All Forum Posts by: Mark Beekman

Hi, Vic. I just sold a property that came with a SWD that I bought on Auction.com (in PA).

If the bank bought the property at Sheriff Sale, then all junior liens should've been wiped out. The SWD covers you for title defects that arise during the time that the bank owned the property. I always opt for a full title search and title insurance to play it safe.

Hi, Beka. I'm in Phoenixville.

Just Cabinets in Pottstown or IKEA in Conshohocken, depending on your investment goals. Colonial Marble & Granite in King of Prussia or Tropical Stone in Malvern (just discovered them last week) for counters.

As for tile and flooring, I almost always go with Lowe's, as you can stack discounted gift cards and 10% off coupons that you can buy online.

Welcome back to PA!

I'm about to pull the trigger on a cash-only property that I intend to flip. Being that it's cash-only, I'm looking to pull out some equity ASAP after closing.

Does anyone know of any banks or credit unions that don't adhere to the usual 6 month seasoning for HELOCs? I understand that they'd most likely base the LTV off of the purchase price, but I'm ok with that.

Sherwin-Williams sells a vinyl siding formula for some (not all) of their colors. It allows you to paint lighter colored siding a darker color, which is not possible with most other vinyl paints. I believe they guarantee it, as well. I've done it on several houses and it worked well (both were white siding that I painted a darker, grayish color).

I'm in the process of selling a rehab to a husband & wife who are doing a 100% financed VA loan.

The house was under contract for $364k with a $5k Seller assist. Appraisal came back at $359k, so the new, negotiated & signed agreement is for $359k with a $5k Seller assist.

The mortgage processor just emailed me an "Escape Clause" to sign stating the following:

"It is expressly agreed that, notwithstanding any other provisions of this contract, the purchaser shall not incur any penalty by forfeiture of earnest money or otherwise or be obligated to complete the purchase of the property described herein, if the contract purchase price or cost exceeds the reasonable value of the property established by the Department of Veterans Affairs.

The purchaser shall, however, have the privilege and option of proceeding with the consummation of this contract without regard to the amount of the reasonable value established by the Department of Verterans Affairs."

I realize what this means in terms of earnest money, but what does it mean in terms of our current contract numbers. Does the fact that the sale price is now the same as the appraisal price mean that we're good to go? Or, can the bank come back and say that, once closing costs are added, the number is higher than the appraisal and we'll have to renegotiate?

I've never run into this before, so I'm just looking for a little bit of clarification to ease my frazzled mind :)

Of course disclosure is the best policy, but how do I disclose it? Some sort of written letter?

The other thing I'm concerned about is the liability of being labelled an "expert". Being that I would be receiving a license during the contract period before closing, I don't want to confuse or give buyers anything that they can use against me in any way.

A related question: if a licensed agent is selling a house through their LLC, is disclosure still necessary?

Quick question for anyone that may happen to know the answer. This pertains to Pennsylvania.

I currently have my latest flip under contract. I also just passed my RE exams and am looking to sign on with a broker. I understand that if I'm a licensed agent I must say so in my listing. What happens, though, if I become a licensed agent during the listing of my property? Must I change the MLS description to disclose this fact? Must I disclose this to my buyers in some other fashion?

I was thinking of waiting until I close on the property before pursuing the license, but I'd rather just get it if it's not too much trouble.

 Wow!!! What on Earth is the excuse for that???

 The property was bought back by the bank at Sherrif Sale on 8/22. The Sherrif's Deed didn't appear on the Recorder of Deeds website until 10/17.

 Thanks, Brian. You're referring to Auction.com properties being delayed half of the time, right? Have you, personally, ever had an Auction.com deal not close after the Agreement was signed by both parties? If so, what was the reason?