All Forum Posts by: Vic Iyer

Well, Be careful with EMD. You should be able to close if cannot wholesale . You have to do simultaneous closing though.

Hi Sebastian,

  Run through a title company and ask for title insuran e quote. If they can't insure the property stay away!  hire your own title company for closing. Insist on special warranty and not quit claim. Quitclaim is trouble and you could have superior lien holders.

At what time is the meeting? I can check if my schedule allows me to attend

I have also bought homes from banks "waiving the inspeciton contingency" but really doing the inspection the moment the offer is approved but before executed!

Answer is "Yes". I have bought "Occupied" homes that cannot be inspected. This is not for everyone! I am a professional investor with over 10 years of experience and know how to look around. 

Take pictures along with the date it was taken. That's what you need. Keep a collage and send it to the seller and express your concern about the deteriorating condition of the house. title insurance has nothing to do with this. 

Well, I Respectfully disagree. I have been a professional investor for over 10 years. As an investor you should not be buying anything close to the market value. You need 15 to 20% cushion at the least. What is the point if you are buying close to market value? 

Another advice- Stay away from Miami area condos. Overbuilt and cannot sustain. Also do not get attached to a property and over bid. Discipline is vital for long-term success!

As a professional investor over 10 years I have always emphasized quality over quantity. Since I invest on townhomes and SFH I tend to focus on good school zones and desirable neighbhorhoods. So don't worry about the number of units instead focus on ROI and capital appreciation!

Robert,

It depends. Be careful with Court house. You need to do your diligence (title search- IRS liens, other liens, drive by the home to see condition etc). You need to pay fees on top (Depends upon state) and then shop for title insurance. You are also reponsible for HOA back dues (Check your state law). IF any one is occupying the home you need to plan for "Cash for key". So add up all the potential expenses (title insurance, Documentary stamp etc).

Courthouse is not for every one. I have seen naive buyers bidding and winning the 2nd mortgage auctions or secondary liens and lose $. 

HUBZU, Auction.com, Homepath, XOME are good places to look. Again, watch few auctions before you get your foot wet. Don't get overyly excited or emotional and lose common sense. 

You should hire a real estate lawyer and review the situation/purchase contract. Be well prepared by getting all the communication with the broker and take it with you to the lawyer and seek legal opinion. Were there any seller disclosures given to you (depends upon your state law). If so, Did it specifically state that you cannot build the structure as you mentioned? IF they did not disclose then you may have a valid case against seller.