All Forum Posts by: Amir Saeed

Thanks Jon & Brian. Your response make perfect sense.

Though in the above example the equity is $20K if the tenant DOES exercise the option, but is more $25K if the tenant DOES not. Good business ethics would be to close the deal with the agreed tenant, but financially it is more rewarding if he DOES not exercise the option (equity of $25K). Is that strange?

Thanks for the reply. Just to make it clear. Lets say you do a deal with Subject to with lease to buy option (1 year).

House is worth $100K.
You buy it at 90K (subject to)
Option Fee is $5k.
Selling price is (appreciation) set at $110K

Excluding any other income or credit (rental, tax..etc). From above the equity at the end of the year if the tenant DOES NOT exercises whats in the the deal.

$110k -90K + $5K = 25K.

IS this correct. How would these numbers look if he DOES buy the property. Please describe...Thanks

I am looking at the "Subject to Deals" I have educated myself and aware of different risks specially the "due on sale clause". My question is that once the house is deeded over to you, you can do a lease to buy option with a new tenant. The lease option fee the prospective tenant pays is non refundable if the tenant does not buys the house. What if he does buy the house as agreed. What happens to the lease option fee. Do you still keep it or you have to pay the option fee back to tenant for him to pay the down payment...etc. Please explain how does it works (usually) in both cases....Thanks.

I have attended few foreclosure auctions where a bank is foreclosing the property. Basically the person is biding against others and the bank.

Question I have is that if there is a lien against the property (specifically mortgage) I have been told that all of them will be wiped out in the Auction since the bank has to provide a clean title. Is this true. Pls assist.

Thanks

I a new to property auctions. I have gone to few auction and still learning the process. I do not want to start until I have understood most of the process.
Question I have is that how can I find out the details about a property, specifically about any unpaid liens. My county post the land records online but all I am able to see is the "Deed of Trust". I am looking for any liens that are against the property. Where can I get the most up to date information. Pls assist.

Thanks

In most of the cases I only have a name. The address listed is for the administrator which may be living outside the state. In order to search for a property under the deceased name, I can go to county Tax assessor site. The issue is that most of them have only search option by the address not by the name.

How can I look up any property info that is under the deceased name ...Pls assist..Thanks

Thanks Steve. I will check it out...

Hello

I had a chance to attend a live auction today, though it was fast but I learned a lot. The trustee and other team members were quite friendly. Few questions I have fro the Pro. They mentioned that when the property is bought (win the bid) I will have to start paying the interest from the day I win the bid to when the Bank finalizes the property. Basically the Bank want to recover as much money as possible.

The interest is based on what (not the rate) what is it based on, the winning Bid price? meaning the total bid price of the property? E.g if the initial deposit required was $10K, and the property was sold for 50K. The interest will be charged on the remaining 40K? until the bank finalizes the property?

What if I pay the bank 50K right away. I have to anyway... I assume there will be no interest?

Since I have some time from the initial deposit to when the Bank finalizes, is it possible to get financing from the bank for the remainder amount e.g in the above case for 40K, or no Bank would finance it since its an auction property.

Last...I was told to do my homework before bidding e.g look at any outstanding liens..etc. if there are any outstanding liens on the property, wouldn't the Bank clear them, because the bank cannot sell the property until the title is clean?

Please advise...with your expert opinion.

Thanks..

Thanks Zaid I will check them out.

I am looking for information on Demographics. Basically looking for information e.g Houses that were sold in the the near by area, when. how much, Income, average value...etc.

Can Someone please suggest a site. I do not have access to MLS...Thanks