All Forum Posts by: Chris Parr

curious how wholesalers work with foreclosure properties.  Do they buy at auction and then look to sell to others in a quick cash transaction? Do they typically get involved before auctions and never take posession of a property? 

If anyone can share the process, I would like to learn more about what paperwork has to be filed, what costs they incur.  I am interested as a possible purchaser of a wholesale property so I would like to learn as much as possible about the steps involved.

Thanks

I am trying to source information for current mortgage information that it appears sites like Auction.com are able to eventually publish.  The property report they have lists the current mortgage amount and other liens.  Not sure how accurate that is.

I went to the county clerks' office to do some research (Monmouth County) and I was able to see information that is similar to what is available in the open public records website.  The person I called earlier that day said they didn't have property reports.  The open records have good information, but it looks incomplete.  I see contracts of sale, mortgages, some municipal liens that were sold, etc. Some properties have mortgage cancellations and adjustments... good to know what is active.

Where can I find the property report for properties that are facing foreclosure?

Thanks!!

Jason, 

Just visited the Monmouth County Clerk and they did not have anything referred to as a property report.  I was pointed toward the open records system.... .something that is available online.  On that site I could look at documents for Deeds, Mortgages, Lis Pedens, etc.  What I could not find is what is currently owed to the plaintiff.  I can estimate this based on the last mortgage and when it was taken out.  I guess this is the best anyone can do?

The records also do not show when a mortgage was paid off.  I just assume based on the total what is happening in order of date.  310K ( initial mortgage at purchase), 30K (second mortgage/line of credit), 360K refinance...

Anyone...   Still interested in learning more about how a house might be "flipped" soon after auction.   If anyone has anything to share, I would appreciate all info.

Thanks.

Thanks Mark.  Makes sense.

Anybody know if buyers at auction are able to easily flip the property to another interested party.  Are there any provisions like used car sales where the dealer never titles the car and avoids some fees (taxes , etc).  I guess the costs here might be recording the deed, NJ transfer tax.  Just curious how a person who flips properties might be able to work through some constraints.

Jason,

Thanks for the information.  Makes sense that a settlement with the "owner" is unlikely at this stage.

I will check with the county clerk to get more information.

Is there any truth that the only money owed after a foreclosure are delinquent property and IRS taxes as well as smaller water sewer bills?  Secondary mortgages/junior liens are forgiven?

How does working with a wholesaler work?  Does the situation ever happen that buyers at the auction might be willing to resell the properties in their current state?

Hello,

I have started to investigate obtaining a house through a sheriff's auction in Monmouth County NJ.  My plan is to buy a single house, do repairs and upgrade and possibly sell in a few years to reap a tax free program that exists.  I also am looking to downsize and reduce my tax burden from where I am now.

There are some strange things that I have seen and I was hoping that this forum would be able to answer my questions.

I have been watching a house auction that has been delayed many times.  This seems normal.  My concern is how to research the extent of the liability that comes with houses.

From what I have read, the secondary liens are removed at auction and all I need to worry about is back local taxes, IRS taxes and water/sewer bills.  Sounds like a second mortgage might be forgiven but that doesn't make sense.  

Also, I can easily find the local property taxes, but what about other liens.  County clerk can provide?

Do auction buyers typically do a title search ( pay for this?).  Seems strange that I would drop $200 for a title search when the house might settle.  They also don't announce the starting bid proposed by the plaintiff until the moment the house is put up for auction.  Does everyone assume that is the amount of the primary mortgage?

Thanks for all the input.