All Forum Posts by: Tom Gimer

Just for fun I'll jump in (I agree with the underlying message).

Why did the $10k rehab not increase the value?

Why not negotiate RE commission/credit on the first closing?

Who is the moron lending the $65k?

@Julie Smith Perhaps you're dealing with a PACE lien.

@Julie Smith That's the difference between a title report and a title commitment. The former is just a document. The latter would confirm exactly what needs to be done to clear and insure title. 

@Joseph Hernandez Getting properties under contract and then offering them at public auction is a method known as “control and roll” and taught by Charles Parrish at Auction Brokers. He used to post on BP but haven’t seen him recently. 

@Julie Smith A portion of HOA assessments can have priority (referred to as super-priority) over mortgages in some states. By tax I don't mean fed or state liens, I mean tax sale... wherein the property can be sold free and clear of mortgages if the owner or lender does not redeem. Receivership lien similar to tax sale... court can appoint a receiver to manage a nuisance or similar property and sell it free and clear or incur $ to manage.

Sounds like you figured it out for the most part. Generally speaking, the only way a mechanics lien would have priority is if the work had already started before the mortgage was recorded.

HOA lien? Mechanics lien? Receivership lien? Tax lien?

@Amanda Salvatore Just ask Mom to subordinate her lien to the construction loan.

In a wholesale deal the buyer is the original contract purchaser. It makes no sense to change title companies once the contract has been assigned... the title company chosen by the buyer has already been engaged and the work has already been completed. Most good wholesalers are able to control their assignees because they understand that. The original contract purchaser is also still on the hook to close, so putting the deal in some random hands is stupid.

Do deals get moved? Yes. And if you're in the title business you quickly learn which clients earn you money and which ones cost you money.

For the right investor this can make sense. You can piggyback off national advertising (think We Buy Ugly Houses), have an instant network of support, and don't need to learn the hard way that your contracts are full of holes. I just reviewed a New Western contract that clearly had been prepared by solid attorneys.

Most of the franchises have a broker associated with them.