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All Forum Posts by: Wayne Brooks

Wayne Brooks has started 15 posts and replied 22514 times.

Post: How to bypass the 6 months wait to refinance

Wayne Brooks#1 Foreclosures ContributorPosted
  • Real Estate Professional
  • West Palm Beach, FL
  • Posts 23,418
  • Votes 13,508

For a  conventional loan….that’s how it is.

Post: Need a company that collects monthly payments from buyers who have seller financing

Wayne Brooks#1 Foreclosures ContributorPosted
  • Real Estate Professional
  • West Palm Beach, FL
  • Posts 23,418
  • Votes 13,508

@Sylvia Castellanos You’re looking for a Loan Servicing Company

Post: Renovation & PMI Removal

Wayne Brooks#1 Foreclosures ContributorPosted
  • Real Estate Professional
  • West Palm Beach, FL
  • Posts 23,418
  • Votes 13,508

If your value doesn't meet the level for PMI removal Now, you will have to wait until it does.

Post: Representing Landlord - Tenant selling business. Language for new lease

Wayne Brooks#1 Foreclosures ContributorPosted
  • Real Estate Professional
  • West Palm Beach, FL
  • Posts 23,418
  • Votes 13,508

Are you simply assigning the current lease (1 year left) or are you writing an extension for a longer term beyond the one year in addition to the assignment? If extending for a longer term I would simply write the longer term, particularly if you are adding different terms.

Post: Buying an occupied house at tax sale. Dealing with occupants

Wayne Brooks#1 Foreclosures ContributorPosted
  • Real Estate Professional
  • West Palm Beach, FL
  • Posts 23,418
  • Votes 13,508
Quote from @Dawn Wright:
Quote from @Wayne Brooks:

Yep, just knock on the door with an understanding attitude.  No telling what you will learn.  Generally, ifthey couldn't pay the taxes, they can't pay rent.


 Well if they're just tenants that were residing in the property when the property was sold due to the owner not paying taxes you can't just assume they're not paying rent or aren't able to pay rent. why would they pay off the landlord's taxes? It's not their property. This would only be valid if the owner of the property was still living in the property when you bought it and they themselves were the tenant. 

Yes, you’re correct….but in my experience, they are usually the owner

Post: Section 8, Does Section8 pay you to rehab the property and then rent it out?

Wayne Brooks#1 Foreclosures ContributorPosted
  • Real Estate Professional
  • West Palm Beach, FL
  • Posts 23,418
  • Votes 13,508

In a word……No.

Post: Commission Ethics Question

Wayne Brooks#1 Foreclosures ContributorPosted
  • Real Estate Professional
  • West Palm Beach, FL
  • Posts 23,418
  • Votes 13,508

Adhering to the listing agreement solely, the way most are written, without the neighbor excluded in writing….the agreement will say agent B is owed a commission,…period.

But from a practical point of view, with past and future business with developer, the agent will/should likely say…”okay, no harm no foul” since the neighbor has been in contact with the seller for years.

Post: How do you do a 1031 exchange for a house-hack with 2 owners that own as JTWROS?

Wayne Brooks#1 Foreclosures ContributorPosted
  • Real Estate Professional
  • West Palm Beach, FL
  • Posts 23,418
  • Votes 13,508

@Dave Foster can help you out.

Post: Want to buy a SFR in pre-foreclosure and want to make sure I don't get burned

Wayne Brooks#1 Foreclosures ContributorPosted
  • Real Estate Professional
  • West Palm Beach, FL
  • Posts 23,418
  • Votes 13,508

@Jim Stanley
yes, you start with a standard purchase contract, that calls for clear title, and title insurance.  The title company will find all outstanding debts.

I would recommend you also using an attorney since you don’t understand some of the basics….

-MERS has nothing to do with any quit claim deeds, it’s simply a mtg holding type service      -the seller is definitely delusional, I’ve dealt with these people before…he will cause issues at some point

Post: Risks of Wholesaling Sub-to Deals

Wayne Brooks#1 Foreclosures ContributorPosted
  • Real Estate Professional
  • West Palm Beach, FL
  • Posts 23,418
  • Votes 13,508
Quote from @Alan Asriants:

have a hold harmless agreement. Make sure there is specific language that does not put you at risk after the transaction. This is the issue with wholesaling. There are no licensing req, no standard forms or association you can turn to. As a Realtor, your contract should protect you (it does in PA)

A hold harmless agreement doesn’t override state laws.