Seller is "as is" and "cash only" (buyers agent, title insurance)
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We did try another area, way out in rural areas but plenty of neighbors so it was not isolated. A further look shows it owned by Nationstar Mortgage and the previous owner was Sec. of Veterans Affairs. The tax billing address is in Texas. I am not seeing how long it was owned by Sec. of Veteran Affairs.
So what they are saying is "give me a bunch of money and you won't legally own the property"?????
And are you supposed to wire the money to a PO box in Nigeria, too?
Look, I am not an apologist for the real estate industry - far from it - but it sounds to me like you need to figure out what you want to buy and engage a proper real estate agent to find it for you. You sound like a guy running drunk around the worst part of town at 3 AM singing "I'm in the money!"
So what they are saying is "give me a bunch of money and you won't legally own the property"?????
And are you supposed to wire the money to a PO box in Nigeria, too?
Look, I am not an apologist for the real estate industry - far from it - but it sounds to me like you need to figure out what you want to buy and engage a proper real estate agent to find it for you. You sound like a guy running drunk around the worst part of town at 3 AM singing "I'm in the money!"
Actually, the "Seller will not provide title" is vague enough, no one knows what it says.
Vagueness is the enemy of smooth transactions.
When I say "better neighborhood" I don't just mean physical area.
I mean looking for legitimate arms-length sellers listing legal, sound properties at fair market value on the open market.
Not auction sites full of distressed sales, abandoned properties, foreclosures, and clouded titles.
There is sometimes money to be made there, but it's not for the faint of heart, it's risky business.
What are you looking for, Howard555, and why won't you enlist a local agent to work for you in finding it?
Investment properties.
I went to the website which showed the first cash only property mentioned in this thread. I got 3 e-mails and 3 phone calls from real estate agents in under an hour. They explained their version of cash only and then wanted to assist in similar properties. We prefer to look around and when we find something then engage an agent.
As far as the one about title here is the entire description:
Owned by Nationstar Mortgage and the previous owner was Sec. of Veterans Affairs.
Large 3 Bedroom 2 Bath manufactured home on 3 acres. Large living area, dining room, split floor plan. Walk in closets. SOLD AS IS, Cash only. Seller will not provide title and will require buyer to sign a hold harmless agreement.
The last question was "seller will not provide title." Well that title is held by mortgage company and how would the Sec. of Veterans Affairs gained ownership and what does Secretary of Veterans Affairs tell us about the original owner which was an individual.
The seller is the mortgage company. The seller will not provide the title. Who will?
I never remember "as is" in all of the years in Phoenix metro. I can't remember one actually. On the East Coast they seem to be everywhere. I guess because of more houses not being kept up or in bad condition, which I have found, in general, for same price.
I never remember "as is" in all of the years in Phoenix metro. I can't remember one actually. On the East Coast they seem to be everywhere. I guess because of more houses not being kept up or in bad condition, which I have found, in general, for same price.
Until myself and two partners began to look for investment properties, I had not seen a cash only sale. Now two in the last couple weeks as we look more closely. When we find something we like and meets our financials we will speak to an agent.
I went to the website which showed the first cash only property mentioned in this thread. I got 3 e-mails and 3 phone calls from real estate agents in under an hour. They explained their version of cash only and then wanted to assist in similar properties. We prefer to look around and when we find something then engage an agent.
As far as the one about title here is the entire description:
Owned by Nationstar Mortgage and the previous owner was Sec. of Veterans Affairs.
Large 3 Bedroom 2 Bath manufactured home on 3 acres. Large living area, dining room, split floor plan. Walk in closets. SOLD AS IS, Cash only. Seller will not provide title and will require buyer to sign a hold harmless agreement.
The last question was "seller will not provide title." Well that title is held by mortgage company and how would the Sec. of Veterans Affairs gained ownership and what does Secretary of Veterans Affairs tell us about the original owner which was an individual.
The seller is the mortgage company. The seller will not provide the title. Who will?
Hookay...Who gets VA loans? And what is a VA loan?
Don't you get that that's a really nice way of saying, "It's all messed up, to the point that between the Department of Veterans Affairs and Nationstar Mortgage and the poor sap that was foreclosed on, no one is going to expend further resources on this. You get to buy it at a discount, do all the crummy legal work, and hopefully, at the end, have a house that you DO have legal title to, and sell it to a normal buyer for more than you sold it."
If they could sell it nice and tidy to the Biology teacher at the local high school they wouldn't be selling it at a discount.
But the issue is convoluted enough that no traditional buyer will get a traditional mortgage because as it is right now, the issue of ownership is clouded enough that they won't get title insurance.
So, you buy it for cash and go through all the legal hoops to get that title, then you sell your investment for a tidy profit.
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