All Forum Posts by: Ray Hayward

The other point is that I did ask the bank for the ability to due diligence between the time of my deposit and closing date, and they said they do not have the right to grant this access.  Thoughts?

Many thanks for your reply. Here is a little more on the back story …

What happened is the owner of the building passed away in 2010. The property was seen as a liability so the property was not part of probate. Since this time, the family has not paid the mortgage or municipal taxes, the building is rotting away. I did create an agreement with the decreased owners wife (Arguably next in line?) to access the property. I did a Phase 1 and now want to do a Phase 2. However, she does not want to extend the agreement. She has no intent to do anything with the property.

Does any of this new information change your recommendation/approach?

@Chris Seveney 

Thank you for your reply. If someone foreclosures on the municipal lien, would I only be able to recover what I paid for the note after negotiating with the bank?  Or would I have the chance to foreclosure and/or sell the note for a higher price?

I actually did have an agreement with the owner who does not want to renew. I only had enough time to do a phase  1 study and am looking for another way to have rights to the property.  

Thank you Davido, so does this mean that I can do an environmental study on the site if I have the intent to buy the NOte and/or foreclosure without permission by the current owner?  And what value does buying the mortgage note really give me in this situation?

Hello, I am looking into buying a Mortgage Note and have a verbal agreement with the bank.  The property has been abandoned and unpaid for almost 10 years.  I was hoping to buy the Note to be able to do an environmental study before foreclosing the property.  However, I am learning that by owning the note does not give me the right to access the property.

Is there an innovative way to facilitate an environmental study if I buy the note?  

Also, I would be purchasing the note from bank first in line, but there is a municipal lien in first place.  If someone else attempts to foreclosure the property, what is the risk of my position?

I am renting a single family house to a woman and her dog. After a recent visit, as soon as I walked into the house, the house has a strong odor of dog urine. This is causing challenges for me because she will be leaving her tenancy and we have listed the property on the market. I have asked her to clean the property and she has not. As result, we had showings and this is clearly a detriment.

Do I have any recourse if she does not cooperate? In general, our relationship has been positive until we started showing the house as I/we know she is not happy about the inconvenience. To best accommodate, we are only showing the house on specific days and times.

I am really curious to know if I could hire a cleaning company to come in and clean, though I am not sure how far I could get with this since her personal belongings are in the way.

If we cannot clean now, can I hire a professional cleaner upon her departure and withhold security deposits?

In MA.

We have been renting out our single family. When negotiating with our tenant, the tenant agreed to maintain the lawn and snow removal after we asked for an additional $150 a month so that we could hire a professional landscaping company to maintain the property. The tenant has not kept the lawn, the grass has not been cut, though there are leave piles that have been there for many weeks, and has a dog that has been tearing up the yard and digging many holes.

I am planning to go over and clean up the yard, reiterate our agreement, and offer a referral to a landscaping company. Hopefully this will solve the problem and retain the great relationship we have.

However, I am curious to know, do we have any leverage do we really have in this situation to enforce regular care? 

Hello,  I am contemplating selling Stock and flip the cash into Bitcoin.  To do this, do I need to do anything now/in-advance?  Or do I handle this at tax time next year?  

I would like to consider purchasing a raw piece of land.  What is the standard process to determine if a parcel is build-able?  I understand Zoning requirements will be involved but am more concerned if wetlands are on the land etc.  Would I need a surveyor to help determine this?  If no, who would be the right professional(s)?

Ok thank you!  So in this scenario, which bank would have first priority?  

Bank #1 discharged the 1998 mortgage in 2007 which was turned into a promissory note.  In the meantime, There was a 2nd mortgage created in 2003 with another bank.

Since bank #1 discharged the mortgage for the promissory note, does this make bank #2 become the priority since the bank #2 would then become Right In Time?