All Forum Posts by: Edgar B.

Clint, this is a california issue the FTB has a 3.3% witholding out of the gross resale, your answear will be found on the PCOR, read who is excempt from witholing and how you enter into escrow on the resale. You will better of if you also buy under that same name, read the excemptions and choose one, exp: Partnership.Consult with a good CPA. That will be your solution. Good Luck

Ask your title company what they will require to have clear title and if possible have them and you meet at title to sign, so you can then sell - ask for a short binder in order to save on your resale title costs. All be very carfull of Q. C. anyone can give you a Q.C. and that is all they are saying - that they don't claim anything. Follow your title comp and they will help you.

Joel is right, the city will dictate what is allowed on that parcel, if you can get a letter from the city statting that residential use is possible and a rebuilt letter (in case of fire) so the residence can be rebuilt and not have to comply with the commercial zonning, only then will you have a (legal - non conforming) parcel. If those two things can be obtained from city without any restriction you may be able to find a lender to do the loan.

I agree with Nathan & like the green color on logo A. Very nice

On the numbers you gave the deal can be done, but the HML wants to know from credit file if you have anything following you, child support, tax liens, judgements as these will attach to the PIQ, even if you buy with entity if something goes south they want you to refi & cash them out.

If you are mailling to N O D fillings and depending on what you offer, you will be wise to know and understand CALIFORNIA CIVIL CODE section 2945 - 2945.11 if in, or in anyway you can be considered a Foreclosure Consultant, there are sevire laws that follow, you must not fall under any of what is there, and yes there a lot of other things that follow & more laws. I think this is what your frienlly caller must refering to.

Call now car legal hot line one of their attorneys will give advise and as i'am sure there are many more things to know about.

Find out from city building dep. here in so. cali. All allow you to pull as builder owner as long as you are not resaling or renting for one year or the work and permits have to be done by lic. contractor. These cities require pre-sale reports and clearence or deal will not close.

If it is corroded put coca cola, with brush or clothe, get it realy wet and leave overnite and it will come out.

Many things have to be looked at, do your homework first, some things to look at are you going to trap windows from the house from other existing bedrooms, each room has to have a certain amount of sunl and outside access in case of fire, if it's more than 500 s.f. city will charge school tax for the total s.f. of house depending on the are 3.75 to who knows what depending on were in L A. Find out if you are in rent control area. Realy to many things to add, just ask 2 or 3 General Contractors for their opinion, even if they charge a small fee to give advice. Make sure you understand there very few pros and many cons. Act wisely and safelly.