All Forum Posts by: Chris Bounds

Thanks Rick Harmon. I'll focus my marketing to the PRs. Is it correct that probate does not need to be closed before property can be sold?

Ibrahim S - thanks. That is what I was thinking too. Seemed better to go to the source.

Thanks Joel Owens

I'm looking to add probate leads to my marketing plan. In my area of Texas I can pull up pretty everything I need online. My question is, if there is an attorney listed in the Application for Testamentary file should I contact them instead of the actual executor applicant? If so, should I contact them by letter or is e-mail/fax better? Does anyone have sample letters to attorneys they can share? I have letters to executors already.

Also, it is my understanding that property can be sold by the executor before probate has been closed. Is that correct?

Thanks!

Bill Gulley, I certainly appreciate the advice. I'll ensure loan and closing documents are reviewed by my attorney before proceeding. I'm particular to take professional advice when necessary. While cautious I try not to let nightmare scenarios cause inaction.

Bill Gulley, Thanks - I replied on that thread about that issue.

I will be looking for someone to draft the documents. Probably the title company?

Bill Gulley, thanks for the tips. I spoke with a Texas attorney on this and he referred me to Chapter 180 (http://www.statutes.legis.state.tx.us/Docs/FI/htm/FI.180.htm) of the Texas Finance code. Basically as long as I make 5 or fewer loans then I am clear. No balloon payment restrictions are mentioned in the Texas code update. Personally, I wouldn't foreclose on balloon note if it was performing anyway. I'd simply offer a refinance option for them.

I asked the attorney how using separate entities for properties affects the 5 loan limit rule. He said since I am sole owner of the entities the limit would still apply, although he sounded a little unsure about that at first. I'll get more advice on that part whenever I get close to the limit.

Joel Owens, thanks for the info. The loan service company said their 3rd party mortgage verification reports will help my buyers refi. Of course that doesn't help their score, but it seems that is about all I can do.

The servicer I'm looking at is http://sellerloans.com. They look pretty solid, but if anyone else has a referral I'd be happy to look into it.

I have a property that I am looking to sell by offering owner's financing.
My primary goal is to amortize the loan for 30 years with a 3 year balloon. Reporting to credit agencies will help the buyer refinance out within that time frame.

I understand that using a loan servicing company is a great for efficiency, but it seems that most of them now do not report to credit agencies. The only one that I found that did report to the credit agencies cost $60/mo with a 3% refinancing fee!

What loan servicing companies do you recommend and do you know any that still report to credit agencies? Also, what is a good interest rate to charge for owner's financing? I'm in Houston, TX.

Hi,

I see that contacting a title company to obtain lists of absentee owners is the thing to do. However, the two most recent title companies I've used said they do not have that kind of information. This is specifically what I asked:

"Are you able to provide lists of absentee, probate, or free & clear property owners?"

Am I asking the wrong thing?

Thanks!