All Forum Posts by: Mark Beekman

Is the 6 month seasoning for a new appraisal and cash-out based on the assumption that there was an appraisal at purchase? If one paid cash and no appraisal was done, I would think a bank could do an appraisal and grant financing at any time after the purchase.

Someone more lender savvy than myself please chime in!

Yep (unfortunately). Buyer pays both sides of transfer tax.

Don't forget to check if there's a buyers' premium on the properties you're looking at. All these extra expenses start to add up, so make sure you run your numbers well.

 Hey, Leo. Are you saying that these lenders are willing to loan 80% of the purchase price immediately after you purchase? Can you share who these lenders are (or PM me if posting them is a no-no)? I'm in the same boat as you, but I'm willing to take whatever I can get as long as it's ASAP after closing.

I'm bumping this for more insight.

I've only ever done all cash, no-contingency deals. I still consider myself a newb, but the deals I have gotten have had very good spreads, even by BP standards. I don't think theres's any way to know for sure what kind of discount you're getting, though, unless someone who actually works in a bank's REO department chimes in.

I just found this buried in the 28 page agreement. Maybe someone else can clarify, but I take it to mean that, by the time of closing, all known liens & judgments are cleared from the title. Anything that pops up down the road after closing, however, may be on the buyer.

10. CONVEYANCE OF TITLE. Insurable title shall be delivered to Buyer by Deed on a form acceptable to Seller in Seller’s sole and absolute discretion. Seller shall be under no obligation to (A) remove any title exception (B) bring any action or proceeding or bear any expense in order to enable Seller to convey title to the Property in accordance with this Agreement or (C) otherwise make the title to the Property insurable. Any attempt by the Seller to remove such title exceptions shall not impose an obligation upon the Seller to remove such exceptions. The Buyer acknowledges that the Seller’s title to the Property may be subject to court approval of foreclosure or to a mortgagor’s right of redemption. IF, FOR ANY REASON, SELLER (A) IS UNABLE TO MAKE THE TITLE INSURABLE OR CORRECT TITLE PROBLEMS OR (B) IS UNABLE TO OBTAIN TITLE INSURANCE FOR THE PROPERTY FROM A REPUTABLE TITLE INSURANCE COMPANY AT REGULAR RATES OR (C) DETERMINES IN ITS SOLE DISCRETION THAT IT IS UNABLE OR IT IS ECONOMICALLY NOT FEASIBLE TO CONVEY GOOD AND MARKETABLE TITLE TO THE PROPERTY INSURABLE BY A REPUTABLE TITLE INSURANCE COMPANY AT REGULAR RATES, AT THE CLOSING DATE, AND SUCH CLOSING DATE IS NOT EXTENDED OR OTHERWISE AMENDED IN THE SOLE AND ABSOLUTE DISCRETION OF SELLER AS SET FORTH ELSEWHERE IN THIS AGREEMENT, OR (D) DETERMINES, IN ITS SOLE DISCRETION TO DEEM THE AGREEMENT NULL AND VOID IF REQUIRED BY APPLICABLE LAW, AND/OR REQUIRED BY ANY EXISTING CONTRACT OR AGREEMENT BINDING UPON SELLER AND/OR THE PROPERTY, INCLUDING, WITHOUT LIMITATION, ANY AGREEMENTS WITH THE PRIOR OWNER OF THE PROPERTY, ANY MORTGAGE INSURER OR ANY MORTGAGE BROKER, THEN SELLER MAY CANCEL THE TRANSACTION CONTEMPLATED BY THIS AGREEMENT BY WRITTEN NOTICE TO THE OTHER PARTY AND THE ESCROW/CLOSING AGENT. THE RIGHT TO CANCEL SHALL BE AN UNLIMITED RIGHT TO CANCEL. IN SUCH EVENT, ESCROW/CLOSING AGENT SHALL RETURN TO BUYER (AS BUYER’S SOLE AND EXCLUSIVE REMEDY) THE EARNEST MONEY DEPOSIT. UPON RETURN OF THE EARNEST MONEY DEPOSIT AS PROVIDED IN THIS SECTION, THE TRANSACTION CONTEMPLATED BY THIS AGREEMENT SHALL BE TERMINATED, AND BUYER AND SELLER SHALL BE RELEASED FROM ANY FURTHER OBLIGATION, EACH TO THE OTHER, IN CONNECTION WITH THIS AGREEMENT EXCEPT AS OTHERWISE EXPRESSLY PROVIDED HEREIN. BUYER GRANTS SELLER THE UNILATERAL RIGHT TO EXECUTE CANCELLATION INSTRUCTIONS IN THE EVENT THAT SELLER ELECTS TO CANCEL THE CLOSING AND THE TRANSACTION CONTEMPLATED BY THIS AGREEMENT.

Ugh. Double-post and my tag didn't work :/

Bumping this for a better answer than I can give @Vic G.

The property that I purchased didn't have any liens on it, so it wasn't an issue for me. I would, however, like a concrete answer to these questions myself.

Bumping this for a better answer than I can give @Vic G.

The property that I purchased didn't have any liens on it, so it wasn't an issue for me. I would, however, like a concrete answer to these questions myself.

Hi, Brad. I live in Chester County (closer to Philly), but I just sold a house in Macungie a few weeks ago. I grew up in South Whitehall Township, too, so I'm always keeping an eye out for deals up in the Lehigh Valley.

 Are you sure about this, Mark? My Auction.com contract is one of the most one-sided contracts I've ever seen. I'll have to dig around and see if I find the contract and the relevant paragraphs. I was under the assumption that it's almost the same as a Sheriff Sale, but with a SWD. My fear would be them keeping my earnest money.