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Updated over 9 years ago on . Most recent reply

User Stats

35
Posts
6
Votes
Kwame Searcy
  • Rental Property Investor
  • Titusville, FL
6
Votes |
35
Posts

Interesting closing process

Kwame Searcy
  • Rental Property Investor
  • Titusville, FL
Posted

As many veteran real estate investors already know (and many new investors like myself will soon find out), things don't always go as planned in real estate investing. We are in the process of buying our 1st (technically 2nd because we did Airbnb with our first home) investment property. We are buying a SFH in Detroit to rent out and become landlords. We have gone through the whole deal of finding a property, running the numbers, getting financing, ect. and were set to close tomorrow (target date for all parties).

Turns out, the house we are trying to buy is 2 properties (one with house and the other with land) which is why the yard is so big. And the title of the 2nd property doesn't have the owners name on it. They bought it and have the deed but they didn't get their name on the title.

So the title company is saying they need to combine the properties and put them under one address (one parcel #) and one name on the title before they can sell it to me. They are saying it will take 30 days to complete this. 

Anyone have any experience with something similar is welcome to share, or just any thoughts in general are welcome.

Excuse the gramer, I am writing this on my phone.

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