All Forum Posts by: Pamela Baker

I am currently on title with my step-father.  We are preparing a Quit Claim Deed to release my step-father from title.  

My question is: since we are both already on title, which of the following best describes our situation:  (Note: no money is being exchanged and he will not be living in the property)

• A gift among family members where no money is exchanged
• A transfer among family members where only nominal consideration is given 

Yes! Thank you. Thats what  Im looking for.    Thank you for clarification.

After looking further, the property is listed on the MLS, and is in foreclosure status. Looks like there is also an auction date. I'm assuming it is listed as short sale to stop the foreclosure.

Any advise or strategies on purchasing a property that is listed as a short sale without going thru the short sale process, i.e., take over payments.  What are the steps to this strategy? AlsooOpen to any other ideas.

Your LLC purchases a property fixes it up.

Can you become the renter of the LLC's fixed up property ?

Ken, I can't speak for anyone else, but they did not fund anything with me.  They took the money and denied funding; never even went to the property.  We asked before sending money if they thought they could do the deal.  We were assured it could be done and within the time frame.  Turns out they could not do either.  Mind you, this was couple years ago.  Maybe they've revamped by now; I dont know, but I would proceed with caution.....

I see.  Thats what I thought, but needed to make sure I was understanding this correctly.  

Hello, 

I've been hearing a lot lately about purchasing property "Subject to".  My question is, once Seller agrees to deed property over to Buyer, is the Buyer now on the hook to cover mortgage payments until they find an "end Buyer" to sell to.  If so, where is the interim Buyer getting money from to cover mortgage until he finds the End buyer?  

Yes, Jonathan, I too have learned my lesson.  My experience with Do Hard Money was over a year ago.  I've learned since then to have back up plans.  Its a shame that this company is still up to the same old thing a year later.

I would stay far away from Do Hard Money.  I had a similar situation with them.  I did have contact person's name, and documented conversations. We were told they would do the deal.  The time frame promised to perform the inspection was missed, and when they did finally complete their inspection, declined to loan.  We ended up loosing our earnest money on the deal because we couldn't perform.  Should have never put all our "eggs" in their basket.  We should have had a back up lender.  Lesson learned.....