All Forum Posts by: Jamie Keeton

Actually, continue to use your usual customary purchase contract. Most realtors use contracts that address pretty much all basis' that need to be covered for their area and/or state requirements and issues.

Once you submit your contract, the bank is going to draw up their own REO counter offer/addendum and you would then have your buyer to sign it. Make sure to READ THE COUNTER because it may handle things differently than you initially called for in your contract. We, the title company, find a lot of questions and concerns at the closing table or right before the closing.

For example, a contract is submitted with seller paying $2000 in closing costs. The seller signs it, but then counters it and says "up to $2000 but not including "x" prepaid charges or not including "x" settlement charges. Needless to say, the buyer's lender has already began their attempts to get underwriting approval based on $2000.00 in closing costs. When the HUD is prepared and submitted to all, it only reflects $500 in concessions because the other $1500 that was requested, apply to items that the seller said were not included. Expect your closing to be delayed until all the parties fight it out and draw up a few more addendums to resolve the issue(s)...

I agree with all of the responses... Basically the banks are req. cash only because they want the property sell quickly without all of the lender delays and then to have the sale fall thru due to financing issues on the buyer's end. And yes, many are now requiring a bank statement that shows funds are in hand...

I love the ideas of a "reward" system based on use of the site.

What if a company gets a company profile section depending on how many colleagues they recruit from their company? It helps to build the site as well as an extra incentive for us users.

Based on the below reasoning from the Norwegian Nobel Committee, I am on the fence. We all know what Obama says he "wants" to do. And "sure" he is making some efforts. However, my opinion is that the award should be proven by results and not based on a spoken vision. I strongly support our President and feel that eventually, he will prove why he could obtain such an award. But for now, his "visions", still have not had time for the "results" or to become "fact". I hope he proves and lives up to the standards that this award speaks to. Here is the official statement:

The Nobel Peace Prize for 2009:
The Norwegian Nobel Committee has decided that the Nobel Peace Prize for 2009 is to be awarded to President Barack Obama for his extraordinary efforts to strengthen international diplomacy and cooperation between peoples. The Committee has attached special importance to Obama's vision of and work for a world without nuclear weapons.

Obama has as President created a new climate in international politics. Multilateral diplomacy has regained a central position, with emphasis on the role that the United Nations and other international institutions can play. Dialogue and negotiations are preferred as instruments for resolving even the most difficult international conflicts. The vision of a world free from nuclear arms has powerfully stimulated disarmament and arms control negotiations. Thanks to Obama's initiative, the USA is now playing a more constructive role in meeting the great climatic challenges the world is confronting. Democracy and human rights are to be strengthened.

Only very rarely has a person to the same extent as Obama captured the world's attention and given its people hope for a better future. His diplomacy is founded in the concept that those who are to lead the world must do so on the basis of values and attitudes that are shared by the majority of the world's population.

For 108 years, the Norwegian Nobel Committee has sought to stimulate precisely that international policy and those attitudes for which Obama is now the world's leading spokesman. The Committee endorses Obama's appeal that "Now is the time for all of us to take our share of responsibility for a global response to global challenges."

Hi Chuck,

I am not sure which state your property is in, so the title insurance requirements may be different. I am a Florida Division Manager of a title company. In Florida, we get to deal with many violations. Our process is to do what is called a lien search, this discloses to the title company what violations are out there. We then address the violation with the seller and listing agent. Once resolved, we close. If we cant resolve, we make full disclosure to the buyer and if they are paying cash for a property they can sign a Hold Harmless that would then make them knowingly responsible. If there is a lender financing the buyer, they do not usually allow the violation to remain on the title policy. These are just a few steps we take to ensure this doesnt happen.

Now, obviously, it did happen to you. My personal opinion, as a title company manager, is that we would go after the seller for payment. However, to avoid additional issues, such as tax sales, we would pay for what we missed to clear the issue immediately and then seek reimbursement from the seller.

Again, it may be different in your state. Also, did you purchase title insurance? Do you have a copy of your title insurance policy or a title commitment from the closing? If they showed the violation on their as an exception, that could be their protection from being responsible.

Hey there! Let me know if you have any questions, need a closer or what I can do to assist you.

Were you by chance at the RealShare Conference down in Miami? That was my last "go-to".

Hi Rock,

If you find any properties in Ohio & Michigan and need a settlement agent up in that area, our corporate office handles both of those states and they are phenomal when it comes to closings. We can also provide a list of REO inventory that we are going to handle for the bank sellers, once they go under contract. Feel free to contact me. I'm in Florida, but from Ohio and I can put you in touch with the right people.

There are a lot of possibilities with today's internet. If you have a title company that you deal with, ask them if they can find out who the current owner of a property is and if it's in foreclosure. Sometimes this is easy and sometimes this can be difficult to research, but it's definitely a possibility. If you want me to give it a try, feel free to email me. :)

If I might ask, what was your end result with your circumstance? Hopefully a positive outcome and one you are comfortable with.

Hi, if you need a second opinion, or just additional information, my brother is a Licensed Plumber and is contracted by the city of Orlando for city work. He does residential, contracting... all of that good stuff. You can give him a call and he can tell you very close at what to expect without even making the trip. I'll be happy to give you his number.