All Forum Posts by: Chan K.

@Justin R.@Bill B. Thanks guy. Yeah, I will call the city after the Holiday to see if they can do anything about it. 

There was a pipe burst in my basement last month, but I did not think it was that much. We are talking about 13x. I used to pay $300-400 every cycle.

@Dennis M. tenants already confirmed there is no leak in their unit. We also checked the basement. There is no further burst/leak.

When you said expert, who do you refer too? Is it plumber or some other professions.

Thanks

Hi Everyone and Landlords,

I just got a water bill from the city for like almost $5k. It is 13x of what I used to pay.

I checked with my tenants in the building to see if they have any issue with their toilet, sink, tub .. running constantly, and everyone is responding with nothing is broken or running.

I am just curious to see if anyone ever ran into similar problem. I am assuming I am stuck with the bill now..... is there anyway I can get around reducing the payment or avoid this .... I am just curious... Please let me know what you think.. 

Thank you

@Jay Hinrichs I guess I've learned a bit about title with this threat.

@Tom Gimer Thanks for the feedback and counseling. I will be sure to ask and negotiate for that tomorrow.

@Brad L. the lender/closing attorney never sent out title commitment. FYI: I never got such letter even when I closed on the multifamily rental with the portfolio lender. 

Typically, they send something call HUD and lending commitment letter. The commitment letter is pretty stating that I am getting the financing to buy the house 100%. The HUD just list all the closing fee, and the down payment that I have to bring in.

"If they miss the mortgage in their title search", all these things happened in the background. I don't have much insight. 

@Jay Hinrichs is correct. "buyers just trust their closer to say title is good" this is guy like the flow since I start buying my first home, rental .. etc. I never have a separate attorney to confirm that the title is clear. 

@Jay Hinrichs you are correct. My lender and closing attorney told me that this situation occurred frequently. Typically, the seller does not know that he has to record his discharge at the registry of deed after he paid off his mortgage. 

@Charles Kao I agreed that after the light is off, then everybody is stepping off. So I need something in writing to assure and bind the accountability from the seller and closing attorney/my lender. 

@Brad L. My lender and closing attorney called the seller's lender to confirm that he is paying off his mortgage already. My lender already agreed to write something up for me to make sure that I feel comfortable. Unfortunately, if I decided to close, I don't think I have enough time to go back/forth to get that paperwork wrap up before 9 AM tomorrow. What trouble me even more is that I did not find this out until late in the afternoon today, and my closing is tomorrow at 9 AM tomorrow. 

I did the following:

1) I called an attorney that I closed with in the past to get his opinion, but he has not called me back yet

2) I called the registry of deed, and they told me that they don't have any problem with my closing without the seller record is discharge

3) I talked to my lender. He called the seller lender to confirm that the seller already paid off his mortgage 10 years ago. The lender agreed to write something up for me at closing. 

For now, I decided that I am going to proceed with the closing with some write up from my lender with key point: mortgage already been paid, and that seller to record his discharge within xx-day/week. Then I will have seller sign off on it too. 

If I ever got a call back from the attorney that I called in 1) prior to 9 AM to stop, then I will cancel the closing.

In the meantime, I will write up a letter to bring into the closing with me as well to be prepared for the lender and seller to sign off in case the lender forgot his write up.

Thank you everyone for your insight and valuable feedback.

Hello Everyone,

Quick question:

I am in the process of closing on a primary single family residence. 

Apparently, according to my lender/closing attorney, the seller's lender sent the discharge paperwork to the seller like 10 years ago when he paid off his mortgage. 

Unfortunately, the seller never had it recorded at the registry of deed, because he did not know.

My lender recommended that I still can go ahead and proceed with the closing as the seller will get the discharge record in a few weeks post the closing.

I am just getting nervous as I never ran into this problem before. Usually, the seller will get the money from buyer, and the discharge would be in place and record within 1-2 days apart from the closing date. 

I just want to find out if anyone ever ran into this issue before.

I also want to get some opinions if I should proceed with the closing, or wait until the seller is addressing his discharge paperwork/record.

Thank you ahead.

@Diana Muresan you seem very familiar with the FreddieMac small loan. 

I have a quick question for you if you don't mind. 

I have multiple small multifamily buildings holding by various local banks. 

They are about 5 minutes away from each other.

Would it be possible for me to combine all of them into 1 FreddieMac min 1m loan. Maybe, I can do refinance cash out. 

@Dave Foster Thanks you for the clarification. 

Yeah, I have been living in the house for about 10 years. 

So sound like, I can rent it up to 3 years. As long as I sell it before the 3 years, then I won't get hit by the capital gain. If I want to avoid the capital gain after 3 years, then I can do 1031 exchange.   

@Joe Splitrock thanks Joe for the advise. The company does not want me to talk directly to the worker.

@Ed Emmons Sound like I can't get away without communicating with the town. 

FYI: I was planning on doing the plumbing/Sheetrock/demo myself, but hire a licensed electrician for any electrical work. 

The old business that was in there before has CO/fire detector. The place has two doors (meet egress requirement?). It is located in the first floor that has access to basement backdoor as well.

Perhaps, I should list the place as-is. If I am not getting query/response, then proceed with the discussion with the town about the studio idea.... any thought anyone??