All Forum Posts by: Rich Johnson

Thank you all for your advice and information.

Hey Sarah,

Thanks for the response. Sorry i wasn't clear. I could see how what I wrote could be misconstrued. I do know a L/O is completely different. My mistake in wording.

My question is for a seller with free and clear home that will transfer title to me. Since there is no underlying finance it wouldn't be a wrap. So what what type of owner finance would be used if title is transferred to me. This is a Mortgage state.  And also the insurance question. I think I know but want to make sure.

Thanks again.

Two questions:

1. 1.When doing a wrap, who gets the home owners insurance. Is the sellers insurance cancelled?
2. 2. If home is free and clear and the owner doesn't want to do a L/O, would it be a wrap? If not, what type of owner financing would be done?

In Pennsylvania.

Thank you,

Rich

When doing deals for luxury homes. Where do you find your buyers? Or where do you advertise for them?

There are hardly any homes in my area that are at the million dollar sell price. Where do I find comps to compare to the homes that are for sale $1mill - $7 mill?

Thank you in advance

Rich

Hey thanks Frank. 

I appreciate the info.  Makes sense.  I guess I made more of it than I should have. 

So Im clear.  For example, If someone is willing to sell me on a Sub 2 or Lease Option.. "as is" ... if the CO comes back with issues it means "I" will be the one to take care of those issues.  Correct?

Hello,

I found in my area that when real estate is sold or even rented it needs a clean Certificate of Occupancy first.  I see homes are also listed as being sold "as is".  

What exactly is the "as is" since no matter what it wont close without the clean CO?  

This is Lehigh and Northampton County.  Bethlehem, PA

Thanks,

Rich

I purchased (2) guru courses for Sub2 and one thing (there were others) that wasn't mention is:

If I purchase a home Sub2 and the underlying mortgage has escrow for taxes... How will that work since the escrow is in the sellers name and when the deed is changed the tax liability will show up with my information.

How would that work for the paying property taxes? And the escrow for taxes?

Thanks for the help :-)

Hey Steven,

Just following up. I tried them but unfortunately they said they wont close unless the existing lien is resolved :-(

If anyone else has a closing Attorney or Title Company that will close Sub2 deals in Ocean City, MD please let me know.

Thanks so much

Thanks Charles. Yes i have all the ready. Some say have your Title Co. Or Attorney lined up before hand. I would rather too. Wouldnt want to sell a Sub2 deal only to find out i have no one to close.

But thank you

Hey thanks Kevin!

I'll take a look. I only have you and one other person that suggest anywhere. There has to be someone on here that has someone to close Sub2 deals in Ocean City, MD.

Thanks again!

Richard