All Forum Posts by: Jerel Ehlert

The underwriting due diligence doesn't change much from a purchase loan to a refi.  Every lender is different, so if you have problems with one lender, check with another.

 Geneva Convention covers serving process in foreign countries.  

Most of the time, I will just send FedEx (or the equivalent) to the defendant and hope they answer without the cost of a process server.

In Texas, I ask the process server to file an affidavit and request permission for alternative service.  Preferred is a skiptrace for good mailing address and certified mail by process server.  If just completely unknown, notice by publication in the official newspaper but judges don't like it.

You can't win a court case by avoiding the process server.  That just guaranties you will loose (default judgment).

Laws vary GREATLY by state. I'm only licensed in TX and don't know where you are, so seek competent legal advice from an attorney licensed in your jurisdiction.

You don't.  That's the short and sweet of it.

Laws vary GREATLY by state.  I'm only licensed in TX and don't know where you are, so seek competent legal advice from an attorney licensed in your jurisdiction.

Any kind of sub-2 I've seen involves getting several signatures from the owner.  Owner is dead (condolences for the loss of your aunt), so that's out.  PoA expires upon passing of the principal (your aunt), so that's out too.  You need to probate her estate under the laws of where she resided.  

That's the only legal option.

Hard to say exactly what type of sale this is from - what is the basis of the sheriff's sale. Back taxes, judicial foreclosure, POA/HOA, mechanic's lien, or something else...

First, laws vary GREATLY by state.

You need to understand the basis of the suit allowing the foreclosure.  The lien that is judicially foreclosed will determine what gets wiped out (all junior) and what stays (all senior).

Generally, yes. NOO are more likely to default in paying association fees. Condo regimes rely on those fees to pay hazard insurance, maintenance to common area items, and shared utilities. All this plays into the value of the collateral (your condo unit) they take a security interest in to back the loan to you.

Laws vary by state, so check your local statutes.  Second, check your written lease.

That said, in most jurisdictions you cannot charge for normal wear and tear.  Deposit should only go towards repairing DAMAGE.  Not pay for your make ready.  Carpet cleaning and painting, unless EXCESSIVE, is on the landlord.  Almost every state court will strictly construe the lease against the landlord.

In TEXAS, the only state I am licensed to practice, I am seeing more language putting the burden of landlord's make ready on tenants.  This is a violation of the property code.  I have one suit already against a landlord in an egregious case where LL went way over the line.

If landlords fail to restrain themselves, the legislature will.  There are lots more tenants who vote than landlords who lobby.

Typically, investors BUY sub-2, then SELL on a wrap (has underlying loan) or owner financing (no underlying loan). I draft these all the time. Most REIs would never SELL sub-2. As an investor and lawyer, I would never, ever, ever do a land contract, CFD, or any form of L/O sell (L/O buy, sure). All of them are executory contracts and virtually impossible to comply with as the seller.

If the MH is attached to the land and registered as such, it's treated as any other piece of real property.

Hope this helps.

Very tricky, from a legal POV and easy to mess up.  Not sure exactly where this is at, but your profile says WA.  I'm only licensed in TX, so you should consult a lawyer in your jurisdiction.

First, figure out what's the subject matter of the transaction.  Sounds like you have two components that might or might not be in a single transaction:  Real Estate and Business.  1) Buyer can buy a Business, and include the RE; or 2) a) Buyer can buy Business and b) Buyer can buy RE (two separate transactions).  Almost NEVER will you have the case where Buyer buys RE and Business is included.

Purchase of Business implicates possible securities law.  CAUTION.  Unless your advisor is a business lawyer who knows about securities regulations, chances are higher that errors might pop up later.  Business brokers are a no-go.  Unless licensed as a lawyer, they are practicing law without one (illegal in every state).  Just no way around it.

Purchase of RE can be straight forward, but you have an SBA loan you personally guaranty.  Buyer should bring enough cash to retire that debt.  Easiest way is to get a 3rd party loan to buy the real estate.

If you want, you MIGHT owner finance some part of the purchase of the business, but even then you should pull credit and get personal guaranties from each principal and their spouses.  Secure your loan any way you can.

Good luck.

Seller assigns the leases to the buyer.  Seller should also send notice to Tenant that lease has been assigned and should send rent to new place for payment, signed by Seller and Buyer.  Be prepared for T to keep sending 1 - 2 months of rent to old place.  Forward to new.  Deposit is Buyer's responsibility to return under Tex. Prop. Code, but whether it is turned over or credited to Buyer, is up to your negotiations.  Buyer entitled to full files on T's at least by close, but may be negotiated when in the pre-closing process they get the files (copies).  Failure to disclose is Seller's biggest issue.  If you turn over everything you have by/before close on the Tenants, Seller shouldn't have much of a problem.