All Forum Posts by: Andrew Fenton

Thanks for the info

I have been trying to refinance my duplex and I ran into a issue when the title was being examined. I received a letter from the title company saying that there was a break in the chain of title from the previous owner Gera***** who failed to convey 1/2 interest in the property to himself as Executor under the last will and testament of Cha*****. 

 The person Gera*** was last on the deed in 1996. The house was sold 8 times since then and I am the 9th owner. When I bought the house cash in 2016 I had the title searched and the title company I used at that time never mentioned anything about the previous owner from 1996 and we closed in 2 weeks on the property. I purchased owners title insurance but I wanted to know if I have anything to worry about. 

I called the lawyers office that I closed with in 2016 and I asked how come that issue was never brought up to me and the lady was sounding like something really bad just happened. She told me that the title company that they used at that time only searched back to 2013 and they should have done a 50 year search on the title. She says that she has to talk to her boss to see what they should do. 

 I would like to know who should be held responsible for this mistake. I feel like I did what I was supposed to do and the title company didn't properly do their job. 

 How should I move foward from here?

Thanks you all! I appreciate all the help and suggestions. 

Bob B.

I went to a lawyer earlier today and I didn't feel any better once I left. He made me feel like he didn't have time for me and I was really disappointed when I left. I paid $100 for a consultation but he wouldn't guide me through the process. He just gave a vague explanation of the process and he talked fast. He basically wanted me to pay his $1500 retainer fee. 

I have been going back and forth to court with a tenant who refuses to leave my property and pay rent. I recently went to court with them and I got a judgment for them to leave. They went to appeal the decision in Conyers Rockdale County superior court. I now need to file a motion to make them pay to the court pursuant to 44 7 56. What paperwork do I have to fill out and what does a Motion form look like or how do I word the letter to the court? I am in Conyers,Ga. Please help. 

I recently purchased a duplex with an existing tenants. They have been at the property for 10 years now. They didn't have a lease from the previous owner. I didn't receive any security deposit from the previous owner because he said he never got one when he purchased the property 3 years ago with the same tenants in place. I had him sign a letter stating that he never received a security deposit from them and he never transfered one to me when I purchased the property from him. 

I had the tenants fill out a new application for rent so that I can have their information on my files and I had them sign a month to month lease. 

I want to have them sign a new 12 month lease for me but I want to know if I can ask them for a new security deposit on the new 12 month lease. They also have a cat and I don't usually accept tenants with pets but since they had one when I purchased the property I want to ask them for a pet deposit. Can I do that?? Any help will be much appreciated. 

Does anyone know of a bank that offers delayed financing before 6 months in Georgia. I'm trying to purchase a property all cash but I need to refinance before the 6 month title seasoning period so I can use the money somewhere else. Any help will be greatly appreciated.  

Thank you for your reply. I will be moving foward with this deal and will keep you posted. Thanks for the well wishes again.

So I just got a nice lump some of money from a cash out refinance I did on my rental property that was free and clear. So now I was thinking about partnering up with a guy I know who is a broker and also renovates properties. He found a good deal that should cost $65000 to get not including closing costs of about 3.5%. I have the money to buy the property with cash and to renovate it myself if I wanted. He says that he will pay for all the renovations on the property which are about $20000 and we should be able to put it up for sale for about $120000. He is saying that we could split the profit 50/50. My question is should I split it 50/50 being that I am putting up the majority of the cash to purchase the house? How should I go about this the smart way? This would ve my first flip. Thanks in advance.

Just an update. I went to BB&T and did a cash out refinance and got 75% LTV on the house.