All Forum Posts by: Tom Gimer

More likely additional risk premium and not 1% of the purchase price but just additional $ paid to the title insurer. Comes up when a potential claim could arise (such as settling an estate before some statute of limitations runs) but the insurer is confident it will not.

The owner can request a payoff.

The bank's payoff is only negotiable in the context of a short sale and the property is not currently underwater so that's out. It's likely the owner has refinanced multiple times since acquisition so the $491k could easily represent principal + interest + fees on the latest loan.

This isn't a wholesale deal as you're already at 88%+ of ARV without considering closing costs. Subject to (no wrap, just some cash in pocket) held as a rental might work.

Seller would need to dismiss the BK to do anything at this point. The foreclosing lender will eventually lift the stay and the property will be sold or taken as REO.

That's a lender estimate based upon credit reporting which does not factor in recent payments, outstanding fees, escrow balances (or shortages), etc. The final closing documents will include figures based upon a written payoff statement... and that payoff will be padded with several days' additional interest with the overpayment from the title company being returned to the borrower.

@Daniel Murphy Not happening IMO. Someone would need to certify to the data platform (wrongfully) that the search was being conducted for a legal purpose pursuant to one of several recognized relationships (fiduciary, legal, beneficial, etc.) with the customer. Your friend would be risking his ability to continue to conduct business.

@Maddy Lakshmanan If you structure the deal as a double closing (A-->B  + B-->C), 2 sets of closing costs will be required. However, if you structure it as an assignment (A-->C), there will be only 1 closing and thus only 1 set of closing costs.

It means the lender can (if the borrower defaults) step in and collect rent directly from the tenant(s). It does not mean there is an actual tenant.

I think what will help resolve this is if more 1st post BP members tell us how great SEOMEETSREI is.

A condemnation notice is not the same thing as an actual government taking. Goto the MD Judiciary Case Search website and search using the property address as Company Name. If a receiver has been appointed and the property has been sold (to a buyer with an approved plan to rehab it) that information will be clear in the case docket.

Search for housing violations that could lead to condemnation proceedings (or demolition, etc.) through the local housing department.

It’s a rebuttable presumption. In other words you cannot simply rely upon maturity date +20.

This is a can they insure vs. will they insure question.... that's just a business decision for the title company. You actually need to investigate beyond recording info to determine the types of loans on title. What's the point of that if they're not being paid off?