Investor · Las Vegas. Jacksonville, Bay Area Ca, Nv, Ca, Fl · Member since 2015 · 511 posts · 220 votes
Turn Key Townhouse completely remodeled. A great rental unit for the investment. This unit is in Fabulous Las Vegas. New windows, tile, carpet, water heater, doors, granite counter tops, vanity cabinets and tops, faucets etc. I must sell this unit asap with a quick claim deed. This unit was purchased at a HOA foreclosure auction over a year ago and will need a quick title action filed. I have rental inquiries at $625mo.
I just finished the remodel yesterday. There's a empty unit for rent a few doors down and I got a lot of foot traffic from realtors and tenants showing interest in this unit. I am waiting a week or so before putting in a renter. Giving opportunity to a owner occupied buyer.
@James Holland The remodeled units in this complex has been going for $74k. I am selling this unit reduced because quiet title needed. You can email me with any terms you would want to present.
Have you filed a "quiet title action" on the referenced property, or do you propose your buyer file the action after purchasing the property from you? It seems to me like the buyer could be out his purchase money and not end up with a clear title to the property in the event his suit was not successful.... That sounds like a pretty high risk deal to me.... Maybe I am not understanding the details fully, so feel free to correct me if I am incorrect.
@Jeff Goddard The request for the Quiet Title has been filed with the court. Prior to me purchasing the property, the court has ruled that this property falls under the Super Priority Lien Law. The filing has been reviewed by the Judge and the next steps will need to be taken to finish the Title work. This process can take 1-2 years. In the mean time the property is rented out to pay for the fee's and produce a return. The asking price reflects this need and I am willing to carry the note for 2 yrs with a clear title contract, thus leaving some skin in the game until the action is completed. The purchaser shall rely on an ambiguity in Nevada's HOA lien statutes that contradicts the mortgagee protection clause generally included in an HOA's controlling documents. Success by a purchaser in such a quiet title action will result in the extinguishment of a lender's mortgage. Even if the purchaser is unsuccessful, the quiet title action may still prevent the lender from foreclosing during the course of the litigation
It'll be interesting to see if anyone bites on this opportunity.
Kudos for trying to disclose the problem and mitigate buyers' concerns for risk of a negative legal outcome.
IMHO, this is not an opportunity for anyone but the most risk-tolerant investor who can absorb the costs and potential losses of a high likelihood of a long, protracted legal.
Personally, I'd be more concerned that a newer buyer, desperate to find "a deal" finds this on BP and agrees to most any terms and disclosures.
Reminds me of the caution given the holder of a glass sword.
Thanks for a more detailed explanation of the situation.....
Two things are red flags from my perspective, the first is the comment about the purchaser relying on an "ambiguity" in Nevada statutes, the purchaser may or may not prevail in his suit in which case he loses the asset. The second concern is, in the event the purchaser is unsuccessful with the quiet action effort the lender MAY be prevented from foreclosing during the course of litigation....
@Jeff Goddard Rick H is correct, this type of purchase is not for everyone. I have had newbies inquire about this unit and/or this type of investment to which I have advised against. Although, these HOA foreclosures acquisitions are risky, they are prevalent here in the Vegas valley.