroom - but the 2 bedroom thing is a deal breaker for a fast sale.  3 bdrms in this area are not as common.  Most houses are 2/1.

Anyone have experience with what would happen if I walk at this point, besides losing my $2500?

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The numbers are roughly for a 3 bdrm....

Purchase 33,000 (includes all fees and title work, paid 30,750 for house).

ARV - probably 62-64000. (although, the busy street thing is confusing). My fast sale price was 59,900.

This house needs a new roof (tear off, waiting for quotes).  Otherwise, mostly intermediate cosmetic needs. I'd have a 9,000 rehab budget with an exit at 60,000.  Had good appliances, but some idiot broke in this week and removed.  HVAC also good, if they didn't touch it at breakin.  Electric and plumbing appear solid.

Comp:  2 bdrm serious fixer upper next door (corner lot) sold for 58,000 last December. They turned around and tried to sell within months, for half of what they paid?  No bites, though.  Doesn't look like they got far on the rehab.  Stable street, so no other busy-street specific comps recently.  Zillow estimates most between 58-65000.

No input will be turned away.  Thank you!

@Roberto Costa If you get off that cheap, consider yourself lucky.  I think it depends on the contract, the bank, and the seller's title company.  Auction.com told me that it depends on the banks oversight.  Definitely something I'll never make assumptions about again.  Thanks for clarifying.  Very helpful.  

@Bea B. I can sympathize.  We bid on (but eventually did not get) a home that looked like the former tenants left a cat behind after they moved.  I didn't realize it until it too late, but it must have been infested with fleas.  I'm also allergic to cats.  

I must have brought the fleas home on my clothes after we went to see it.  I was devoured and had to sleep through days and nights on Benadryl to survive it - welts all over.  Didn't look like normal flea bits.  I'm assuming because they were cat-related fleas, it's why I had such an extreme reaction to getting bit.  My family also ended up with a few bites.  

Not quite the same as bedbugs, but I do understand.  Just throwing it out there since you've haven't actually identified the bug yet.  

I had bites from my ankles to my shoulders.  Nothing was spared.  I eventually got them out of my house by sprinkling the floor with borax and vacuuming, putting a candle in soapy water and placing it on the floor after lighting (yea, it actually works) and washing everything.  I also put the candle-water bowl in my car and caught one.  

@Roberto Costa It's great to come across your post about this because I just started a thread about something similar this morning.   Is ServiceLink  a facilitation company, or an actual closing company?  As you are using a local company, are you still paying ServiceLink some standard fees?

The seller's title company, in my case, is Bay National.  I did also choose to go local, so I'm essentially paying them both about the same $, as Bay has $1000 in fees for settlement and abstract no matter who I close with.  Is that what you are doing, too?  Your Sept 6th date... wow.  I'm a cash buyer too, but that didn't seem to factor in at all.

Just to make it clear for the temporarily clueless folk like myself....

Involving a local company, as is often suggested as general practice, does not necessarily make things hassle-free.  At least in my case, I thought I could just move the whole process over to a local company, but things are not so easily dissected and the seller's company (which is across the country) is getting paid (at least minimally) no matter what, by you.     

Last contact I had... the local company was telling me they'd reached out to the banks company, and hadn't heard back.  When I involved the Auction.closer, the banks company said they'd been responding to my local company but hadn't heard back.   As of last week and my emails, they seem to have connected.

I'm sure it will eventually work out, but as with good lessons sometimes, you pay for the experience.  If you don't know what you are doing, and are used a broker-like experience where they text you closing dates and such with smiley faces included - forget about it.  If people start stealing stuff out of the house, no one but you gives a hoot.  

The good news is that I'm a quick learner ;)

@Account Closed  It seems like everywhere I was looking, I was reading advice to use a local title company.  (ex.  Don't trust the sellers company, they are too slow, they don't file the paperwork on time, it only costs a few more $ to close local, nightmare). As much as I tried to understand it all going in, that part I was clueless about.  Since the local company seems to have only just sent a few emails at this point- should I just switch back to the Seller's company?  

Anyone have experience here?

Auction.com property.  Thieves starting breaking in this week.  All those years of it sitting, nothing. Why now, I don't know.  Took the nice appliances.  Hopefully, nothing else.  Window damaged so reentry is easier now.

Sellers title company originally said they close 30 days from seller signed purchase agreement.  And, they'd know more when they got it back (they did, almost 2 weeks ago).  But, shortly thereafter I told them I'm also using a local title company (for just title insurance and paperwork, I guess, as seller's comp won't budge on title search and settlement fee?).  

Local company has been vague with the details.  Last week, I asked for date and they said they were still waiting to hear from seller company.  Should I push for this, or just assume it will be the 30 days from the date the seller signed?  Auction.com closer has not directly answered the question when asked.  

I feel like someone should state the date, so at least there is  a working goal.  Who should confirm what it is?  Or, is that not important?  

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I read these posts every free moment I have.  If it weren't for you all, I'm not sure that I would have found the courage (or knowledge) to jump in.  Thank you.  

@William Lunsford

Ours is a cash purchase.  It wasn't even 24 hours after the 'auction' end until we were required to show proof of funds and proof that the Ernest money had been wired.  The property we pursued did specify that it was a cash purchase beforehand, if I remember correctly.  But, a few times as they were prepping paperwork - we were asked if we were paying cash.  I thought that was odd, but maybe just a verification because I'm sure folks get confused sometimes.

Hello.  New investor here.  I piggybacked on an old post with this question, but in hindsight it seemed more appropriate to start a new post.

Auction.com purchase.  Bank signed contract as of today.  Sellers title company will charge me a $695 settlement fee and a $350 abstract fee, no matter if I use them to close, or not.  Contract says I have the right to get Title insurance from another company.  

Lesson learned, as I'm guessing this is how they can charge me the hefty fees above, as it only mentions Title Insurance and not closing with another company.

It will cost an additional $534 (plus $50 in local fees they don't seem to know about yet) to close with Sellers Title Company and get a SWD + Title insurance.  So, total closing is about $1650.   It will cost $1150 to close with a local title company and get the same.  So, a total closing of $2195-ish.

No bankruptcies that I see (deed was in buyers name still until a few days ago).  Preliminary title search (provided by Auction.com) looks clean with a divorce a few years ago and a foreclosure later .  Recorders office said no issues.  I found a water lien by calling, less than $100.  Put in a request for Code Enforcement lien info - haven't received yet.  Talked to local code office, and they just mentioned needing to do an inspection before water could come back on (standard for vacants).

Property description not in contract - just an address and reference to preliminary title report (that they emailed me upon request).  That report does have the prop description listed.

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I just could use some verification that closing locally makes sense, since I have no experience - given the extra cost.

Any input greatly appreciated.