All Forum Posts by: Rodney Williams

I did find that Wells Fargo did Quit Claim this property for $9,000 to the co. trying to sell it to me for $16,000, and that there is $4500 in past due taxes. Would the reason they didn't get a Deed be because there are past due taxes?

The reason I was thinking they are the Note holder, and as you said they may be, is they are offering a package of homes and cut this one out of the package. I've never run into this before.

Thanks for the reply and info Don. So is this what a purchaser of notes gets, is a title with no warranty?

I posted this in the Note Forum 5 hrs ago and no answer. Maybe someone here can help

I was scouting for houses in my target area and called the number posted. After talking to the seller it sounds like they purchased NPNs because he said the closing would be on a Quit Claim Deed leaving me responsible for past due taxes and such. Also he said they had other houses and this one was out of a package.

I want to flip this quick, and can do so even with the past dues I found. I just am not sure if this will work like and normal closing and let my end buyer file Quiet Title or not. Any help appreciated.

The signing of documents happens by both parties, then the closing agent faxes those documents to the closing agent for the lender, a funding number is issued after everything checks out and the funds have to go through a transferring process that flows through the Federal Reserve. This could take anywhere from 30 min to an couple of hours, and I have seen times when it takes longer.

If closing on a Friday afternoon the funds may not be ready until Mon. or Tuesday.

Keep calling the title agent until you get an answer. Be polite but firm.

In the "commercial" lending world it is usual to have up front fees. This is due to the fact that the company believes you are a qualified investor and are ready and willing to move on a purchase.

The fees are typicaly for the appraisal, (commercial appraisals are much higher than residential, some start at $2500), and other aspects related to the purchase.

Sometimes the lender will refund part of the fee if the deal falls through as not eveything is done at one time. It can take at least ninety days to close a true commercial loan. It is very different than a residential purchase.

The appraiser will have to get into the house and you will be the one with the key. Just ask questions without getting in the way. They can adjust the subject to the comps. The better adjustments come from new roofs and or wiring, these bring the house closer to brand new. A good appraiser will make the adjustments. Also they will have knowledge of the purchase price to your buyer, which gives them a target to aim for even though it will not influence them.

Do they do this anywhere in Fl. or is it specific to West Palm?