Kitchen Table or Formal Closing? - Posted by NH

Posted by MatthewC on February 13, 2002 at 17:47:08:

If you are uncomfortble of doing a “kitchen table closing”, then don’t do it. It is that simple.

It sounds like to me by the way you are writing and the info you are providing, you are better of doing a standard closing. A “kitchen table closing” is not for you and not recommended.

Kitchen Table or Formal Closing? - Posted by NH

Posted by NH on February 12, 2002 at 16:21:16:

My attorney friend just about has me convinced not to do a kitchen table close on this. (This would be my second deal so I am no expert)

Buying house subject to an assumable mortgage (orig 1985)
Home is in the sellers Family Trust.
Home will be rehabbed and held for approx 6 months.

My friend is no expert in Real Estate but talked to a friend of his that supposedly is a Real Estate Attorney. He said that I would have trouble getting title insurance without a formal closing?

I don’t see why it would prevent title insurance from being issued. Please any comments appreciated.

Do you have any money… - Posted by David Alexander

Posted by David Alexander on February 12, 2002 at 18:07:32:

invested in the deal…

That’s what your risking… I personally don’t get title insurance on subject to deals, unless there is money at stake… I do however have someone that pulls title for me that is competent at reading them… and check the title and the name of the owners… also, the houses we buy have had a policy put on them from when the loan was put in place previously…

I would first learn about titles and how to read them… get some competent help… (there’s a good book out by Brayn whittenmeyer an I can’t think of the name right now, maybe someone else will)

I also still closes at the kitchen table or a local restaraunt…

I’ve never had a problem passing title… although I have had to change title companies to get competent folks that understand trusts… after awhile you get tired of training new ones and stick to one that knows you and what you do… they become part of your team… along wit attorneys, CPA’s etc.

David Alexander

Re: Kitchen Table or Formal Closing? - Posted by David Krulac

Posted by David Krulac on February 12, 2002 at 17:48:10:

for 99% of all deals I’d recommend title search and insurance. And in second deals, I’m recommend it 100% of the time.

David Krulac

Re: Do you have any money… - Posted by NH

Posted by NH on February 13, 2002 at 10:48:45:

Thanks for that book Recommendation. I just bought it.
(Hidden Secrets of a Real Estate Technician by Bryan Wittenmyer)

I have a question about your post. You said “the houses we buy have had a policy put on them from when the loan was put in place previously”

Would’nt the previous policy only cover up to the point that the previous title search was run. In this case, the last sale was in 1985. I would think any new title problems since 85 would have nothing to do with that old policy, much less cover the new owner after the ownership transfers to me. Am I wrong?

Also, My main question is whether or not doing a “kitchen table closing” instead of a closing at a title company causes difficulty when getting title insurance I will have a title company perform the title search.

also, Yes there will be 6k put in this deal upfront and up to 30k in repairs.

Thanks

Bryan Wittenmyer Book - Posted by Lee

Posted by Lee on February 13, 2002 at 10:42:48:

“The Hidden Secrets of a Real Estate Technician” By Bryan Wittenmyer.

There are not too many places to find it. I could not locate it on Amazon.
(J.P., maybe it would be a good addition to the catalog here!)

This is a great book for its purpose. It has been one of my secret weapons for several years, and I almost didn’t post this information because it might give such an unfair advantage to my competition! But the spirit of this website prevailed, so here it is.

The only place I know of to get it is at Bryan’s website at:

http://www.infoleverage.com/Real%20Estate%20Technician.html

(Disclaimer: I do not sell this book, nor do I have an interest in any proceeds that Mr. Wittenmyer may gain as a result of this posting. I sincerely hope that posting this information is not interpreted as a violation of the no advertising policy of this board. I do not want anyone to be mad at me for this. I only share this information because I did not see any similar work in the catalog for this site that it might compete with, and because the earlier posting referred to this book, and because it is a really good book on the subject and I like it. I hope this helps somebody. I’ll stop now because I am not very good at trying to sound like a lawyer.)