All Forum Posts by: Bruce Kozak

Hello Fellow Investors,

It seems a lot of Investors are saying they are satisfied with having the Title co. take care of uncovering all liens; but, I understand a Title company will not guarantee liens that surface after Closing, and that they will only insure liens that become public record before Closing. So, how are the Pros mitigating risk relative to these two points? Additional Title insurance...more extensive liens searches?

Bruce

Sounds good - thanks!

Thanks Shaun,

Besides your comment about Double closings as a preference for some, are there any situations that require Double Closings (and Transaction Funding)?

Bruce

In light of all the people Wholesaling, I figure there must be a good/legal way explanation for my question, I just would like to hear it so it's clear:

I read somewhere that marketing a property for sale that one doesn't own, for which a commission (i.e. Assignment fee) is obtained, is illegal in many states, and that such transactions require the involvement of a licensed real estate agent.

Is this hogwash? If not, then how does a Wholesaler legally work-around this law?

Bruce K.

Prime PA Properties LLC

Thanks to you both for the information.

I didn't realize that most pre-foreclosures are short sales - it makes sense now. I figured a short sale meant the bank was in control whereas a pre-foreclosure the Notice of Default just meant the homeowner just needed to get their act together before it headed toward the bank "taking control" and foreclosure. I see what you are saying is that once a Notice of Default is issued the bank is now in control and it becomes a short sale.

As to the first response, I wasn't concerned about losing a deal, just didn't know what a bank would require in the assignment of the property.

From the 2nd response, it appears to Wholesale properties (in light of a 90 day requirement), then, I would want to stay away from Short Sale/Pre-foreclosures & REOs as per the explanation above?

Hello All,

I am new to Wholesaling... but am exploring this area to expand my repertoire....my experience is with Rehab/Rentals/Buy n Hold.

I am hearing that in Pennsylvania, that short-sale properties require a Double-Closing and that Assignments are now allowed...Can someone please tell me if this is the case?

Presumably, for Pre-Foreclosure properties, there is no such stipulation - since the bank is not (yet) in control of the transaction?

Bruce,

Prime PA Properties LLC

Presumably any stipulations are put in the Lease Agreement ..? That is the Lease Agreement states only two (2) Adults in this case, named on the Lease Agreement, are the only who can reside in the unit, that no Pets are allowed, and that quiet periods are between, 10:00 pm and say 7:00 am...I am not sure you can really say "no parties", because how does one define a "party"? You can only tell people how to live if it breaches standards that you define, like the unit must be kept free of pests, unaltered, safe and secure (no unlocked doors)...etc. The Lease Agreement is key...Have someone or a Lawyer who knows this Biz determine if it is legally prepared... don't work in the gray zone and a judge won't say you are wishy-washy...such situations normally favor the tenant. Hope this helps...Happy Investing...

Bruce K.

Prime PA Properties LLC