All Forum Posts by: Chelsy C

I am buying a property,by looking at the prelim report, it has a trust showing both mother's name "A" ( pass away) and daughter "B" is selling the property short sale to me. on the #2. of the title report, it says "Title To Said Estate At The Date Hereof Is Vested In: "A"(the mother) and "B" (the daughter), as Co-Trustees ( or the successor Trustee) of the "A" 2006 Trust, dated May 24, 2006 subject to processdings pending in the bankruptcy court where a petition for relief was filed In June 12, 2013 ."

Also the #46 on the prelim exclusion saying : """any invalidity or defect in the title of the vestees in the event that the trust refereed to herein is invalid or fails to grant sufficient powers to the trustee(s) or i the even there is a lack of compliance with the terms and provisions of the trust instrument. If the title is to be insure in the trustee of the trust(or if their act is to be insured, This company will require a Trust Certification Pursuant to California Probate Code Section 18100.5. The company reserves the right to except additional items and/or make additional requirements after reviewing said documents."""

The above wording from the prelim report. I don't want to get into title issues, and the escrow officer told me everything will be cleared and they would not have these wording on the title policy, but it usually take a month or so for me to receive the title insurance policy, I want to make sure before I buy it. Thanks in advance

Scott, the permit saying" foundation repair" but they replaced the whole foundation. The work is completed looks to me. I don't know if any engineer reports, it's a REO property.

Karen, thats what we have done. but I think we might go back to ask if any engineer plan on the property.

The rough was signed off. thanks Will. let me dig more into it.

Will, I am checking with the City now, the rough inspection was signed off. Not sure what's going on, and why the final still pending. it's 3 years ago.

They told me that we have to final the foundation permit before we could apply the new permit. and I am thinking to find the last inspector who inspected the foundation to see what's going on. the foundation is done, is there any protencial risk with they signed off the Rough inspection?

buying a REO property, the property foundation was finished, however we checked with the city, the foundation permit was issue but have not final signed off by the city with the previous owner.

What is the risk of buying this property for flip?

She try to buy and remodel it and sell . The only way to buy it For investors is to way after 15 days, or criminal charge will against you.

I am just worried about the liability the buyer would sue even if I disclosed everything I know of? having a LLC would protect more, at most they would sue the LLC. However if the LLC has capital in it, it does not matter?

What do you guys think flipping houses without LLC or an entity? I have flipped 5 houses with my personal name, and a little worried about the liability. I would like to hear from you.

Hi Jason&Brian, is your profolio a small bank ?
Do they lend to individual or only to entities such as LLC
Or corp? Also do they have to be a commercial bank?

Thanks Jon Holdman, I think again I put this to an wrong thread.
if you have read my other thread, I DID NOT see if there's any leak or water intrusion. but someone told me there might be. when I bought the property, nothing in the disclosure saying any water intrusion. For the termite, I really have no idea about what is the standard of a "fix" since this is my first rehab. I have been told that by replacing the damaged wood which we can see is what we need. if not, do we need to take down the whole exterior siding to inspect and fix?