All Forum Posts by: Sergey A. Petrov

Unless there is something special about this condo, yes it is standard process. And yes, the individual certificates of insurance are updated and re-issued every time someone sells or refinances. They also get redone once a year when the policy renews

I think for just one room in your own home with proper and plenty of insurance, there should be no reason to form an LLC…

Check with your insurance company first - they might have an opinion on what you are planning on doing

And the flip side is you charge a setup fee to cover what could be an enormous amount of effort depending on the state of the property, its condition, quality of the tenants, etc. these are less common though…

Quote from @John Mocker:

Sean,

Most standard policies would not cover a underground Sewer line outside of the foundation.  If something happens you can still submit a claim but its a longshot.  The coverage you need to add, if available from your insurance company is Service Line Coverage (may be under a similar name).  Some companies have added this as an optional coverage.  It usually has a max limit for damage to and underground line that services the house.  

@John Mocker - is it outside of the foundation or outside of the property boundary? Or are these used interchangeably in the insurance world?

Quote from @Keenan Cromshaw:

Hello, I was curious to know how to best find an accurate list of preforeclosures for Pierce County/Tacoma, WA? I see the Pierce County website has it but the list is not yet available. I did not know if there is any other accurate software/site that has worked even prior to the list being posted. Thanks!

Are you looking at their property tax sale lists? Pierce County recorders office has a decent website to look for public records. For non-property tax sale foreclosures, you could search for notices of trustees sales. That would be the first step for a mortgage co to start the foreclosure process

Quote from @Wayne Brooks:

@Shane Pico @Bruce Woodruff I’m not seeing where your agent has dropped the ball here. Your agent can control the actions of a seller…the seller’s agent should be talking them back off the ledge though.

The agent might have dropped the ball with communication. We all know there is a million things that go into a real estate transaction. I can write up an offer very quickly. Making sure it is to the liking and more importantly the risk level of my client is a different thing. And not projecting your own risk tolerances and preferences onto what you are writing on behalf of a client can be hard. More so with a new investor. My risk tolerance is higher than average but I get rewarded in the end (yes sometimes I spend unnecessary dollars on due diligence, sometimes I may limit the due diligence to win the offer and then negotiate EM if I end up walking, and sometimes it is something in between). As long as you know your client’s risk levels and other preferences and can properly weigh that against whatever market conditions you are facing, the chances of your client saying you screwed up are slim to none. Could be and happens often but…

yep, start with your agent, broker, and their designated broker. depending on what the actual docs say, they may be able to untangle it quickly (do escalate to managing / designated broker within the firm that represented you). either you are missing something and may be in default or your agent / whoever you are talking to is missing something (or it is over their head) and you owed your earnest money. the devil is always in the details and you need someone who can read the actual docs / contracts and advise you properly. we are all just sitting here guessing based on what you wrote. 

Quote from @Russell Brazil:

Tell them if they dont release the EMD you will file a lis pendens so they won't be able to sell the house with the cloud on the title. It is an empty threat....but an empty threat that has proven to be very successful.

An empty threat it is. My response would’ve been - go for it. I’ll buy a bond to wrap around your lis pendens so I can still sell and will then come after you for filing frivolous actions 😁

I am not familiar with CA standard forms or real estate laws, but an appraisal contingency and a financing can but need not go hand in hand in WA. If you signed an appraisal waiver, you may still have an out under the financing contingency depending on how the PSA is structured. Seller's remedy due to Buyer's "failure to perform" is also a part of WA standard PSA - the Seller either gets to choose what they do or the Seller's claim is limited to just the earnest money. What does your broker say? 

Outside of that, I am curious how much the property was listed for to being with.... A $550k offer with an appraisal waiver must have been based on some reasonable comps I hope... But when the appraisal comes in 20% lower, something doesn't sound right.