All Forum Posts by: Julia Fergo

@Stephanie Goodman Thank you Stephanie

@Stephanie Goodman thank you...now where do I start ..as we don't use attorneys for buying real estate here in LA, but have escrow officers and real estate agents who don't know much...I have to outsource some how..and what shall i pay to read through the thing... 

@Justin Fernandez thank you! I agree. The difference here in LA we don't use lawyers , it is agents and escrow officers

Hi BP community!

 I am in escrow for a Single Family House in LA which I will either rent out or use for house hacking, yet to decide. I have an experience buying before, but than it was a condo, now a house. I  use sellers agent for this property. i believe in this strategy - going with the sellers agent, in LA hot market this is an  advantage non cash buyer can get when there are multiple offers. With that being said,  I don't have much of help analyzing the paperwork as i would have using buyers agent..) I am reading all the Escrow docs by myself and not sure whether I need to run it through an attorney to make sure. Do you guys have any tips to analyse the docs and hidden pitfalls? Are there any fine prints i need to look for? would appreciate your advise.

@Devan Mcclish Thank you for your reassurance. What is the worst they can do regarding the request for repairs? Other than say 'no' or give me less than what I ask and let me deal with the decision? My though was I shall try and ask once I am in escrow. Because any next buyer will see what I see and they might have the same request form the next buyer..

In escrow 15 days by now, towards 45 days close escrow. The property is in LA where I live,  the real estate agent represents both seller and buyer. I am done with inspection and forwarded request for repairs to the seller.This morning the agent calls me and informs that the seller received a letter about a lien from the lender and nobody knew about it. The house is in Trust on sellers mother name and the mother just passed away a month ago, and this why the house is for sale. the agent also complained about the reverse mortgage that somehow could be the reason for the lien...  she said it would take few days to figure what is going on. My question is what is a possible scenario? Also - could it be a way out of escrow because the agent mentioned there are 3 back up offers the property received already, my be more and here I am asking for repairs...:).

Huh @Ned Carey i love it, right to the point!! I am laughing but at the same time i realize how pathetic I am need to learn more.... never late to learn and die stupid...:)

Thank you guys for the valuable information. It just cleared the picture for me. @Ned Carey got it, as long as i am planning in the future to sell and benefit from the 250K capital gains free profit I shall not do the LLC! Nobody told e that before...:( Would you please advise where can I learn about the warranty deed? I will have to look for a new accountant and real estate attorney as well. @Account Closedthank you.

i am in the beginning of 45 days escrow process to purchase a house in LA which i will use either as rental or live in one room and rent another. what would be the right thing to do right now? to form LLC before title exchange to my name? or shall i just buy on my name and quit clame later? or - i just have read a blog in BP by Ken Corsini that not Quit claim but rather should be Warranty Deed.i have to say my CPA doesnt know the answers...:)

@Gene Hacker i appreciate your feedback...I find it very difficult to for myself to evaluate any market , which I don't live in. Bakersfield scares me with the huge amount of houses for sale and for rent that are available. I use trulia and google to see demographics and what is around the neighborhood, but still need more understanding and confidence to know what i want to buy.

@Nicole B. thank you for your advise.I agree with you 100%. For now i am listening to BP podcasts and read a lot on the internet. Yes i started to use their calculators...Also Igo to some real estate summits and educational meetups.