New Guy, easy problem? - Posted by bob

Real Estate Investing
#1

Posted by Paul Macdonald on November 17, 1998 at 06:35:08:

Bob,

Since you have the right by law to pick the settlement company go shopping. Tell them what you want and ask them how much. Pretty easy. Any competent office will have a standard mortgage template and be able to give you what you need.

And if your seller is letting you have the mortgage written up, I’d suggest you go back about a week or so on this board. There is/was a post that was short and sweet about clauses to put into the mortgage that would sweeten the deal considerably.

Don’t sweat it. Its a piece of cake.

Good Hunting

Paul Macdonald

#2

New Guy, easy problem? - Posted by bob

Posted by bob on November 17, 1998 at 01:59:51:

I’m about to put an ofer in on a condo (OK, ugh.) Anyway the deal works with the HOA fees. The beauty of this deal is the seller owns free and clear and is taking back a 95% first - just wants enough cash to cover the close and the agents (don’t ask me why).

Anyway, since this would appear to be a simple close, what are some of the things I need to do to get my ducks lined up. I’d like to offer as quick a close as possible, but I don;'t want to make it so fast I’m not ready.

Any thoughts? what are some of the questions I should ask the title company - anything? Who draws up the mortgage?

I like the deal, but I’m pretty shaky on the mechanics.

Any help is appreciated.

Thanks,

Bob

#3

Re: New Guy, easy problem? - Posted by Rob FL

Posted by Rob FL on November 17, 1998 at 21:53:45:

Make deal subject to a property inspection.

Also check the financial status of the condo association. Make sure there is no need for special assesments in the near future.

#4

Re: New Guy, easy problem? - Posted by Redline

Posted by Redline on November 17, 1998 at 12:07:13:

You mention a title co - that’s good. Make sure you get a title policy to make sure he’s not giving you a headache.