Transfer of deed - Posted by Tom

Re: Copying word for word is a problem… - Posted by Tom

Posted by Tom on March 25, 2001 at 18:55:19:

David, thanks for answering my question. I think after hearing the responses today, getting a copy of the deed would be a good idea. All I really need, initially, is the P&S agreement, from then on, I’ll let the Title Co. do the rest. Thanks for all the helpful info.

Joe…Do you feel like… - Posted by Jim

Posted by Jim on March 25, 2001 at 16:29:13:

You’re Banging your head off of a brick wall?

You must have a headache by now!

Jim

Re: Transfer of property! - Posted by Tom

Posted by Tom on March 25, 2001 at 21:15:27:

Hey Terry, thanks for the positive response. I’m sure it’s easy for those of you who know how to do things the correct way, and thanks to those of you who know how to relate to us newbies in a way that we can understand. It is sooooo confusing sometimes, and is really helpful to have someone explain to us, in our terms, how to solve the problems we face. Thanks to all for responding and teaching all of us, the knowledge you have learned through the years. If it weren’t for all of you, most of us, would be lost. Thank you very much for your help.

Re: I would like to hear your war stories - Posted by SassyLassy

Posted by SassyLassy on March 25, 2001 at 08:14:18:

Question…Bank repo HUD VA Fannie Mae Freddie Mac whos repo is it? Who has control will dictate the rules of that particular repo game! Various banks have their own inside house rules to play by and can be as different as the bank itself! HUD’s are treated like ‘mass wholesale merchandise’ like repo cars in huge car lots! VA gives preference to VETs first then to the ‘regular’ buyer. Fannie/Freddie all have their unique game plans too! The danger is and it is in large print in the HUD BID CONTRACT but somehow people act like it does not apply to them when they are buying this HUD house…PURCHASER BUYS THE PROPERTY … AS IS ! HELLO… AS IS… AS IS! ONE MORE TIME: AS IS… Often no elec no water no gas to check AC heaters PLUMBING!!!and electrical shorts!roof leaks??? garage door works???/ Dishwasher? Stove? Sinks/faucets/toilets/ tubs/showers/sprinklers systems/hot water heater leaks bad???YOU ARE CLUELESS NO POWER BEFORE CLOSE OF ESCROW AND NO WALK THROUGH TO PROTECT YOU AS THE BUYER YOU ARE BUYING IT ‘’‘‘AS IS’’‘’‘’ can you afford to fix all the surprises???That’s up to you and your family’s abilities to fix up by your own sweat and blood or pay for it by a contractor’s fees! OUCH!!!Electrical PROBLEMS DO NOT EVEN THINK ABOUT IT! GET A PROFESSIONAL> A HOUSE IS NOT WORTH DYING FOR!!! HUD is in control they choose the lender the escrow everything is controlled by them NOT YOU!!!If its your first home and you are willing to take a chance then bid on it but bid low enough that if you win the bid you can have some $$$ to fix it up!!! OK that is it for now! Lesson One is complete… class dismissed (: will open up session two soon! SassyLassy (:

Re: I would like to hear your war stories - Posted by SassyLassy

Posted by SassyLassy on March 25, 2001 at 07:49:50:

First of all DO NOT FALL IN LOVE THE CUTIES PIES AND DOLL HOUSES! They can become your worst nightmares…how ah gee let me count the ways! Stubborn seller,realtor, mortgager to take over the loan(qualify). Surprise liens medical and mechanic’s these do not get taken off nor erased they stay with the property just like the barracles on the boat! Catch my drift HA HA another pun… sorry! Its early AM in CA and I am getting ‘giddy’! Often the meds and contractor’s are not willing to settle for cents on the dollar like credit card collection companies…maybe you’ll get lucky but is it worth the stress and negociations while you are stuck in a no win cash negative situation…ouch! I used to teach a homemade home buying seminar and I used to coin the term ‘You do not steal in slow motion!’ but be careful of the unbelievable 'too good to be true deal and looks like a ‘steal of a deal’ ??? You must do your homework research that property and its deep dark secrets that the realtor pretends he/she is not aware of and the seller ‘forgot’ to mention during the listing interview. if its a “FISBO”(For Sale By Owner) again research ask questions and get the 'real motivation" as to why the seller is selling THE REAL REASON!!!Please do not become too paranoid(as I am)but learn to be like a dectective and be very careful and move quickly whenyou know for sure the seller’s reasons are ‘real’ many times the seller is really being honest and there is really sincere reasons as to why they want to 'sell’Illness, retirement, lonely recent widow(er)wants to move closer to kids and grandkids,wants RV and to tour the country and maybe Europe too!Too old to maintain the property or too big and want smaller place to live kids have left the nest etc the list is endless and all are fantastic positive reasons/motivators of the seller to sell and those can be 'great deals". As you shop for good deals and great steals you will learn just like looing for a ‘good buy’ on any other item …used car…furniture…appliances and learn what is the 'market price the high the low the midian and the : oh boy jump now deal! The houses are just in the thousands instaed of hundreds but the idea of practice of shopping for good buys is the same it has just become a little complex with the ‘middle men’ in their throwing in their ‘two cents’ in! Realtor, lender, title company, escrow(lawyer)AND OF COURSE THE SELLER WHO HAS AN EMOTIONAL ATTACHMENT to the home(ususally?)
Just relax and make it a game and know that real estate is very flexible and forgiving of mistakes slow to punish unlike the stock market here and then swoosh gone in 60 seconds…So just learn the prices for your area and you will start to be able to guess the listing price within close numbers of the realtor’asking listing price range. When you see one pop up below or just ask the motivation of the seller and make offers with ‘weasel clauses’ to squirm back out if the deal goes sour…Old time favorites: COE upon written approval of my b-1 contractor’s inspection and walk through. COE upon written clearance and written appproval of septic,well, roof, attic, basement, patio, pool,sewers, easements the list can go on and on what requires written approvals from all these 'experts’which stalls for time for you and eventually irritates the seller and broker till they back out of the contract and re-list and start over again…and you are off the hook lesson well learned maybe a stratch or two but no broken bones to go on the next deal with some new knowledge of don’ts of RE investing under your belt! That’s it for now I getting typer’s cramp! I post lots more over the coming weeks and months! Good Health stay Happy and Look for a WIN WIN for all! SassyLassy (:

Re: Joe K.'s shadow - Posted by Tom

Posted by Tom on March 25, 2001 at 19:14:46:

Jim, I’ve been reading these boards for a couple of months (since I descided to Invest in RE) and you know what I’ve noticed…You don’t seem to have much advice for anyone that amounts to anything. My case in point; I asked a question about trying to buy my first property because I was somewhat confused, and all I get from you is cheerleading for Joe K. Sure Joe was very abrupt at what he was saying, but he was making a point, something that would do me some good down the road. Jim, I see you respond to others in the same manner! If you have been at this for a couple of years, why don’t you share with us your experiences on your NUMEROUS deals, that way we could all benefit.

Re: I would like to hear your war stories - Posted by Rose

Posted by Rose on March 25, 2001 at 12:35:22:

SassyLassy, thanks for sharing your experiences. They really help newcomers like me. You are funny…the way you put the stories together.

Seems like you had some family health issues lately. Hope everything is well and am glad to see you back.

Thnaks for your lessons.
Rose

Tom…Take a Breath - Posted by Jim

Posted by Jim on March 26, 2001 at 02:49:25:

Tom.

Apparently you are reading something other than my posts. I have offered up a whole lot of helpful information to various people on this site. I’ve had Phoenix area investors meet with me at my home and I’ve given many people forms and even went as far as donating one of the courses I had to someone in need right here in Phoenix.

As a matter of fact, if you recall just the other day I offered you help and even went as far as offering you my services as being a Trustee for that deal you were working on. I wanted to help you and had invited you to call me if you needed anything.

I did agree with Joe Kaiser because quite frankly he makes sense and is one of the more knowledgable assets on this web site.

Now come up for some air. Sheeesh

Best of Success

Jim

Re: Joe K.'s shadow - Posted by Terry (Houston)

Posted by Terry (Houston) on March 25, 2001 at 19:40:09:

Tom,

Often when people get slammed down it makes it hard for them to come back strong. I like your attitude and think you should do very well in this game. Don’t be afraid to ask questions and if you are not sure of the answers keep asking the right people. Joe is certainly one of the right ones.

I look forward to hearing more as you continue you education in REI. With the right courses and a good mentor you should go far.

Best of luck

Terry

Terry