All Forum Posts by: Tom Gimer

I believe you are dealing with a missing interest and nothing will save the deal until every last % has been accounted for. 

When buying property the expectation is to get 100%… whether to move on or not will depend upon how easy it will be to locate that interest-holder and secure their signing. 

In a pre-foreclosure scenario, the bank does not own the property and therefore cannot use the courts to obtain possession. 

Also the goal in a foreclosure is not to bring in the most money... the bank's recovery is limited to the amount owed.

@Amanuel Kassa Feel free to connect with me and send me your contact information. I'd be happy to share the contracts I use in this area.

It's a shame BP doesn't allow file uploads anymore. What's up with that?

The picture of your 11 year old with cash bills spread out like a drug dealer sucks… with or without a back story. 

The reasons for this are quite simple. 

Who knows whether or not the documents you have provided are legit or even the most recent? Here's how this plays out... title company disburses to you directly, the true beneficiaries appear months later and their funds are gone. Guess who they sue?

Cutting the check to the trust/owner of record eliminates the potential liability for the title company.

Based on the reasons I've provided in this thread and elsewhere on this site. Aside from the obvious "due on sale" issues which are in play for the life of the loan, you also have wildcard sellers who can decide at any time to blow up your deal. And the odds are when they discover they don't qualify for a new loan or start whining about the equity they believe was "stolen" from them (rightly or wrongly), they will. My opinions are based upon closing actual subto deals and watching the events unfold, not on speculation.

It also depends upon the CCRs themselves — they can control as to priority — and the date of the assessments in question versus the date of the lien being foreclosed.

Way too many variables for an accurate answer across multiple jurisdictions.

@Suraj Apoorva You need more than a note. The note needs to be properly secured by the real estate being acquired, and perhaps more.

I’m going to disagree with @Chris Seveney and say whether an assignee could force a sale directly would be a state law issue and heavily dependent upon the contract terms. 

Seller financing? Hell no. Cash deal with an express assignability provision? I will lean yes.

Baltimore will also never cut the water off... leading people to simply walk away from a property when a leak creates a lien problem greater than the property value.