Closed it!
Great News!
I closed on this property. There was a lot of interest in getting this closed on Friday supposedly to save some insurance payment on the other side.
I found out that unbeknownst to me there were many investors vying for this property. I had no idea. In addition, I learned this property was tied up with title issues for over 6 months! Well, this is what title insurance is for. If issues come up from this point forward, my policy will cover my losses.
I have every confidence that they are cleared up because I closed with a title company known for their thoroughness.
Tomorrow, I'll will disclose some number from closing, but I am safe in this property with around a $40,000 spread between the subject-to (after repaired) appraisal and what I paid for it. They aren't always this good...
I closed on this property. There was a lot of interest in getting this closed on Friday supposedly to save some insurance payment on the other side.
I found out that unbeknownst to me there were many investors vying for this property. I had no idea. In addition, I learned this property was tied up with title issues for over 6 months! Well, this is what title insurance is for. If issues come up from this point forward, my policy will cover my losses.
I have every confidence that they are cleared up because I closed with a title company known for their thoroughness.
Tomorrow, I'll will disclose some number from closing, but I am safe in this property with around a $40,000 spread between the subject-to (after repaired) appraisal and what I paid for it. They aren't always this good...
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Bruce W. Ford is the editor of Rehab-Real-Estate.com and is an ACTIVE rehab real estate investor. To read Bruce's special report entitled
"12 Things Real Estate Gurus Won't Tell You", click here!
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