All Forum Posts by: Mark Beekman

Thanks, Joel.

The one property I'm looking at still shows the foreclosee (if that's even a word) as the owner and also shows a 2nd mortgage of $76k. It's most likely that the property went to Sheriff Sale, got bought by Bank of America (the seller), and the lien is gone, but it just irks me that I'm not 100% certain.

I'm looking at several properties on Auction.com that have been listed, in some cases, just a week after Sheriff Sale. When I search the title, there is no record of the Deed being transferred to the bank, or any liens being wiped out.

What is one to do in a situation like this? Is it normal for there to be a lag in records updating from the Recorder's office? One property in particular supposedly went to Sheriff Sale and was bought back by the bank over a month ago, but there's still no record of it.

How would you proceed?

I just signed a Purchase Agreement for a SFH (rehab). It's a cash deal, but I'm looking to pull the equity out after closing via a HELOC. Would there be any specific timeframe after the purchase that a bank would require in order to grant a HELOC. Someone told me that banks typically require 30 days, and even then they will generally base the LTV on the purchase price. Also, do banks allow cosigners on HELOCs whose name are not on the deeds?

Misinformation is plentiful online, so I thought I'd ask the trusted BP crowd.

Hi, Mason. My wife and I are in Phoenixville and we're both looking to get licensed. The exam and licensure seems pretty straightforward, but we're unsure about the whole broker affiliation. We're interested in seeing what others here on BP have to say.

Depending on the County I'm looking at, some liens are listed as "IRS" and others as "federal tax". These are synonymous, correct?

 Interesting, Robert. So you were able to pay-to-go-away? Did they throw that number at you, or did you come up with it?

 Brian, what did the equity in the house look like on your $7k deal? (purchase price, lien amount, house value)

That's what I'm leaning towards, Dawn. Even if one ends up the high bidder against Auction.com's shill bids, the bank may very likely deny the offer. My fear, though, is losing my bidder deposit or earnest money on the off chance I'm the high bidder on several properties.

I have an email from an Auction.com customer service rep that says if you're "outbid" and you aren't the high bidder at the end of the auction, you have no obligation to purchase the property. That may seem obvious, but I've heard many stories of losing bidders being contacted after the auction saying that they were the high bidder (I assume because of the shill bids). The shill bids may help in my case.

I currently have bids in on two properties on Auction.com. My odds are slim on both properties and I'm also wanting to bid on a third and possibly a fourth, but I'm worried that I'll end up being the high bidder on more than one and be required to purchase them or lose my deposit. The problem is that all the properties I'm interested in end within minutes of each other. Plus, since Auction.com shill bids, I'm afraid to bid on another property even if I'm "outbid" on another.

What do you other Auction.commers do?

Interesting, Ned. What usually happens from that point? I suppose you ask to see it. Who usually comes up with a price - them or you? Do you talk price before or after you see the property?