All Forum Posts by: Galen Dawes

Thanks to everyone for the excellent feedback. I feel my pockets getting bigger already.

Thanks

Hi

I am about to purchase a home cash that will take me about 3 weeks to renovate. I am sure I will have a contract within the first two weeks of listing it. I am worried about the old 90 day rule that alot of lenders still go by. Does anyone know of any lenders that do not follow this old rule that I can recommend to my buyers where the 90 day rule would not be an issue?

I havent heard back from my closing attorney to see for sure if the title is clear or not. I was just trying to see if it is clear, do you think I do not have a good case taking it to court. When the seller and I were first informed the title was not clear, I told the seller I would be willing to use another closing attorney that could provide me with enhanced title insurance policy and asked him who would he recommend. No response.

No agents were involved either. Only me, an individual;Seller - LLC - Principal of the LLC and the Closing attorney - Morris, Hardwick and Schidner

At this point, Ive got an accepted contract on another listed property. Before then I was willing and able to purchase the city of Atlanta property that the seller is no longer willing to sell. Do you think I would need to hire a lawyer. I really didnt want to have to pay a lawyer 1500 or more to attempt to get back 2500. If I could represent myself I would rather do that. Whats your take on that? I do not know the sellers physical address since he uses a P.O Box for his LLC. So I'm not sure how everything is going to go with the fact that the Seller is an LLC.

I apologize but I forgot to include this in my original post. The seller says he told the closing attorney about the quiet title process and that the closing attorney should be able to look it up to see there was a court order that made the title clear. When I spoke to a business partner of the seller last week which was at the around the same time the seller demanded earnest money and denied signing the termination and release. He told me they went through the whole process of quiet title and there was a court order that proved the title was clear. He sent me something from www.gscca.com (Georgia Superior County Clerks Authority) about the court order. I forwarded this to the closing attorney. He said he was going to resubmit the entire title back to the title insurer. He also told me that if they made a mistake that I would not be held accountable since at the time of closing the title was not clear based on the information they provided to me. My closing attorney will know if the title is clear today sometime. The seller does not even want to sell the property to me anymore. All he wants is the earnest money since I did not terminate the contract or extend it before the closing date. I really appreciate everyone responding so quickly. Bigger pockets is the best thing since sliced bread. Only wish I would have used it sooner. So smalls claims court is my next step?

Hi,

I entered a binding agreement with the Seller to purchase an unlisted property in Atlanta, cash. The closing attorney is holding my $2500 in earnest money. In our contract it states: Seller agrees to furnish a marketable title to the said property and agrees to convey by Limited Warranty deed to Purchaser at closing, subject only to the following:
a. All valid restrictions of record; and
b. Zoning ordinances affecting same
Purchasher shall have reasonable time after acceptance of this Contract in which to examine title and in which to furnish Seller a written statement of objections affecting the marketability of said title. Seller shall have a reasonable time after reseipt of such objections and if the Seller fails to satisfy such valid objections within a reasonable time, then at the option of the Purchaser, evidence by written notice to Seller, this contract shall be null and void.

5 business days after the date of the binding agreement the closing attorney informed me that the title was not clear. There was an open security deed for $176k and a couple of other smaller liens to someone that may be a business partner of the Seller. At this point the Seller was furious with the closing attorney telling them and me via email that the house was purchased at a tax deed sale and the title was clear. He requested the title work from the closing attorney in which he was denied but the closing attorney was willing to make him a summary of what the title showed. This sent the seller into a rant about how he had never been denied the title work. I tried to call and email the seller to let him know if he wanted to use another closing attorney that could provided me with an enhanced title insurance policy I would be willing to use another closing attorney since he felt very strongly that the title was clear.

I wanted the house so bad I failed to terminate the contract or extend it before the said closing date had passed. My closing attorney informed me they might have been able to get a release on the open security deed and that the closing attorney had spoken to one of the sellers partners and he agreed to pay the liens with the exception of the open security deed.

Once the said closing date passed the seller stop communicating with me. I attempted to call to expressed that I wanted to purchase the house and would be willing to wait a few weeks if he could provide a clear title. Seller did not respond

The seller is not willing to sign termination letter since closing date has already passed. He is requesting the earnest money be sent to him due to my default. The closing attorney can not release the funds unless both parties sign the termination and release letter which the seller is not going to do. The closing attorney is saying it would be best to work it out because if he has to turn it over to the court it can be a big hassle for everyone. How do I take the Seller to court over this matter? I'm not sure what to do next but I want my money back even if it takes a year or two.