All Forum Posts by: Bhanu P.

 Thank You @John Thedford

I contacted the title company and they sent the notice to Seller to sign release form or to object.

If Seller do not respond in 15 days, Title company can automatically release Earnest funds.

If Seller objects, Title company can't decide who is right or wrong and at that stage, it would be arbitration or legal issue that we got to deal with.

Thank you @Steven Picker.

Yes, I do have an agent and we provided our notice in proper TREC termination of contract form.

Agent provided it in the email to their Agent on time.

Earnest money is $50,000 and they like to keep $2000.

Thank you @Wayne Brooks

I am in State of Texas and we signed TREC Contract.

In Section 7.B.2, we checked the box and the contract is executed, earnest money was left with title company. the text in that contract is below.

Buyer has not received the notice. Within 5 days after the effective date of the contract, Seller shall deliver the notice to the Buyer.If Buyer does not receive the Notice, Buyer many terminate this contract. if Seller delivers the notice, Buyer may terminate this contract for any reason within 7 days after the Buyer receives the Notice or prior to the closing, whichever first occurs, and the earnest money will be refunded by the Buyer.

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I am a Buyer in the contract and within 7 days after I receive the Seller's Disclosures, I provided the signed 'Notice to Terminate Contract' to Seller's agent through my agent;  requested them to sign the 'Release of Earnest Money' form.

After a week of postponing the signatures, we heard from the Seller's agent today stating that they need a portion of the Earnest money to sign the release form or else they state that they do not sign.

I believe the first step from my side is to send them a notice to sign through Title company and will wait 15 days for their response. please help me understand what should I do in terms of hiring an attorney or just need to wait for Seller's response after we send the notice through Title company?

First of all do the Title company need such form to be signed by Seller to release Earnest money as I gave the 'Notice to terminate' form?

Good morning, Bigger Pockets!!!

What will happen to second mortgage and HOA, ANY OTHER liens after Auction of the property in Courthouse steps in State of Texas?

In REO property transactions, all the previous liens will be wiped away and the property will have clear title.

But in the situation of Auction on Court house steps, is winning bidder still responsible for paying second mortgage, HOA liens, pending property taxes etc?

I am interested to start educating myself and eventually start buying properties in Courthouse auctions in Harris County, Texas. Please point me in to any books that can cover this topic. Thank you!!!

Update on the situation: Finally, Seller agreed to sign a new agreement to set the contract price at 156K and Buyer's agent commission to limit at 1.75%.

So no cashback from Agent to Buyer and no change in bottom line for Buyer.

We are planning to close this property on Friday 11/20/15.

Thank you for responding.

I spoke to Title and they confirmed that they can do it. They prepared a Prelim HUD and they showed the credit to reduce the cash required for me to bring in to the closing table.

I am proposing to add an addendum to reduce the contract price by 2000$ as well as reduced Buyer's agent commission so that it would be straight forward and less complicated. Still waiting on listing agent to proceed this way.

Thanks again for all the responses...

Can Buyer receive cash back @ closing from Buyer's agent in cash deal?

- I am in a situation where I made a cash offer @ 156K with majority of the closing costs paid by seller (owners title and survey) & Buyer's agent will get full 3% commission

- Now I was countered it by Seller  to make the purchase Price to be at 158K and Buyer's agent to pay 2000$ at closing (my agent is ok with it and the amendment for this was signed by both Seller and Buyer).

My question is since I do not have 2000$ worth of closing costs in this cash deal, can I still get that rebate refund at closing (on HUD) so that I can reduce the amount that I needed to bring to closing table by that much or is it not even allowed?

Additional info: This is SFR for Investment purpose & MLS listed property in Texas

Your help on this by answering this query would be greatly appreciated...

Can you send me details on property and your contact info please?

Hi All,

I do have a question that seems so basic to me but I am not sure what should be the right answer & hence posting it here :-)

When calculating Networth, how to enter the value of a property?

For example,
a) If I do have a property with market value of 100K,
should I enter 100K

(or) 90K by deducting closing costs

(or) 85K by considering the volatality, uncertainity plus closing cost

(or) something totally different by taking 'liquidity' factor in to consideration - In other words, liquidity factor on SFR in a busy area is totally different from an undeveloped land located in a remote area --> How to calculate in order to factor that in to the number that we are entering in to networth calculations?

If I do have 50K loan on this property, I believe that I have to reduce that from the above number. Correct???

Thanks in advance for your input.