All Forum Posts by: Drew Nagda

Really enjoyed this podcast (made me run 20 more mins at the gym to finish the whole thing!) Preordering today -- great stuff Scott

@Dave Foster really useful info Dave - was working through this question today and it helped a ton. thanks!

Jeff B. yep I agree. it was great to restore the style and keep many original parts of the house. Thanks.

@Jeff B. Thanks for taking the time to see the pictures. When we bought the house, the owners described the house as a craftsman. Craftsman or Bungalow ... Regardless, the new buyers are very satisfied with the quality of work put into the property :) 

We're in a pocket in Upland surrounded by similar houses in the historic area. The specific things we were keen on were restoring the built-ins and fireplace area. 

We took a few trips to Pasadena to take notes and incorporate some of the styles and colors we saw from their older neighborhoods and craftsman homes. Even got a chance to check out the famous Gamble House (which I highly recommend to take a tour if you're in the area). Thanks again. 

UPDATE: Our open house was this past weekend. We received 2 offers (one actually came before the open house), which created a small bidding war. After a week on the market we're going into escrow! List Price: $425k Sold For: $435k We closed on another house earlier today, so excited to share the progress on the next one. Cheers!

Sydney Hall thanks Sydney!

Thank you everyone for the responses. I made a new contract with the homeowner to include a $5000 reduction in price (to handle legal process) and a contingency to purchase home only if we are able to resolve the title issue. Working on getting a local RE lawyer and title company to tackle this. Will keep the thread updated on the results.

@Harry Gamble 

Thanks Harry, we reached out to a few local RE lawyers to go through the process. The seller agreed to decrease the offer by $5000, which we are planning to use those funds to go through the legal process 

We currently have a house under contract with a motivated seller. I added a clause saying we will purchase the house contingent on a marketable title. However, the title was transferred to a family friend to avoid a $5000 lien about 7 years ago. Problem: the owner hasn't been able to track that individual down in 5+ years. The owner has been making all the payments on the loan (insured with the bank), and there's a more than 60% to pay on the loan still. 

We spoke to the bank and we are able to assume the loan. We plan on using this house as a rental, so have a flexibility on time to get the title straightened. The homeowner's main worry is to be able to pay the next 2 mortgage payments before he moves out of the country. I also wrote that I would give him a $5000 earnest money deposit 1 week from the contract signing date to be used towards those payments. 

Has anyone dealt with something similar / is it worth pursuing with the courts and lawyer? 

Numbers: Purchase @ $290k

Repairs: $25k 

ARV: $400k

Would this be a situation where I could use a quiet deed transfer? Any help would be appreciated!

Here's our finished product: https://vimeo.com/192682664 I was able to contact a design and arts college student who wanted to use the video for one of his classes. He did a great job and I happily wrote a recommendation letter to his professor :)