Freedom Isn’t Free

March 18, 2011

Originally Created On:
November 13th, 2010 at 11:59 am

68 years ago today Sea2c Robert H Warburton was killed in action when his ship, the USS Juneau was sunk during the battle of Guadalcanal. Newly married, Bob was a welder and burner at sun Ship – there was a chance he would not have been called into the service. However, after the bombs started falling, he was among the first from the area to enlist.

The sinking of the Juneau gained particular notoriety as the five Sullivan Brothers, championed by the US War Department and Department of the Navy to help in recruiting drives, were all killed in the sinking. The movie “The Fighting Sullivans“follows the lives of the five brothers and their eventual deaths aboard the USS Juneau.

Seven months after his death, Bob’s brother and sister in-law named their newborn Robert H Warburton, who in turn named me Robert H Warburton, Jr. I am honored to be given his name.

Portions taken from the Delaware County Daily Times


The Importance of a Title Search with a Short Sale

March 18, 2011
Originally Created On: November 11, 2010 at 9:11 am

This is the first blog post in a series of –
Keys to a Successful Short Sale!

Order a title search right away with a short sale!

The first step in the short sale prospect is to order a title search. There are many types of liens than could attach to a property (state tax liens, IRS liens, mechanic liens, 2nd mortgages, home equity loans, for example). A search will cost about $100. The homeowner or investor will have to pay for it. Check with your attorney or title company for prices.

You will now know all the liens that need to be satisfied, released or negotiated in order for the buyer to obtain clear title. A lot of investors skip this step to save money. This is foolish, short-sighted thinking. You could waste several months negotiating a deal that never closes because you didn’t know about all the liens. Your time is very valuable. Read the rest of this entry »

All Star Josh Hamilton turns his life around, plays in the World Series….and Flips This House?

March 18, 2011

Originally Created On:
October 29th, 2010 at 4:28 pm

With the World Series starting this week, I decided to write about how real estate help

ed a baseball player turn his life around. Josh Hamilton, the starting center fielder for the Texas Rangers, jeopardized his career as a professional baseball player back in 2001 when he battled drug addiction. A self described “walking dead man” was not the person he thought he would be after signing a $4 million dollar contract with the Tampa Bay Rays back in 1999. Hamilton was suspended several times, and was out of baseball in 2004. Eventually, he realized that his addiction was turning into something bigger than his potential major league career, and his talent was going to waste. Read the rest of this entry »

Under Contract Woes

March 18, 2011
Originally Created On:
October 28th, 2010 at 6:27 pm
You sold your house to someone else?
But we were already under contract!

I have heard horror stories about investors who have executed an Agreement of Sale with a FSBO seller. The seller then turns around and signs contracts with multiple buyers, collects multiple deposit checks, and closes with the highest bidder.

Now we all know that an executed Agreement of Sale is a legally binding document and the “buyer shall have the right to seek any remedy and maintain any action against Seller to which buyer may be entitled whether at law or in equity”. So you got that going for you… which is nice. (To paraphrase Caddyshack)

What would you do if you were in this situation?

You could hire an attorney and sue the seller for breach of contract. The attorney will probably require a retainer. They will attempt to collect your deposit, and the difference between your contract price and what the buyer paid. You will have to determine if this is worth the attorney fees you would incur. This could get costly and drag out for a long time.

The investor should have attempted to keep the seller from shopping the Agreement around to other buyers. How can you do that? By using a “Notice of Agreement of Sale”. Speak to your attorney; he/she can draft one for you. Make sure it lists you as the buyer and includes your address and phone number.

When the agreement is signed, stress to the seller that this is a legally binding document. Tell them that they can’t sell this house to another buyer. Read the paragraph in the Agreement that discusses the buyer’s recourse if the seller does not perform. Then have them sign the Notice of Agreement of Sale. Explain that this document will be recorded at the Recorder of Deeds. This gives notice to the world that you are under contract to buy this property, thus clouding the title.

The seller will not be able to close with another buyer until you agree to remove the Notice. When title is pulled, the closing attorney will see your notice, and contact you to see your interest in the property. Your Agreement of Sale will stop the closing with another Buyer, as long as it is dated before the new Agreement. You should then contact the Seller to remind them that they need to close with you.

The Notice will need to be notarized, so take them to your bank or Mail Box Etc. You will also need to pay a recording fee. Take the notice to the Recorder of Deeds or have your Attorney record it for you.

Notice: I am not an attorney, so seek local counsel to see how this applies to your situation and your state.

I am a Real Estate Fan

March 7, 2011

Originally Created On:
October 26th, 2010 at 6:37 pm

Welcome to my new blog!

I am a Real Estate Fan. I have been since playing Monopoly as a kid. We would have great marathon games that would last all day. For some reason, I always chose the thimble. I had no  idea what a thimble was for back then. (I just googled it to see what it is, I knew it had something to do with sewing)

Anyway, I have been a fan of Real Estate ever since. I started investing in Real Estate right after college. In 2005 I started my investment company, USA House Solutions, Inc. Over the years I have rehabbed houses, negotiated short sales, wholesaled houses to other investors, and have been a landlord. I want this site to be a gathering place for Realtors, Investors, Mortgage Brokers and anyone interested in discussing Real Estate.

Thanks for stopping by. Please share this site with your friends via Facebook, Twitter, and email. I will be posting information that I hope you will find informative and interesting.

%d bloggers like this: