All Forum Posts by: William D.

An oral contract for the sale of real estate? Do yourself a favor and look up the statute of frauds. You've already spent time and money on a deal and don't have a legal bat to fight with if the seller walks.

A quitclaim deed can be used to clear title in the similar situation to the one proposed. If there was a mortgage/deed of trust on the property a borrower can quitclaim deed the property directly to the lender in lieu of foreclosure or the lender releasing the lien. The doctrine of merger would extinguish the security interest because the same party has both the equitable right of redemption and mortgage.

I dont have a title policy in front of me but I believe it insures the mortgage and its assignees. Think about it, title insurance is one of the few insurances which insures backwards. Thus, its underwriting is static because any future variables don't effect it.

Keith, I don't have any specific suggestion; however, keep in mind any deed that comes from the executrix will have to be approved by the probate court (generally speaking). This will make it more difficult to do any outside the box deals.

Your best strategy to get paid may be to leverage the impropriety by contacting the trustee. The trustee in turn may contact the US Trustee's office and they could help either get you paid or shed light on the impropriety. To file a motion for relief will be $176 and a day in court so value it as you will.

I searched the site for previous posts, but wanted to know if anyone out there is aware if an FHA 203K loan is available to an investor. I went to HUD.gov and read their write up to mean that an investor WOULD be eligible (not for a condo though). Maybe I read it to quickly but I don't see where it states it forbids investors. I know they had a moratorium at some point but has it been lifted?

Closings are not done the same in every state but if you're in a state where the attorney is wearing both the settlement agent hat and the title agent hat then NO, you cant procure your own search (assuming there will be title insurance).

The mechanics of the closing would be the title agent (attorney) selling a title policy to you and your lender based on your own title search. It would be like obtaining your own appraisal of the property for the lender to lend against. The interests are competing.

From a practical point of view searches are not very expensive and procuring your own search probably wont result in much of a savings. Additionally, doing the search is the easy part -- interpreting the search is the hard part with a much steeper learning curve.

It is nearly impossible to wholesale a foreclosed home. By definition a foreclosed home is one that is now owned by the bank by virtue of it's foreclosure action -- commonly called an REO or ORE. If you were to make an offer on an REO there are a number of items between purchase agreement language, deed restrictions and addendum language which will make it nearly impossible to execute your wholesale model. With that said, that is just the general over view. There may be people on this board who have more insight and more clever models who can accomplish it.

First, thanks for your service. Second, make sure you educate yourself on your rights under the Service Members Civil Relief Act. Lost in this entire mortgage mess were the substantive rights of active duty individuals. I am not an expert by any means but there are a number of statutory stays on collection activity and notice periods. (not saying your in default on anything -- just calling it to your attention)

I watched the show for the first time last weekend and watched 4 or 5 episodes. For someone who doesn't watch anything on that channel I found it pretty entertaining. Personally, it doesn't make me want to be an agent but I will admit the commissions are pretty staggering. The characters make for good TV I just wish they went more into the deals and less into the personal life.