All Forum Posts by: Conner S.

Thanks everyone, Good to know on the closing costs. I only factored 6% but based it off my highest potential sell out to calculate a maximum. I appreciate the complex excel spreadsheet for in depth analysis but need something much simpler for this. I may not know the lingo but have a lot of guidance behind me and I am doing more diligence then it may seem.  

Paying the current owner to allow us walk the property with a GC my family uses to get a better budget estimate on reno and have realtors doing ARV. I don't have money costs making this much easier to analyze. Hopefully the lien report comes back clean and we can proceed with the auction!

Seems like will came on BP yesterday to promote his new platform auctiontumbler.com. He posted on multiple threads yesterday about it. 

Appreciate everyones help. 

Im looking for a good word or excel example of a deal analysis sheet to present to an investor that will hopefully be funding a flip. I do not need anything complicated just something simple that hits the main points. The investor in this case for me is a family member who would be funding the deal. I just want to come to the table with a proper presentation to show I am serious. If you don't have any examples, list some important stats to put on the sheet.

So far I have, ARV, renovation budget, purchase price and several comps. I also show how the deal would work at different purchase prices and ARV's.

Any help would be appreciated!

@Peter Walther

Appreciate all the help. Typically what i have seen is the auction closes for much less than the judgement and the sale goes through so the Hidden maximum plaintiff bid is much lower than the judgement.

Let me know what you think after your phone call. Thanks again.

Just to confirm the max plaintiff bid is the "reserve" bid correct? Meaning if you don't go over the max plaintiff bid the property will not sell, it will go to the plaintiff? 

I called and spoke to them and they said that their liability insurance does cover and errors of omission for foreclosures. Said they have never had an error, but if it were to happen you would speak with the insurance company and file a claim with them to have them settle the lien. 

Who is the best office to contact to find that amount? Will that generally be included in a lien search? 

Ive spoke to a few others in the area and they have said you need to go through a lien search company, because like you all said Title search companies will not handle this. They told me a lot of investors use Fasttitlesearch.com. Anyone have any experience with this website? I see they offer up to 1mm in insurance but unsure if this covers foreclosures. Any other referrals in the pinellas county area would be appreciated.

I am assuming this is the primary mortgage on the property based on the judgement court records. How can I confirm this? Also the taxes are included in this judgement so I dont have to worry about that or any HOA fees (not a condo type set up).

I believe the reserve bid is listed by the county as the "Plaintiff Max Bid" which is hidden. Does this sound right?

Thanks everyone for your guidance. 

I am looking to purchase a home that is being offered at a county foreclosure auction in Pinellas County, Florida. I am wondering if anyone has any experience with this and can hopefully offer some advice or a good contact at BP.

1. If the auction finishes at a price lower then the final judgement who is responsible to pay the difference? Could I be responsible after purchase? 

2. What is the difference between a private auction and a county auction? Why do some counties hold auctions why do others not? Is the county only trying to recover taxes etc and referring back to question 1, could I owe additional money if the bid does not meet the whole judgement (Ie will the bank put a judgement against my newly acquired title for the difference?)

3. If anyone has any good title companies in the Pineallas County area please let me know!

Thanks

Ricardo - I don't understand your thoughts on it not appreciating much. If the property is going to be purchased for 45-50K less than homes are selling on the market, not foreclosure market. Wouldn't I experience instant appreciation? 

Are you referring to the value of the property if an investment was made to renovate it?