All Forum Posts by: Chad Skiles

No.  We still haven't closed.  Last week I told my agent that I was finished waiting on the bank to approve it and that I want to cancel the contract.  I am now waiting on the seller to sign the release of earnest form.

The seller agent had filed a complaint with HUD. HUD had investigated the reason for the delay. The bank had the needed approval from HUD to close. But they were still dragging their feet.

 McCormick and Seneca

At the end of April, the extension expired.  I was going to tell my agent to cancel the contract, because I had lost all faith in the bank to deal with the situation.  However before I got around to it, my agent called me and said that the bank was wanting to move toward closing in the next month and a half.  She just needed me to sign another extension so the contract was current.  I signed another extension until the end of June.  That was about 45 days ago.  I have not heard anything yet.

It is now going on 13 months since we signed the contract.

I am talking to a seller who inherited a house within the last year.  She didn't know if anyone was living in the house.  The tenant had stopped paying rent and she didn't follow though on an eviction.  I drove past and there was clearly someone living there. She was obviously upset, but I told her I may be able to help her by buying the house.

How can I wholesale a deal like this?  Obviously my end buyers would not be able to inspect the inside with someone living there.

The ARV would probably be 58-60K. It's a rental class neighborhood. The exterior of the house looked to be in good repair. How low do I need to go to account for the unknown repairs on the inside?

Would the situation be the same if the tenant didn't need to be evicted?

The banks still hasn't approved it yet.  I'm just going to keep waiting for them to get it figured out.  In the mean time, I am sending out mailers so that I can get some other deals.  I will be looking for deals to wholesale or to buy "Sub To" for buy and hold.

That's a good point.  Thanks!

Thanks for the input.  The contract was given to be by the title company when I met with them to learn about the process of buying a house and to learn about their services.  I uploaded it here: 

http://www.biggerpockets.com/files/user/wickss/file/kansas-real-estate-purchase-contract

On one of my purchase contracts, I have this paragraph: 

1. The Seller, at his option, agrees to furnish the Buyer, either a complete abstract of title certified to date, or a title insurance company's commitment to insure, to the above described real property, showing a merchantable title vested in the Seller, subject to: ______ Title Evidence shall be sent to ______ for examination by the Buyer as promptly and expeditiously as possible, and it is understood and agreed that the Seller shall have reasonable time after said Title Evidence has been examined in which to correct any defects in title.

What goes in the blanks?

I also have this sentence: 

Does this mean that I can still be forced to buy or pay other damages after forfeiting my earnest money if the deal falls through?

Thanks for the information.

I've been out driving for dollars several times in the last month.  Today I sat down with all my data and looked up the owners.

Some of the owners are corporations, LLCs or trusts.  Is it worth the cost to send to these since they are probably owned by investors?

Some houses that I think are certainly vacant have the owner's address listed as the property address.  Is there some way to find the owner's new address?