All Forum Posts by: Sergey Perevalov

@Andrew Davis is doing a rehab like this right now.. I'm sure he would be able to help!

Hey @Sergey Perevalov, you're close to me. I'm about 10 miles east of Northridge! How cool is that?

Appraisers are a funny lot. They come up with some strange evaluations sometimes, but mostly they come in somewhere in the realm of realistic with the market. There's no guarantee what number they'll put on a property. That said, they are not supposed to considered unpermitted construction. If it's recorded as a 2/1, then it's a 2/1. This can work to your advantage.

Remember the appraiser is most important to the financier. If the house won't appraise, you have leverage in asking for a lower price. Use that. As an investor you buy as-is, where-is and how-is in it's current state and condition. That means for less.

If you can get the work permitted after the fact, your appraisal could go up substantially. Do NOT pay for what might happen, however. Let your seller know that you are taking a huge risk by buying without all necessary permits. Chances are very likely that you're going to have to rip up some walls to show the inspector that things were done to code. And, OMG, if things weren't done to code, even just a little, you may have to pay to demolish the existing work. Even the demolition requires permits.

While it probably won't come to this if this property is in LA city (for example, almost anywhere in the SFV), you will certainly need to construct a new garage or carport in order to get your permits signed off. Once the permits are in your property will be reassessed at the latest tax rates. The assessor is the guy you really have to worry about.

@Sergey Perevalov You definitely want to do a quiet title process.  These "certification" services are Not the same.  I forget the first name (Henry I believe), but there is a Hicks law firm from the Tampa area, the owner died last year I believe, that is very experienced state wide in Florida doing these.  If for some reason there was an error in the process, the claimant would have to redeem, reimburse you for the purchase.  $2k is probably a good guess, but it will depend on the number of parties to be notified, which you can determine from the clerk's title search/notice list from the tax deed sale process.

@Sergey Perevalov Hi Sergey, I believe they only work in Florida but they also issue a certificate that all is clear then an Old Republic agent like myself can then close and insure the property. I have done over a dozen so far and all but one were completed in less than 3 weeks. The client put the property under contract with the buyer. I then was clearing title, ordering estoppels and payoffs while cleartosell was doing their job. By the time I got my part done I received the certificate then closed. All of my clients love working with them. The website has some good info on it if you check it out. The FAQ's page is very helpful. 

I love building relationships so if you have any other questions or need help with anything please feel free to call or email me anytime.

Thanks,

I am a very investor friendly title company and work with a lot of clients that need to go through the quiet title process. I know you are not in Florida like I am but if anyone that is reading this thread that is and needs to go through this process please check out cleartosell.com Its a very quick process and any Old Republic Title agent can close and insure the property for you. If you have any other questions please let me know.

I am a very investor friendly title company and work with a lot of clients that need to go through the quiet title process. I know you are not in Florida like I am but if anyone that is reading this thread that is and needs to go through this process please check out cleartosell.com Its a very quick process and any Old Republic Title agent can close and insure the property for you. If you have any other questions please let me know.

Would recommend www.taxtitleservices.com.  This company out of CA does what an attorney can do for you for a fraction of the cost.  I have personally used this company and they are very fast and very professional.  Good Luck!