All Forum Posts by: JP Smith

So our buyer was foreclosed on over 3 years ago.  Unfortunately, the bank never recorded their deed from the sale and took 2 years to get it sold.  I suppose it's lender to lender, but does anyone have any advice for us/our buyer?

If I am buying a house for 20K, FNMA says I can't sell it for more than 20% in less than 90 days.  I have a buyer for 25K.  I am going to sell the seller some construction items to be included in the sale.  So, sale price 23,9999, with the sale of construction materials included of 1,001.00.   I am legitimately selling him over 1000 in retail of products to use on the house.  Does anyone have any suggestions or is this above board?

How did you find this guy/gal?  Have you heard a voice?  I googled him, he joined a site july 7 called www.naymz.com.  The pic on there is completely different than the one on linkedin.  Both say private lender.

It's 100% real!  Other investors and I now have a saying "Picture or it isn't true" of the stuff we come by.  I took the picture.  As he was leaving, and I gathered up his tools, he mumbled, "Can I come back on Monday?".    That was probably the funniest part.

To all the rookies and newbies, DO NOT give these guys a second chance, you will regret it.  You will debate with yourself, well he did do a great job at a great price the first 2 days.  Don't do it!!

I have been doing this business for 16 years.  They are hard to find.  This guy promised he could build Noah's Ark, I told him to show me, first 2 days he was amazing.  3rd day, around 1 on Friday, I walked into to rehab, saw an empty bottle of whiskey and became concerned.  I walked into the room he was doing work in and this is what I find....lol.  

Wasted.  I yelled his name and when he picked his face up it was covered in wood shavings.  I told him to call his girlfriend to pick him up and take his tools.  He was too drunk to drive, so I made him give her the keys.

The search never ends!!

You do have the option to choose an ADDITIONAL closing company, but you still MUST pay all of their fees.  So basically you will pay 2 sets of closing costs.

Plan on spending at least $1,776.00 for Linear Title to close it.  Insane.

I have a real problem with Linear Title charging $1,776.50 for a closing that I can get done for $550-600 with 90% of title companies in my area.  

They are a Inc 500 company.  No wonder, they are charging  extremely inflated fees. 

I feel robbed.

Can anyone justify this?  

Just purchased a property from auction.com for 14,500.  I was assuming that the title company required to use would have a reasonable fee.  In my area, $400 total closing cost, which includes search, and 175 title insurance is the norm.

Linear Title, as required by auction.com, is charging $1,776.50.

I am pretty stunned.  I didn't even think it was legal to charge that much.

So, for any investor using auction.com for the first time, BEWARE of the closing costs.

And for anyone who has bought from them, is there any way to negotiate or use my own title company?

Wayne, you're right.  I don't know why I do it.  It's one of those simple things you need to hear every once in a while.

Now that you say it, using sellers title company from Hubzu is taking months.  

I'm going to find out now if I can fire them and use my own.