All Forum Posts by: Steve McGovern

@Mark Pemberton briefly,

1) you're between Boston and Portland.

2) yes, the economy is HOT.

3) It's summer. It is always harder to get a Contractor's attention in the middle of the summer.

4) even in the off season, you often have to wait months for the good ones.

5) try Thumbtack and Angie's List and... simila sites. At least there's some competition there.

All that said, what are you looking for? Plumbers? Electricians? GCs? Painting?

@Jeremiah Hatcher you have great advice here and others have answered your

questions. I only want to give you one more justification that others have touched upon but not said outright (at least that I saw):

Rates are about risk.

In your very first or second sentence, you told us your credit score. I assume you're savvy enough to understand that you will get a better rate than someone with a 640.

Now, take this understanding and apply it to the property too: a perfect, SFH purchase will be worth (Rate) but a construction loan, with no money down, entails more risk. It will require (Rate +). Where's the risk? You could walk away; your contractor could walk away; they could drive a backhoe into the foundation; you could get through framing then run out of money (etc.)

Construction loans will always cost more, same way that people with lower scores or who need more capital will cost more.

Rates are about risk.

@Adam Craig I sold Ben Moore for almost 10 years. I agree with the others who say neutrals or opposites. (Gray, beige, or green, specifically olive or sage on the green side. )

You want the brick to stand on it's own. It's BRICK, after all. It's a great classic brick, too. Not too homogeneous or orange.

Someone said do NOT paint the brick. I agree. I would add, do NOT try to match it either. You will fail.

Tudor brown MIGHT work too but that's a risk.

@Wayne Brooks yes. Theoretically that's plausible but it shouldn't hold up this transaction and cause radio silence.

Also as I mentioned in the email after you asked, Orlans is one of the.... top 3-5 foreclosure firms in the area, so even if their POA wasn't recorded WITH this transaction set, it SHOULD be readily available in the county in the requisite time frame prior. These aren't usually sole- purpose PoAs. They're usually limited by time, if I recall. (6 or 12 months, give/take.) Someone else may be better-suited to call out the standard at this point.

@Rich Hupper Orlans Moran is everywhere here. I would find it hard to believe that it was JUST their POA that was at issue. The connective tissue between GMAC and (someone) is what is usually at risk here. Operative word: usually.

They say it all the time: the money follows the NOTE, which remains behind the scenes, and the Mortgage just goes along for the ride. The thing is that Mass disavowed that concept through this ruling.

@Rich Hupper I meant to buy out the original, foreclosed owner. HOWEVER @Tom Gimer had a great point: maybe it's not the assignment.... maybe its ONLY the Power of Attorney between the parties.

Honestly, considering the track that Massive tends to take on matters like these, it may not matter. When it's wrong, it's wrong. Mass tends to revert ownership. This is a pro-consumer state in every capacity.

So. Ask your atty If this is an Ibanez matter, or if they just need to record a confirmatory deed or power of atty. Then you'll know the likelihood of getting this done.

@Tom Gimer you've absolutely got a point... hopefully it's that easy.

@Rich Hupper looks like that went through. As you will see, these assets CAN'T POSSIBLY pass via the marketable title doctrine. This isn't a "cloud," it's an F3 tornado.

...and even if it did (once) then each subsequent passing can't. The current owner probably snagged it prior to the ruling. That's my guess. You wont be the last to walk away.

my advice if you demand to buy this-- you need to buy out the aggrieved party. Acquire a quitclaim deed from the foreclosed party and you're good. That'll cost you some money but it's the safest way. Maybe someone will be happy to have $20K for something they lost 10 years ago.

Other thoughts:

1) No licensed atty in her right mind is going to help you with this. They can be disbarred.

(Bad idea already, right?)

2) if this somehow goes through (without the quitclaim, that is) be prepared for the same issue on the way out (!) If every asset is purchased to ultimately be sold, and this is unsellable, then what's the point?

3) ANY TENANT who you tick off and who does the research can actually challenge your authority as owner and absolve themselves of the need to pay you. And this is Massachusetts, not Texas.

4) if you do all these things and are ready to take the risk .. pay yourself for it. Negotiate a 50% discount on the purchase price on the lack of marketable title. Or at least the 20K discount for the deed you'll need to acquire from the aggrieved party.

A) expect same from your future buyers. If You ever have a buyer.

5) better than any of those, WALK AWAY. Live to fight another day.

@Rich Hupper

massrealestatelawblog.com/tag/ibanez

@Rich Hupper that's kinda what I was afraid of. You need to wait on this one. The owner may have recourse.

In a separate email I'm going to send you a link for an introduction to this matter. If that doesn't come through (I'm on mobile) search

mass Ibanez foreclosure

On your choice of engine. I'll give you a starting point.

--EVEN BANKS wouldn't sell these assets REO. Talk to your atty in earnest. I'd recommend Ed &Shelly Rainen in North Andover if you don't have one yet. They are regional title experts. And I mean experts. They are Certified as title Attorneys for the Mass Land Court.

Link to follow immediately. If you dont see it, s see it , it's BP