All Forum Posts by: James McGovern

I'm not sure about other markets/states/cities etc., but here in Pittsburgh, PA I see a ton of listings marketed on Facebook. I know it is similar to Instagram but there are so many real estate groups on Facebook that have (tens of) thousands of agents/investors/home buyers and once you join, you can market the property in general but also market the open house. Hope this helps!

So, agents do not use anything more sophisticated than posting to social media?

0 Votes

Hartford, Connecticut

Not at all, I asked, what is the PP, how much is the reno, and how much skin do you have in the deal . Also how many have you done,

Reno is $10K which includes a light painting, some landscaping, and replacement of kitchen appliances. Don't need any financing for this as we can cover via credit cards. The purchase price is $256,500 and we are looking for a loan of $80000, we are covering the rest so lots of skin in the game. Done multiple flips over the past three years.

The focus is on the $80K as the gap.

0 Votes

Waterbury, Connecticut

In Connecticut, title insurance is usually purchased at closing by the closing attorney. We are not a state that uses Title companies for closing. The closing attorney will accommodate any requirements a lender wants.

0 Votes

Waterbury, Connecticut

I am looking to stage a cash-out refinance to occur the same day I close on a property. I want to dump all my capital into a lucrative foreclosure property where on closing I will own it 100% and then immediately have a cash-out refinance the same day to extract some of my capital back out.

2 Votes

Waterbury, Connecticut

Quote from @Peter P.:

The carrot or the stick? find some way to incentivize them if you do x I'll do y (the carrot) or you can threaten small claims court or collections (the stick). Not knowing the situation its hard to guess what an incentive could be. Only other advice is this is usually what the deposit is for so is their a deposit in play, try to negotiate for it to be transfered to you as part of the deal.

There is no deposit. This is for a foreclosed property where we want them to pay up all their utility bills before being evicted. In Connecticut, when these bills are not paid by person being foreclosed, they get transferred to new owner.

0 Votes

Hartford, Connecticut

You are not providing enough info to us to see if we would lend you the funds. You also do not have any idea when it will close or even if you will get it. 1ST provide the answers to my questions above. Without it nobody can tell you

Good luc

Are you saying that a lender cannot make a commitment without knowing an exact date upfront? if it was say August 19th vs August 21st, how much does that really matter to a decision?

Being honest upfront by saying that court could stop the transaction is bad? How?

0 Votes

Waterbury, Connecticut

In a foreclosure, the court has to approve the purchase agreement and doesn't commit to a date for when they will do this nor guarantee timeliness.

This issue is that for a foreclosure property, title insurance is issued at closing, so making the existence of title insurance part of underwriting is a chicken/egg challenge.

0 Votes

Waterbury, Connecticut

Quote from @Scott Wolf

I don't think any lender will give you a CTC with no title insurance. Most lenders want to be in first position.

This issue is that for a foreclosure property, title insurance is issued at closing, so making the existence of title insurance part of underwriting is a chicken/egg challenge.

1 Vote

Waterbury, Connecticut

Looking for a hard money lender that has a straightforward process for lending:

1. Loan amount if $100K. Don't need to finance any more. I will cover rehab
2. Need to close in 30 days and have it fully underwriten prior to close date
3. No inside access to property till closing
4. No title insurance copies or homeowners insurance till closing
5. Court has not yet approved sale nor closing date

0 Votes

Waterbury, Connecticut

How do agents market upcoming open houses for their properties other than posting to Instagram and setting the open house times on the MLS?

0 Votes

Hartford, Connecticut

All Forum Posts by: James McGovern

James McGovern has started 119 posts and replied 329 times.

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