All Forum Posts by: Tom Gimer

Nick Vertucci was hiding in the shadows, lying in wait to kill this thread. Following. 

@Leslie Nazario Florida title searches are cheap. You should be able to find an abstractor who covers the entire state (they conduct their searches online) for $35 or so per search. Make sure you deal with someone who has been in business for a while who has E&O coverage. Good luck.

The larger the train-wreck, the bigger the crowd size.

Title companies are not involved with possession issues... that is especially so in a case such as this where the buyer agreed to some sort of post-settlement occupancy. If there was some rent-back arrangement, the title company might hold a damage escrow or disburse funds as agreed between the parties, but otherwise title is out of this. 

Most states require an LLC to be registered with the state corporations division -- in the state where the property is located -- in order to purchase or sell real property. Maryland certainly requires this. This can require payment of hefty annual fees... and sometimes the fee is higher for foreign vs. domestic LLCs. It requires some research and planning to answer your question thoroughly.

You can't purchase an owners title insurance policy after taking possession -- unless a full title search is undertaken -- and at that point when an owner requests this the red flags are already flying high.

Just re-read -- appears accurate. I thought he was mistaken on his primary/investment situation. 

Having a friend move in with you didn't transform your property into an investment property.

So you believe the foreclosure has already occurred. 

If the bank now owns it, it's because they (the lender in first position) conducted a foreclosure sale and they were the high bidder -- they bid in at the existing first mortgage balance and no interested buyers outbid them.

It's now a bank-owned property (REO) and in all likelihood will be listed with a local broker. Keep an eye on listings or get a contact in the REO department at Chase.

A couple things I think are worth adding here...

1. The PAR contract (and every REALTOR association contract I've ever read) refer throughout to the "broker" or "brokers" representing the parties... of which there will likely be none in this deal and in fact most of the deals discussed on this site. That's a potential problem because these types of things create unanswered questions when things go bad. Don't just use forms, review them and amend as necessary.

2. At some threshold (dollar or comfort level, etc.) there should be someone involved who, when things go sideways, has the insurance coverage in place (E&O or otherwise) to respond when something major gets screwed up.

3. Glad I found a thread you were involved with @Steve Babiak