All Forum Posts by: Josh Holley

Here you go @Josh Holley

If you're going to come on here and make false accusations in an attempt to defame me, you're going to be exposed as a lying fool. Here are the screenshots below of me asking the seller about your deposit as well as the email where I explained the same to your Realtor/Mom or whomever she is to you. You've really made yourself look like an idiot. While I do not care what happens with your deposit one way or the other, I do hope you've learned something about running your mouth with false accusations today.

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Quote from @Josh Holley:

Quote from @JD Martin:

Quote from @Russell Brazil:

Quote from @JD Martin:

Quote from @Josh Holley:

I just replied that encroachment was shown on previous survey. 

 In that case you should get an attorney involved as encroachment would be a material issue that if known should have been disclosed both to the broker and to any potential buyer. 

 Remember that disclosure laws vary greatly by state, with roughly 50% of states operating under Caveat Emptor...which means no disclosure at all. A quick search shows that Ohio is a Caveat Emptor state with only 1 exception, latent defects. A roof extending over a lot line would not be latent, as it is observable with the naked eye.

 Good point, as I was just thinking about my own state. I don't know Ohio's laws regarding disclosure, so it sounds like that may not be applicable.

 It is only an inch, ridiculous I know. But not noticeable to the naked eye. 

Mortgage surveys have a margin of error of up to a foot if I recall. Also, was it asked why you didn’t switch to a different lender? Sounds like a DSCR loan which means there are at least 100 lender options.

Seller might have a problem if there’s evidence they had a previous survey that reflected the encroachment.

Quote from @Josh Holley:

Quote from @Russell Brazil:

Quote from @JD Martin:

Quote from @Josh Holley:

I just replied that encroachment was shown on previous survey. 

 In that case you should get an attorney involved as encroachment would be a material issue that if known should have been disclosed both to the broker and to any potential buyer. 

 Remember that disclosure laws vary greatly by state, with roughly 50% of states operating under Caveat Emptor...which means no disclosure at all. A quick search shows that Ohio is a Caveat Emptor state with only 1 exception, latent defects. A roof extending over a lot line would not be latent, as it is observable with the naked eye.

I wish that were the case, but it’s only an inch. Ridiculous I know, but definitely not noticeable to the naked eye. This is truly ridiculous. 

 Can you explain how it was hidden then? It's visible. A survey revealed it. It is by definition not latent.

Quote from @Russell Brazil:

Quote from @JD Martin:

Quote from @Josh Holley:

I just replied that encroachment was shown on previous survey. 

 In that case you should get an attorney involved as encroachment would be a material issue that if known should have been disclosed both to the broker and to any potential buyer. 

 Remember that disclosure laws vary greatly by state, with roughly 50% of states operating under Caveat Emptor...which means no disclosure at all. A quick search shows that Ohio is a Caveat Emptor state with only 1 exception, latent defects. A roof extending over a lot line would not be latent, as it is observable with the naked eye.

 Good point, as I was just thinking about my own state. I don't know Ohio's laws regarding disclosure, so it sounds like that may not be applicable.

What is good appreciation?  Are you doing value ad that creates appreciation or is the market appreciating across the board?  There is a reason you can buy a duplex for $120K.  I guess it can't go down much more than that so the only way is up unless you are in Detroit.  Wait Cleveland is pretty much Detroit.  Just on the other side of the lake.  I was just messing with you.  I would never buy in places that has a population that is shirking.  I am an old man and I have learned to not crap where I eat.  This is not myface or spacebook or any of those awful social media outlets where people are a**holes to each other.    It is just an investment forum to help people out.   So don't start off by calling a guy out personally.  People with no skin in the game are telling you it is not hte blue mans fault even based on what you told them.  Man up say you are sorry and be at peace maybe you guys can do more deals long term or fight more and accomplish nothing.  My wife had a soccer tournament so I was bored today or I would not even be reading this stuff.   good luck to you all.  

"Keep it small and Keep it all" and old drunk guy once told me.  Good advice 

Quote from @JD Martin:

Quote from @Josh Holley:

I just replied that encroachment was shown on previous survey. 

 In that case you should get an attorney involved as encroachment would be a material issue that if known should have been disclosed both to the broker and to any potential buyer. 

 Remember that disclosure laws vary greatly by state, with roughly 50% of states operating under Caveat Emptor...which means no disclosure at all. A quick search shows that Ohio is a Caveat Emptor state with only 1 exception, latent defects. A roof extending over a lot line would not be latent, as it is observable with the naked eye.

Quote from @Josh Holley:

I just replied that encroachment was shown on previous survey. 

 In that case you should get an attorney involved as encroachment would be a material issue that if known should have been disclosed both to the broker and to any potential buyer. 

Do the rivers still burn in Cleveland?  Cash flow is good there I assume because it is a crappy place and you can buy something for less than what the framing package would cost you.  I can't imagine you would get much appreciation.  You should want cash flow and appreciation.  Never buy in a market that is in a population decline.  I don't know you guys but even if you think James has a bad reputation you probably should not lead off with that if you are trying to find a solution.  Plus the real estate world is small.  You don't want to burn bridges if at all possible.  You should just apologize and get a beer or get a beer and fight but this is a lot of wasted BS over $5K   

Quote from @Josh Holley:

Quote from @Stuart Udis:

@Josh Holley It appears you have a personal bone to pick with James given his brokerage is not even holding the deposit money. An important fact you omitted. Also you mention he has an awful reputation yet you acknowledged in your initial post you repeatedly buy properties his brokerage represents...not quite adding up. Also a $5k deposit on a $120K purchase isn't abnormal by any means, its less than 5% and this is something you negotiated. 

 More to the point of your post, the agreement of sale should have language detailing precisely how the escrow funds are released to buyer or seller. Independent of the agreement instructions, regardless if its a title company or brokerage who is serving as the escrow agent, its rare for the deposit to be released without a mutual sign off or court order because there are disputed facts. That's the norm. 

What contingencies were included in your purchase and were you within those contingency periods? How did current owner finance the property or were they unable to finance the property due to the encroachment and was this information withheld in disclosures?  Is this roofline encroachment issue customary in this market? These are the facts that will be most relevant to you moving forward. 

This information was withheld in disclosures. Given the seller owns both properties it’s quite obvious they were aware. 

 How would you know that the seller knew the roof encroached on the other property?