All Forum Posts by: Joe P.

I did not mention I am paying cash for the property.  The current owner owns the property free and clear and has owned it since 1952.  Seems like a very simple transaction and I would kind of like to learn how to close myself so I may go that route.  Would an attorney eat up all my cost savings of not getting title insurance?

I am purchasing a vacant land property for $1500 and do not want to spend almost $600 to insure it.  Does anyone know of any title companies that are willing to handle the transaction without issuing title insurance?  In the Harrisburg area would be ideal but anywhere will do as long as they can close on properties in Erie County.  If I don't find anyone I will probably learn how to close myself.  

@Josh Caldwell would that be considered a land contract?  Could any title company help me out with that or would I need to use an attorney?

Interesting.  Could you explain further?  I'm not even sure if this property is suitable for a residential property.

Sure It's about 2 acres.  On an intersection of 2 relatively well traveled state roads.  It's bordered by a couple houses on one side and another wooded vacant parcel on the other.  It has a small power line easement next to the creek.  I think I covered everything.  It's a pretty simple vacant land plot.

Thanks @Kyle McCorkel!  I have asked some questions on here but in many cases it seems difficult to get a straight answer.  I typically get different answers of which I don't know which one to trust or "it depends so talk to a lawyer"  

Thank you for the input everyone!  That was very helpful and I am getting things sorted out now!

I have a vacant land property that I have been trying to get rid of for 6 months and I need to sell now so I'm weighing my options.  

I can either sell at a loss for cash or finance it to someone for a potential profit so I am wondering what costs would be involved in the event of a default on this property.  If they defaulted is it a certainty that I would get the property back or is it a maybe?

The property is flood zone and apparently has limited uses so that is why I would be worried about a default.  

I'm just looking for a referral for a good real estate attorney in the Harrisburg, PA area. I am fairly new to real estate investing and I would like to have some contracts reviewed and some questions answered. I would prefer someone who mainly deals with real estate law and real estate investors. Any referrals are greatly appreciated. Thank you!

I have the opportunity to purchase a property at a steep discount but there is one potential issue I am unsure about.  The woman I will be purchasing from says her ex husbands kids are claiming to have an interest in the property.  Here is a scenario of what happened in the past:

Mr. and Mrs. Smith bought this property

Mr. and Mrs. Smith got divorced and did nothing with the property at the divorce

Mr. Smith dies

Mrs. Smith takes death certificate to county to have property changed to her name as sole owner

Mrs. Smith would like to sell to me but says Mr. Smiths children are telling her they have an interest in the property.

If Mrs. Smith sells me this property would there be issues for her if Mr. Smiths children do in fact have an interest in the property?

Will there be issues for me if I buy the property and this is the case?  What about if I purchase title insurance?

I am thinking that if she sells me the property, any unclaimed interests in the property would then become my problem as the property owner.  But if I have title insurance this should eliminate that risk for me.  Am I right?

I will be speaking with a lawyer about this but just wanted to get as many opinions as I can.