All Forum Posts by: Tom C

John,

Perhaps I have the wrong idea about what a quitclaim does and doesn't do then. I am trying to avoid the long drawn out hassel and expense of running this through a title company. I realize that it is for my benefit, but can I not accomplish the same thing that a title company does, other then offer title insurance by conducting my own investigation into the former owners of the note?

Educate me here on this topic and the rest of us. It appears that some of us don't fully understand exactly what a quitclaim is.

Thanks

I have a HUD that I need to place a bid on. It will be a cash deal, although I will not have the funds for around another 2 weeks. How do I bid on the property, without being able to show funds in an account or a preapproval letter from a bank?

Also will HUD do a quitclaim deed verses running the normal closing process?

Thanks

I assuming you have spoke to the officers who took the call? I would hate to see you go in there and start cleaning up a scene that may be an on going investigation. No, we don't always hand tape over the door as you see on T.V.

Go rent a floor sander for the day. Pull all your old trim off and sand it down. It will only take you a couple of hours to remove the old varnish. Unless you want a professional job, it isn't even necessary to finish sand it. Dump a couple of gallons of finish on and paint it on with a roller a few times. When you're done and it has cured, add some good wax and your floor will look like you have a new finish. I would not worry about the waves and imperfections in the wood. This character is what a lot of people look for in a real hard wood floor. I have refinished several floors and in the end, the old hardwood always looks better and has more character then the laments and new tongue and grove floors. Money wise you cannot go wrong.

Oh, make sure you go with the grain.

Folks are missing the point here. He said it was a modular on 5 acres. It is not a trailer sitting in a trailer park. Modular homes have come a long way since the old days. Sure they don't hold up as well as conventional housing, but banks are now willing to lend up to 30 years on a modular home, in the past the best they would go is 20 years. It also makes a huge difference if that modular is sitting on a slab or if it has a full basement under it as far marketability.

John,

I agree, I have been in that situation several times and would not get involved in a civil situation. This is why I told him to speak to the Prosecutor first. The county Prosecutor if he found cause would then file the charges an issue a subpoena/ warrant. I hate see the person and spend a bunch of money on an eviction when a simple meeting with the Prosecutor would have been sufficient

Why would the eviction process be necessary? As far as he knows there was never an agreement to allow these people to stay in the house. There was nothing in writing and it doesn't look like the aunts can produce cancelled checks showing that they once paid anything to stay there. This situtation is no different then if I bought my mothers house and some bum broke in and decided to stay there. I certainly wouldn't have to evict the guy. There isn't even a month to month going on here.

Of course it's a different story if any of the utilies are in their name or they can produce something showing that there was an agreement to allow them to stay.

Go to talk to your county prosecutor. The best course of action is most likely filing trespass charges on them. Keep in mine that each state law is different and no matter what someone tells you on here, your state could have very different laws then theirs. Best bet is to have a meeting with your the prosecutor and ask him if you can file charges on them. There are a lot varibles here that can come into play. If that doesn't work you could always give a homeless person a free place to live for a couple of months. Make sure you supply him with plenty of beer.

That's a good point. Hopefully by that point my credit will be in a better spot. If I push the balloon out to 4 years, the BK will be off my record.

I sat down with the owner today and the problem is that he says that he is paying $800 a month for 10 years mort on the properties. It appears that they cashed out some of the equity in the properties and put some into one of the homes. It sounds like he maybe willing to continue to pay some of that payment even though I would take the homes on land contract. He was pretty much out of it. Was totally unprepared. I guess the ex-wife handled all of the financial affairs. He doesn't even know what his pay off is on the homes. There is a possibility that his pay off is much more then I am willing to pay, so I would tend to think that if it is, then the conversation is pointless unless he can come up with the difference.

I am not sure how to work this deal nor can I really until I have more information. Either way I am not paying more for the properties then I am willing to. I will know more about his situtation hopefully by the begining of this week.

Thanks

Thanks Mike,

I tried a few banks and no deal. I can't even get a HEL on the other property, even though I have well over 35K in equity in it. Having a 646 FICO certainly makes obtaining credit difficult.

Tom