All Forum Posts by: Andrew Malik

Thanks @Hattie Dizmond !

Another point to add would be, the number of active properties on the market.  If you're going to be rehabbing in a market where there are a lot of actives, you may have trouble selling the property.  It means there is going to be a lot of competition since there are so many sellers.  Make your property show the best at the most competitive price and you should have no problem.

@James Peoples I believe it also has to do with the Broker/office of where your license is held. If your broker is apart of the NAR then you must be as well. However, if your broker is not a member of the NAR I do not believe it is required.

I know, it's almost like the NAR has monopolized the 'ethics' of real estate and force you to join and pay their fess...

Wow!  Thank you everyone, I'm always so impressed with not only the amount of responses but the quality of responses received on the forum.  

I ended up working with the title company to get a payoff put together and it was exactly what @Hattie Dizmond , @Jon Holdman and @Wayne Brooks said it would be.  I prepared the payoff to be set for an extra day beyond closing (just in case) and had my lender sign off on the payoff to approve the amount.  There was also a discharge that the title company prepared for my private lender.  

It was also an interesting situation because the lender had passed away during the project and the daughter became the executrix.  Since all money in the father's name needed to be accounted for, we had the mortgage assigned to the father's estate prior to the paying off the mortgage (actually happened at the closing table).  The payoff check was made out to the estate and controlled by the daughter, it was really only a technicality but I definitely learned something new!

Thanks again everyone!

I'm using private money for the first time and will be selling one of my projects within the coming weeks.  The title company is asking for a payoff letter from the private lender.  I do not think my lender is able to prepare such a document but I could do it for them and have them sign off.  

So...I guess my question is: what is required in a payoff document?  Is there a standard document available to use?  I can't be the first person to run into this problem haha

I'm not sure, I'll check the docs but I do know it is in fact an FHA loan. One of the borrowers is still living so the property is not in a trust.

@Account Closed undefined

Hello!

I am working with a family who wants to sell their home and it has a reverse mortgage with Wells Fargo. I will be purchasing the home with cash and it needs A LOT of work.

Basically, the house is worth $300k ARV, the mortgage on the property is around $200k and the house in its' current condition is worth maybe around $100k. I have permission from the sellers to talk to the bank and I am waiting for the authorization to appear in Wells Fargo's system.

Does anyone have any experience with purchasing properties with reverse mortgages? It seems like most of the balance of the mortgage is just interest that is added on to the principal. Would it work just like a short sale?

Any tips would be much appreciated! Thanks!

You DEFINITELY need a title company to help you with closing. There are ton of things that could be wrong with title and you would never know. Not to mention they make it a whole lot easier if you're wholesaling a short sale and need to double close. In my opinion, a title company is an expense well worth the cost.

@Nick R. meaning there are 2 layers of shingles on the roof?

I don't think that is that case. I believe there can no more than 2 layers of shingles on the roof. A third layer would mean it fails building code. However, I'm in NJ. Could be in different in TX.

Thanks @Joe Fairless ! That's really all I wanted to accomplish was just getting something up and I think I feel the positive vibes already :)

@Brandon Eleazer I had not consider splitting the websites but that is a good idea. Maybe something I'll do later down the road. I'm focusing now on getting some traffic and messing around with adwords a little bit. I'm located in Moorestown, NJ, so I guess you can say I'm operating virtually in Philadelphia. I spoke with the appraiser this morning so we should be set for a closing (hopefully)!

Thanks @Brandon Turner ! And I'm glad to see someone of your celebrity caliber still responds to us little guys :)