All Forum Posts by: Account Closed

Hi, Amber. You're welcome!

Good morning, everyone. For the Philadelphians or those investing in the Philly area, if you hadn't known about this title company, feel free to check out Vista Abstract. It's also an ideal title company to do business with if you're a real estate wholesaler.

http://vistaabstract.com/

Hello, Ralph. I appreciate your reply. We were planning to flip it in as-is condition, however, we may change our strategy. We're deciding that rehabbing the home may be best, as I feel the area is encountering an "upward growth". We just don't know that area well enough, but, to me, the comps that sold within the past 3 months assure me that we'll be making a wise decision to take this on as a rehab project. We're needing as much feedback as possible in order to make our final decision. After analyzing over and over and over again, lol, I've concluded that the house is in one of those areas that people either hate or love. 

Hello, everyone. Any South Philadelphia brokers/agents who view this post, I'm asking for your feedback in regards to helping me determine an accurate retail value for the property below...

725 McKean Street, 19148 --- 2-story, 3 bed/1 bath, 1160 SF

I've run the comps on this one, but would like to see what others are coming up with.

I was taught that when it comes to "comping" properties in South Philadelphia (for most neighborhoods), you have to stay within a 2 block radius of your subject property. When I first began this journey, I would select comps within 0.3 miles of the subject property. I found out quickly that comps cannot be chosen this way for most Philly neighborhoods, as some of the comps would be several blocks over from the subject property. I also stick with comps that sold within the last 3-4 months, however rarely do I include 4 month old comps. In addition, I pay close attention to the full remarks section when selecting comps. For this particular property (McKean), I didn't see enough comps to determine an appropriate retail value, but the cash sales paint a picture that the area where McKean is located is experiencing quite a bit of improvement. 723 McKean sold for $106K cash on 8/1/14 in its current condition (as-is/fix-up/tlc) - too bad there are no interior pics to see its true condition. 907 McKean sold for $259K this past June after 58 days on market - completely remodeled. I was hesitant to use this one to help me yield some type of retail value for 725 McKean because perhaps the 900 block is a way better area than the 700 block. There is also a "renovated active" that has been on the market for over 200 days. Enough of my rambling, lol!

Your feedback is appreciated in advance!

Hello, everyone. One of my Realtor-friends contacted me about a listing he has coming up. The property is a commercial restaurant in Hamilton, NJ. He mentions that it's located in a decent, well-lit area - it's a corner location. He says that the police presence is solid. I believe the asking price is around $50K. There is also 4 bedroom apartment above the restaurant. The restaurant and unit are being sold together. If anyone has an interest, feel free to message me, and I'll put you directly in touch with the Realtor.

We'd gotten the issue resolved. The account for the trust was able to be opened.

@Rick H. Thank you for your input. Yes sir, lesson learned. I'll update once we hear from the bank on Tuesday. 

Thanks for your input @Peter F. 

 No, we're not planning on using the trust for any reason. I reviewed the release form again and it clearly states that my partner and I are the buyers and the Trust is not mentioned at all. It also indicates that the deposit is to be returned to the buyers as set forth in the release. It really baffles me that a new check cannot be issued bearing the correct information. I'm familiar with obtaining an EIN, and I'm in agreement with you that it seems irrelevant to do so since the trust wouldn't be used . I'm just wondering why the release isn't being honored which clearly states the deposit should be returned to us and not the Trust. We'll see what the end result is this coming Tuesday.

@Deborah Smith Thanks! We followed the broker's suggestions and set up the trust and had it notarized. Now, the bank mentions that it's a commercial entity and most likely an EIN needs to be established in order to open up an account for the trust. This matter is becoming more challenging and frustrating. The bank's legal department will give us a final word next Tuesday. 

Hello, I hope everyone is well. My partner and I encountered a dilemma we've never experienced before. We really don't know how to move forward without consulting an attorney, so I decided to post our situation here in hopes of getting some bits of wisdom. 

We made an offer in the name of a land trust that we hadn't formed completely at the time that our offer was accepted and signed by the seller. My partner put up an EMD amount of 1K via a certified check in his name. After consulting a good friend of mine, we decided to not go the trust route and to just use our personal names to purchase the property. We informed our agent via email of the change who, in turn, informed the listing agent. We never signed an addendum mentioning using our personal names. Well, our title company discovered there were massive issues with title and would not insure the property. Due to clear title not being produced, we signed a release from the AOS form confirming that our deposit would be returned. My partner went to pick up his deposit check and realized that the check was made payable to the trust. His name did not appear on the check. He contacted the listing agent to get a revised check. The agent agreed to do so, but eventually contacted my partner and told him that the check has to remain in the trust's name. We were informed by the listing agent's broker that we should finish setting up the trust, get it notarized, take it to the bank to open up an account for the trust and deposit the check. Is there a simpler way to do this? Is this our only option? The error wasn't on our part, as we promptly revealed that we'd be using our personal names and not the trust. It had also been revealed that we would not proceed with establishing the trust upon receiving the signed contract from the seller's side.