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  • #686

    Kevin Rhatigan
    Participant
    Post count: 107

    @jilldewit
    @stevenbutala
    @claire
    @charlieBarks
    @MikeDugan
    @RonDlienno
    @luketsmith

    Hi Jill and Steve,

    Firstly – many thanks for taking my many questions on the call yesterday!

    Some of the sellers I am working with have had name changes (usually through marriage or divorce). So their current legal name is not the same as the name on the vesting deed.

    Do I need them to sign a same name affidavit? If yes, can you send me a template for this?

Viewing 5 replies - 1 through 5 (of 5 total)
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  • George Dean
    Participant
    Post count: 76

    Can someone answer this??

    Joel S
    Participant
    Post count: 51
    Pro

    @admin

    Not sure about the question but for the template, there are plenty online to build off. Google can help with that.

    I added Steve’s username so that he will be aware of this post.

    S. Jack Butala
    Participant
    Post count: 102
    ProAdvancedStaffPrincipal

    @joels
    @kevinrhatigan
    @george

    Thanks for the post, Kevin. Every State and sometimes the counties manage this differently. There are many ways to handle this in these types of transactions. The first thing I do is see if there is enough room in the deal for title to complete it and then ask yourself if about $800 is worth closing through title.

    Can you do it yourself? Absolutely. It involves research in that state to see what is required. I always start with the county recorder. They will either tell you how to do it or who to call. Many western states need a affadavit and original notarized name change records from the county.

    I usually choose to spend my time where I’m most effective and let other experts close the deals when entitlement issues come up. In the time it takes to do this yourself you will most likely wish you spent the $800 for title. You can do a ton more deals while they are figuring this one to close.

    The is a high volume, high margin business and it needs to keep moving as fast as possible (turn the same $10K as fast as possible) to make really great living.

    Hope this helps. First thing to do is talk to the recorder and get the facts. Then decide if you want to kill the deal, close with title or take on the task yourself.

    SB…

    S. Jack Butala
    Participant
    Post count: 102
    ProAdvancedStaffPrincipal

    @joels
    @kevinrhatigan
    @george

    Here’s an additional point, Kevin. I’m pretty sure I know who you are selling these properties to. He has a ton of resources at his disposal.

    1) Let him know what is going on and ask him if he wants to “buy the acquisition from you” or “take over the deal to close it himself” for a reduced price.

    2) Deals closed with title insurance require a higher price. Tell him that you are getting title insurance and if you can use a person he knows and ask if he will pay for it.

    3) If the answer is “no” to both of these, close with title as fast as possible. While they are closing, find more properties. Your buyer has deep pockets and will probably buy as much as you can come up with in that area.

    Kevin Rhatigan
    Participant
    Post count: 107
    Pro

    @stevenbutala

    Hi Steve,

    Many thanks for both of your posts!

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