All Forum Posts by: Mark Beekman

I won a SFH auction on Auction.com on 9/27. Offer was accepted by the bank, purchase agreement was signed by both parties, earnest money was paid, etc, etc.

The closing was originally scheduled for 10/27, but they had me sign an Extension of Closing for a closing date no later than 10/31. 10/31 came and went and I just now received an email from Auction.com telling me to sign another Extension of Closing with a closing date of on-or-before 11/14. 

I emailed the Title company on 10/30 and received this response:

We are still currently still pending the updated title that reflects the fcl deed being recorded. ETA of the updated title is next week [this current week]. Once we receive that, the new deed will be sent to seller for execution.

A two and a half week delay isn't all that bad in and of itself, but does their excuse sound legitimate? I'd hate to wait until the 14th just to have them request another extension.

This is my first Auction.com deal, so I may be making mountains out of molehills.

Will you be keeping the eat-in bathroom counter?

As long as there's enough poly on it, I think pretty much anything can be used for flooring. I believe the key to success with the paper, though, it to be sure it lays as flat as possible. If there's "give" to any air bubbles between the paper and subfloor, that's where the floor will fail.

Interesting info, Kent. What happens if you close the line/sell the property within, say, one year?

I forgot to mention that a few times a year I receive promo balance transfer/cash advance/convenience checks for my numerous credit cards. Many of these have minimal or no fee and/or low to 0% interest rates. Most people probably throw them away as soon as they get them, but I save all of mine in case I need them. Most have a promotional period expiration date.

Great post, Matt! I just discovered this same credit card "secret" a couple years back. I'm a member of PenFed, too.

Here are a couple of others off the top of my head that I have, and their fees & interest rates:

USAA - 3% fee (a max of $200, though), 17% interest

Navy FCU - no fee, 10% interest

What others do you have or know of with the no-fee cash advances?

 Where can I do that, Wayne? The Recorder of Deeds office?

I'm in PA.

Yes, I'm definitely opting for the title insurance.

There are no other liens on the title report they provided or when I run the title myself, so I'm not too worried about that.

The Recorder of Deeds doesn't show the sale at Sheriff Sale, so I have no confirmation that the junior mortgage for $76k was wiped out. This is my main concern. Odds are it was sold at Sheriff Sale and all is good, and I've been known to be a worrier, but the uncertainty is unsettling to an Auction.com newbie such as myself.

I'm bidding on an Auction.com property listed as an REO, but I'm having trouble confirming clear title.

The scheduled date of the Sheriff Sale was August 22. The title report provided on Auction.com is dated August 29 and shows the foreclosing mortgage, as well as a junior mortgage for $76k. I searched the title myself but, again, no new, updated records are shown (including the Sheriff Sale). I suppose it's too new?

There is the option to receive a special warranty deed on the property if I purchase title insurance. If not, they'll give me a quitclaim deed.

I can't seem to find out if the house was actually bought by the bank at Sheriff Sale and the junior lien wiped clean, or if something like a deed in lieu of foreclosure was how the bank got possession. The foreclosing mortgage is for $324k and the house is worth around $250k in its current condition, so I would assume a deed in lieu of foreclosure wouldn't appeal to the bank -- although I could be missing something.

Odds are that it sold at Sheriff Sale, but it makes me nervous not knowing 100% for sure if there is a $76k lien still in place.

Anyone have any suggestions?