All Forum Posts by: Josh Holley

@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. 

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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. 

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May want to check with your seller than! Again have a good day James! 

I have some questions on this one:

1. Would title company insure the property with the easement?

2. If so, why would the lender not lend if given title insurance.

3. Has another title company been engaged?

I have had encroachments in the past and resolved them with easements and no adverse possession claims. While this is not common, its also not uncommon. 

If I wanted the property I would be on the phone with title company and the lender or finding a new lender who would lend on this.

 I have tried all this as I actually do want the property. I’ve also spoken with a few other lenders I work with and none of them would allow the easement. I was told if it’s a shed or detached structure it would be ok, but since it’s a roof they will not allow. 

As best as I can tell the issue is with the lender(s) you selected, not the title. The property title is clear but the lender wants additional property adjoining to cover the roof overhang rather than just an easement or encroachment. That's not a title defect. In my area the seller would normally just sign the release unless they just don't want to sell the property as this would tie up the property where it couldn't be sold to someone else, but I don't see how the broker can force the seller to sign the release.

 I wish it were that easy. I have spoken to several lenders and they have all given a similar response. I have purchased properties with easements in the past with no issues, but they were for detached structures. Not sure if that is why I’m running into issues here. 

 Why not just pay for a survey to detach and sell several feet of the other lot as part of the deal to cover the roof overhang, assuming that wouldn't violate local zoning requirements? That would be cheaper and easier than redoing a roof.

I would think so, but I believe the next door driveway would than create an encroachment for that property which the seller also owns. 

 Are these row homes? I can't picture a roof so close to the property line that it overhangs. In any case, lender requirements or reluctance is not the same thing as a title defect so your best bet is probably to go through whatever channels encumber the title to prevent sale to another or arbitration, unless you want to pay cash. 

Quote from @Josh Holley:

Quote from @JD Martin:

Quote from @Josh Holley:

Quote from @Chris Seveney:

Quote from @Josh Holley:

Quote from @James Wise:

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. 

___

May want to check with your seller than! Again have a good day James! 

I have some questions on this one:

1. Would title company insure the property with the easement?

2. If so, why would the lender not lend if given title insurance.

3. Has another title company been engaged?

I have had encroachments in the past and resolved them with easements and no adverse possession claims. While this is not common, its also not uncommon. 

If I wanted the property I would be on the phone with title company and the lender or finding a new lender who would lend on this.

 I have tried all this as I actually do want the property. I’ve also spoken with a few other lenders I work with and none of them would allow the easement. I was told if it’s a shed or detached structure it would be ok, but since it’s a roof they will not allow. 

As best as I can tell the issue is with the lender(s) you selected, not the title. The property title is clear but the lender wants additional property adjoining to cover the roof overhang rather than just an easement or encroachment. That's not a title defect. In my area the seller would normally just sign the release unless they just don't want to sell the property as this would tie up the property where it couldn't be sold to someone else, but I don't see how the broker can force the seller to sign the release.

 I wish it were that easy. I have spoken to several lenders and they have all given a similar response. I have purchased properties with easements in the past with no issues, but they were for detached structures. Not sure if that is why I’m running into issues here. 

 Why not just pay for a survey to detach and sell several feet of the other lot as part of the deal to cover the roof overhang, assuming that wouldn't violate local zoning requirements? That would be cheaper and easier than redoing a roof.

Quote from @Josh Holley:

Quote from @James Wise:

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. 

___

May want to check with your seller than! Again have a good day James! 

I have some questions on this one:

1. Would title company insure the property with the easement?

2. If so, why would the lender not lend if given title insurance.

3. Has another title company been engaged?

I have had encroachments in the past and resolved them with easements and no adverse possession claims. While this is not common, its also not uncommon. 

If I wanted the property I would be on the phone with title company and the lender or finding a new lender who would lend on this.

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. 

___

 lol see you in court? What would I be doing in court? Have you not been following along here Josh? Whatever happens with you, seller, and your earnest money dispute or any potential lawsuits over it are completely irrelevant to me.

@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. 

Wow, it seems every day there is a new issue. I wonder what will happen next.