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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] What's fair?? Posted by Ward-CA- on August 25, 2003 at 9:46 PM In Reply to: Re: Taking a Deep Breath posted by Ann on August 25, 2003 at 6:48 PM : Ward, : Thanks for you reply. : #1 Can't help wondering, though...when you caution against doing a lopsided deal. This deal we're looking at does look lopsided, but it's mainly because the sellers indicated that they only wanted to save their credit and stop the foreclosure. They mentioned that all they really needed was $5,000. We ended up bumping that figure to $7,000. Interestingly enough ,the sellers also stated that they hoped that in our helping them, we could get the remaining equity in the home. : #2 Also, when we get the owner to deed the property to us, should we then go ahead and record it with the county? Can we take title in our LLC? : #3 Do we need the following and when should they be completed?: : Title search : Title insurance : Appraisal : Termite inspection ========================== Ann, 1. No wonderment here, really. I cautioned you not to do a lopsided deal to avoid the unconscionable profiteering that CC 1695 proscribes against. The argument that all the sellers asked for was peanuts makes no sense. Did you ask them, “Of the $60,000 in equity how much do you want?” If your roles were reversed would you be happy with just $7,000? Why not be fair? 2. Yes, when you have a recordable deed you’re free to record it. And taking title in your LLC appears to be OK. 3. If you are going to get title insurance you won’t have to concern yourself with doing a title search since you’ll be getting a title report as part of the title insurance process. You don’t ask about the involvement of escrow. Normally you’d have the deal escrowed if you get title insurance. An appraisal and a termite inspection are generally required by a lender if a new loan is involved. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : Ward, : : Thanks for you reply. : : #1 Can't help wondering, though...when you caution against doing a lopsided deal. This deal we're looking at does look lopsided, but it's mainly because the sellers indicated that they only wanted to save their credit and stop the foreclosure. They mentioned that all they really needed was $5,000. We ended up bumping that figure to $7,000. Interestingly enough ,the sellers also stated that they hoped that in our helping them, we could get the remaining equity in the home. : : #2 Also, when we get the owner to deed the property to us, should we then go ahead and record it with the county? Can we take title in our LLC? : : #3 Do we need the following and when should they be completed?: : : Title search : : Title insurance : : Appraisal : : Termite inspection : ========================== : Ann, : 1. No wonderment here, really. I cautioned you not to do a lopsided deal : to avoid the unconscionable profiteering that CC 1695 proscribes against. : The argument that all the sellers asked for was peanuts makes no sense. Did you ask them, “Of the $60,000 in equity how much do you want?” : If your roles were reversed would you be happy with just $7,000? Why not be fair? : 2. Yes, when you have a recordable deed you’re free to record it. And taking title in your LLC appears to be OK. : 3. If you are going to get title insurance you won’t have to concern yourself with doing a title search since you’ll be getting a title report as part of the title insurance process. : You don’t ask about the involvement of escrow. Normally you’d have the deal escrowed if you get title insurance. : An appraisal and a termite inspection are generally required by a lender if a new loan is involved. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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