All Forum Posts by: Tom Gimer

Joe -- I can connect you with a bunch of solid Baltimore agents to interview. Shoot me a message or email if interested.

Your seller presumably expects his $340k mortgage(s) to be paid off at settlement -- and he rightfully should. Your new lender will also expect to be in first lien position. That would put your seller financing in second position. Is your new lender going to agree to $220k in subordinate financing? Doubt it! And since they are sensible lenders, they're not getting involved in this deal with wrap-around on the existing first.

So I agree with @Tim Swierczek -- get as much money from your bank as you can to acquire the property with the max seller 2nd they will allow.  

Agreed! For now. But there has to be a Plan B already in place for when the beast wakes up. 

You can't just switch brokers if the first introduced this property to you. Check your paperwork.

As to the other question, I'd rather my real estate broker be an attorney. And that portion of the rule being quoted regarding the attorney acquiring an interest adverse to the client should be omitted... it doesn't apply in this situation. 

False hope. If she took out an ARM in 2002, the maturity date would be, almost certainly, 2032. SOL would seem to be a non-issue here.

That said, I agree that the best course of action right now would be to get a local attorney on board... foreclosure defense/bankruptcy type.

Consider consulting with a real estate attorney to determine whether this "bidding company" broke any laws and/or has any liability. Sounds like they charged you a commission so there are potential brokerage laws implicated regardless of what they call themselves or what their agreements state or disclaim. I've never heard of such a thing. 

The house is now part of the BK estate. You'll need to deal with the bankruptcy trustee (or at least obtain his/her consent) regarding any transfer.

Tell your contact it's called a Quitclaim Deed... might get better results.

If his IRA is marital property, which it likely is (at least partially), then there is no need to involve the CPA in this scheme and ruin his year.

"But we will definitely take professional advice before jumping in." At least the plan includes getting professionals to assist in defrauding the wife.