All Forum Posts by: Leo Kingston

I am a cash buyer in Lawton, Oklahoma,.

Glad to have you on Bigger Pockets @Doan Cesar and @KeeganMattick

I"m in Oklahoma City, if I can help: please reach out.

Change is not usually a comfortable thing, unless we are changing to something easier or more familiar to us. Well, the new residential closing documents I’ve written about a couple times already are neither easy nor familiar. They are proving to be problematic, to say the least.

Real estate professionals call it TRID, which is short for Tila-Respa Integrated Disclosure. But some have suggested it’s an acronym for something else entirely. Apparently a growing number of agents and brokers agree that TRID actually stands for The Reason I Drink.

Closing delays have become commonplace, and closing delays create a host of other issues in their wake. Additional costs and magnified frustration with lenders’ requirements compete with the near-impossibility of having the required buyers’ walk-through of an empty house three days prior to their closing on it.

I can only assume the new 3-day rule was set by somebody who has not participated in many residential closings. It was probably suggested by an apartment-dweller and legislated by people who have their staff members or their brokers take care of domestic matters, such as a home sale.

Expecting sellers to vacate their homes 3 days prior to closing is unrealistic, and completely unprecedented. It is certainly not easy or familiar, is it? Therefore, the change is painful.

But I have to say one thing about it… One buyer I know would LOVE to have TRID requirements forcing her sellers to move out 3 days prior to closing, but it does not apply to her privately-financed residential transaction. Her sellers are elderly, and simply ill-prepared to be out by the closing date.

There are certain exceptions to TRID requirements. According to the American Land Title Association, the following types of loans do not have to comply with TRID:
Home-equity lines of credit
Reverse mortgages
Mortgages secured by a mobile home or dwelling not attached to land
No-interest second mortgage made for down payment assistance, energy efficiency or foreclosure avoidance
Loans made by a creditor who makes five or fewer mortgages in a year
And, in addition, 100% cash transactions (no lender involved) are also exempt. HUD-1 forms were not formerly required to close cash sales, and TRID documents are not required to close cash sales now, although either the HUD-1 or the TRID forms can be used if the parties so desire.

In my own real estate businesses, I regularly have some transactions that must be TRID compliant and others that are exempt from TRID. Can you guess which ones I prefer?

But the home buyer I mentioned earlier doesn’t have the force of the new law working for her, and her sellers and their agents are not feeling as much pressure as they would undoubtedly be feeling under the TRID requirements.

These are my thoughts on implementing TRID so far. What are your thoughts… don’t be shy!

Welcome @NicholasRizzi

Bigger Pockets is the very best site to find all your answers to real estate.

There are many experts here.

@JoshMcLoud 

Welcome to BiggerPockets

Hi @SteveBuckingham 

I wish you well with the properties in Oklahoma and I know you will do great.

#SeeYouAroundTheCorner

Oklahoma City is a city on the move with many opportunities and reasonable housing. 

My business: 18002SellHomes is multi-faceted; Our buying team includes team includes @ChrisBrock and @JohnKrogstad. We specialize in wholesaling; talk with John or Chris about real estate investing call 405-521-1800.

If you are Interested in becoming a Realtor contact @CarterSteph with Kelly Kingston Homes. 405-521-1817

Oklahoma Limited Liability Company

https://www.sos.ok.gov/forms/FM0074.PDF

This should help you start.

Good luck!

Leo Kingston

The deceased mother is the legal owner (Tax assessor lists the owner as: late mother).

This needs to go through probate.  Yes the 4 children who want to sell can.

In Oklahoma any of the owners may file a Petition with the Court asking that the property be "Partitioned." The end result is a forced sale if the owners are unable to agree to one (or more) of them buy out the other(s).

Sorry, I can't recommend a good attorney in your city Catoosa,OK.

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Buying real estate at auction is nothing new. But seeing a 309,734-square-foot office complex in Manhattan Beach, California sell for $96.1 million on Auction.com is definitely a new experience. So far, it’s a record. But I’d be willing to bet it won’t hold the record for long.


Local multiple listing services and individual real estate firms have listed and sold properties online for decades. And craigslist has long been a viable alternative for owners of homes and business buildings who choose to sell by owner, as well as additional marketing tool for licensed agents.


But now there are plenty of other platforms where real buyers can show up and bid on property instead of simply discovering data and then sending an email or text to connect with the agent or the seller.


I’m not talking about only repossessed or distressed propertieshere, either. Many listings are high-class commercial buildings and lovely, livable homes. Owners have made a financial decision to put their real property up for auction online because it serves their needs better than listing with a local agent.


Hubzu.com is one example of an online real estate website where sellers can list their homes (residential listings only) located in Florida, Texas, California, Georgia and Illinois. Online real estate auctions are not legal in all states. On Hubzuyou see the current bid, updated every half hour or so, as well as the date and time the bidding will close.


************** sells homes and land online, along with tax lien certificates and jewelry. No, it’s not an online pawn shop but, to me, it has the same look and feel.


If you like that pawn shop environment, don’t miss out on the fun to be had at USA.gov, which is where United States government agencies liquidate real estate and also other assets that have come under government ownership, such as airplanes, jewelry, art, vehicles, antiques and computers. In case you’re wondering why this government website also sounds like another online pawn shop, here’s their explanation:

“Government agencies have these items for sale for several reasons. Some law enforcement agencies sell the seized or forfeited property of criminals. Other agencies sell items that were forfeited because of nonpayment of federal income taxes. Finally, some of the items are available because an agency surplused them and no longer needs them.”
But back to regular real estate for sale at auction… A quick look at Auction.com today reveals just under 250 homes, condos, multi-families and lots up for auction now and in the near future, all of which are not bank-owned or in foreclosure. But that selection pales in comparison to the nearly 25,000foreclosures up for sale at auction in ten states, California, Florida, New Jersey, Michigan, Pennsylvania, Georgia, Illinois, Ohio, Arizona and Washington.


It’s like Ebay for real estate investors… but it’s all real estate, all the time.