All Forum Posts by: Tom Gimer

Disappearing without saying a word is not a termination, it’s a breach… the damages for which are likely the 1 month rent remaining unless the premises are re-let. Be happy you have a deposit to cover some or all of the damages. Refund any remaining balance along with a receipt in accordance with the lease terms and local law.

Not Ohio specific, but I would bypass the title company and file a title claim directly with the title insurer. Find where to send this in the "Notice" section of your owners policy.

@Scott E. Last week I spoke with a commercial RE broker of 40+ years in the DC metro market and he said it's going to be a bloodbath.

Never agree to dual agency.

While I agree that transferring to a trust and then later changing the beneficiary is the best method, the exemption for a transfer to a trust specifically requires that the borrower is and remains a beneficiary. So ultimately that code provision is not going to save you if and when the lender calls the loan due.

The advertised starting bid is for marketing purposes... to increase interest in the sale. That is unless the property is advertised to be sold to the highest bidder over $150k. I would expect the seller's reserve to be much closer to $699k than $150k and they can consider any lower offers on auction day.

Yes you can make a pre-auction offer and make financing easier. On a pre-auction sale the auctioneer will still be due buyers' premium so read the docs thoroughly.

According to BP we can no longer upload documents/files to FilePlace... so here's a text template (edit as necessary for your agreement, definitions, etc.):

TERMINATION OF CONTRACT WITH RELEASE OF DEPOSIT

In accordance with the terms and conditions of the purchase and sale agreement dated _______________ for the property known as _______________________________________________ (the “Agreement”), the undersigned parties hereby terminate the Agreement and direct the Escrow Agent to disburse the deposit in the amount of $____________________ as follows:

$____________________________ to ___________________________

                                                        Buyer

$____________________________ to ___________________________

                                                        Seller

Buyer and Seller mutually release each other from all obligation to buy, sell or exchange the subject property under the Agreement.

Date: ________________                    Date: ________________

Buyer ___________________________ Seller ___________________________

Buyer ___________________________ Seller ___________________________

@Ibrahim Hughes I think the answer will depend upon which Chapter the BK is. If Ch. 13 the trustee may not care about the asset and get approval for an off-market sale negotiated directly with the owner/debtor if it's on reasonable terms... so I would reach out directly to the trustee to discuss that possibility. In Ch. 7 that's just not going to happen as the owner/debtor has zero control over the asset or its disposition.

I agree with @Lydia R. and @Chris Seveney ... this isn't a wholesale deal. Around here a unique property such as this would make a great public auction candidate.

Here's a possibility... one or more of the heirs may not need the money from this inheritance. They could become the funding source that pays the brokers, buys out the other heirs, and finances the balance.

But paying $100k over asking in the current market is just not smart regardless of terms.