All Forum Posts by: Ed Tamayo

@Sunil Kurian

Unfortunately, you can’t trust that a real estate agent will work on the best interest of the client.

I do at least one closing every two months and I have dealt with many realtors and I have seen enough to say that even that there is talk of fiduciary responsibility, what that actually means is not a clear cut thing that everybody will agree.

In this particular case, the offer from another lender should be blind. They should offer their best posible rate.

Why? Because even though lenders say that their rates are dictated by fix factors like credit score, some actually have some leeway on the rate, so they may not offer their best rate if they only have to beat another one.

@Rebecca Miller

The realtor is acting on her best interest!

For her is more important to keep a good relationship with a lender than with a one time buyer.

She does not care to get you the Absolut best interest, but if she can get you a better rate from her lender, it’s a win/win.

There is also a small Chance than she could only get her lender interested if she can give them a reference rate and that’s why she needs to ask.

@Julien Amparan

The timing in buying real estate to rent is the same as buying stocks.

Timing the market is not as effective as time in the market.

Do not wait for the “chrash”.

@Alexis Schreier

No. Vendors can wait a couple of days for you to mail a check.

I don’t sign a contract with an open amount, nor give anybody an open check, much less a whole checkbook.

@Jim K.

You are the only one mentioning taxes.it reminded me of an old movie where they are yet to find some alleged hidden money and they talk about the taxes to be paid.

Boomers will remember it

Mad Mad Mad World

Everybody must pay taxes

https://youtu.be/vZ0B_5N28vY

@Steve Vaughan

@Angelo Mayorga

I would say that it depends on the reason the lis pendens have recorded.

Perhaps it even depends on the state so I would suggest you post the reason of the lis pendens and the state and that will increase your chances of getting a good answer

@Demetria Sanchez

I am in Georgia and I have done this multiple times.

The closing attorney will want a corporate resolution authorizing the sale and naming who will sign the documents .

The corporate resolution has to be signed for whoever has signing authority and I was never asked to have the resolution notarized.

I have already a master resolution that I use for those cases but the closing attorney can do it for you (some may charge you $50 for it )

@Ryan Becker

When overseas, I have signed in a consulate and by video with a Virginia attorney.

The consulate option was more expensive and time consuming AND I know that in some countries they are closed nowadays. You will have to check locally.

As for the Virginia online notary. I did this twice. One of the documents was rejected by my own lawyer. He told me that those were not known/accepted in Georgia. You will have to check with whoever is doing the closing if you can do to the video version.

If there is consulate actually working on your area, you may want to do a POA. That will cover everything.

@J Johnson

You bought a tax lien and now you have a title on 90% of the property.

Usually there would be a process that takes years between acquiring a tax lien and actually taking title of the property but it does sound like you do have a deed for 90%

If you have title to 90% of a property, you can’t “foreclose” on the other 10%.

You will have to acquire it from the heirs of the deceased owner.

You will have to start by searching for a probate for the owner of the 10%. If not probate found you will have to track down the heirs.

Also, if nobody is claiming the 10% now, you could occupy the property and X years down the road (depending in which state is the property ). You could take title of the 10% by something called “adverse possession”. This is a much dicey route and would need legal help