All Forum Posts by: Sophie Evans

Usually when I have asked closing agent or my "partner" questions, I get "that's the way we always do it" but that isn't enough for me! So I appreciate your taking the time to respond.

I did specifically say upfront that I would not pay any of the buyer's expenses. And no, it is not a high end property, it is being sold for 110k.

I did ask the Closing Agent anyway per your suggestion and she said that "the lender wanted the buyer to pay the title insurance and documentary stamps, so that's why there is a credit to the buyer and it is taken from your side"

So I guess where I saw $625 on both sides, it's not that we are paying half each (as I had thought), but instead the $625 is listed once where the lender or buyer paid it, and again where I am paying it - on the same line. But doesn't that mean the title company is getting paid twice?

It still doesn't make sense to me. I guess I will ask again. I often feel bamboozled when I ask them questions - that's why I came here.

Thanks so much for your reply. I do appreciate it. I read that it depends who chooses title agent as to who pays doc stamps and title insurance - maybe that is true, because it is my "partner"'s closing agent, not the buyers.

READ BOLD FOR SHORT VERSION OF QUESTION!

I'm in a partnership where I'm an active investor (sometimes I do rehab too) and my partner finds the properties. This time, rather than do rehab, I just put up the money and paid invoices as they came in.

The buyer was FHA, really wanted the house before it was on the market and I insisted that I would not pay any seller closing costs (I got totally burned on my first investment/rehab when my partner did not explain clearly to me, a newbie, that I would be paying 4500 of seller closing costs IN ADDITION to regular closing costs. That ate into all my profits, so I did not want this to happen again.)

I get the HUD for this sale and there are 2 line items which are split between buyer and seller - I thought these were buyer costs.
Owner Title Insurance (625 each)
documentary stamps to WD ($770 each).

I've never seen this on my few previous HUDS - except maybe the one where I WAS paying buyer's closing costs...any advice about whether I should question these two items?

If anyone wants to look at my HUD tonight Tues, 11/13/12, PM me your email and I will send it to see if it all looks good. I don't think there is anything wrong about sending a HUD to a stranger, right?!!

I really don't have anyone that is totally on my side in this deal (I know, I know - weird way of doing it, but these guys have done good by me in the past and I am learning/ I do rely on them). I want an independent opinion about whether or not I really should be paying these two charges in particular.

I was being pressured to sign closing docs today after receiving HUD at noon!! I've managed to put it off till first thing AM on Wed 11/14/12.

Thanks for any advice...

Anyone know an excellent agent for investors in Palm Beach County area? I'm particularly looking for properties in Boca Raton/ Delray Beach / Lake Worth.

I do my own property searches and find my own comps, I can also continue to call listing agents myself to show me properties. However I need someone to be able to present a strong offer for me (to include our comps and reasoning for the price). Right now, I'm looking for a fixer-upper to live in...I'm looking for someone with drive and enthusiasm for their job.

I would prefer a recommendation, ie. from someone that is happy with an agent they have worked with (feel free to PM me). But I am also open to people suggesting themselves if they have experience with investors and are passionate about their job.

Otherwise, any suggestions as to how to find a buyer's agent who has experience with investors. Is it really tough? I'm not demanding - I do a lot myself, but I just can't write the offers myself.

Thanks!

In answer to the last post - the reason why short sale and foreclosure agents don't want to be a dual agent is because the bank will make them take a single commission (not double like they can get on a regular sale). Greedy banks - yuk! I know that post is old, but I just did the research for the same question and this is what I discovered!

I'm curious - what did you end up doing with the property?

Thanks for your reply Joshua.

After a lot of researching, it seems that the only online course offered for Florida and probably many other states too is "RE Campus" AKA "Dearborne". Digging deeper I found that Dearborne is a part of "Kaplan" - a name in education that most of us know.

So although it seems that a variety of sites offer online real estate licensing courses, I could not find one that wasn't offering the same Dearborne course. It definitely pays to shop around: The price can range between $195 and $250/300....Although the difference in price may be due to higher quality of customer service and real estate expert/s to whom to ask questions about the material, but the actual course seems to be the same everywhere.

Actually, I did see one video course offered...but they gave a sample of it and I found the instructor very slow, so I dismissed it as an alternative. So they are out there, but few and far between.

If anyone knows of any other, non-Dearborne ONLINE licensing courses, please post! Particularly fast talking video courses haha.

I really like Zillow.com!

It seems that all the online schools offer the same course called "RE CAMPUS" just at different prices and packages.

RE Campus seems very text based, and I would prefer to do an online course where an instructor talks to the camera...does this even exist?

I feel like I've spent hours researching to find one and I can't seem to find it. ...Any ideas?

Steve Babiak, my goals are exactly as Kama Ward describes, as another research tool. Couldn't have said it better myself. If I was going to buy a property, I would not skip a professional title search. Also, as someone beginning out as an investor, I'm trying to learn as much as possible that I can about all the processes etc. I am realizing that the hardest thing is to FIND properties and title searching is another tool to help in researching what is out there. I am a long way off from finding my own properties, but this site is a wonderful resource.

so would definitely hire a title search company but I'm glad to have seen how it is done. I have a deeper understanding of it and for that, I am happy!