All Forum Posts by: Account Closed

Hi everyone,

I have a list of approximately 6K addresses and all these properties have code violations. Some of these have already been closed and the other ones are still open. I'm hoping to narrow down the list, here are all the categories under the code violations: Weed, vacant, no permit,condemn. gravel drive, health, no water, unsecured. 

From the categories above, what would you choose?

@Shanae Williams  how much is he wants to sell it for? How much equity is on the house? Does he have a legit reason to sell? Knowing this information before touring the property will save you ton of time in the long run. I don't even bother running numbers until I get this info from the seller. You will get calls from tons of "curious" tire kickers who just want to know how much would you be willing to pay for the house.

@Harry Williams One thing to keep in mind... when you pull your DOM, are you excluding dated properties and non-rehabbed homes? For example , average DOM for rehabbed homes might be 10-20 days. if you are including REO properties, dated properties, short sales etc. your average DOM will increase.

I think it's best to pull all the rehabbed homes in the area and then calculate your DOM. The DOM will likely be less... in which case the market would be telling you that you are overpriced. If your DOM is higher than average DOM, then it's more than likely you're overpriced. 

The rehab looks great!

@Ronald Rohde I'm not trying to lowball on the fees...They won't insure title because I'm purchasing house with the existing financing. Since this might trigger the due on sale clause, they won't insure it. The attorneys I've spoke with have told me they don't feel comfortable closing because of the same reason. They don't want to draft docs if there's no title insurance. 

Hey everyone,

Can anyone recommend an investor friendly title company in texas that would be willing to close on subject to deals w/o title insurance?

I got a property under contract in a small town in Texas and I'm purchasing this home subject to the existing financing. I've called every title company and even some attorneys, and they don't want to be involved in the transaction. The title companies will only close only if they provide title insurance otherwise they won't do it. 

Sorry guys I just realized I didn't actually ask anything besides explaining the current situation. I'm not familiar with foreclosure laws in Texas. And I've never bought a pre-foreclosure right before auction. I just wanted to know if there's anything different about the selling process or if I should be taking any other steps to ensure we have a smooth close on this deal. 

@David Dachtera Thanks for the feedback. This was the type of answer I was looking for.

bumping

Hi everyone,

I'm meeting a seller to sign all the paperwork to purchase her property tomorrow. The property is in Texas and I've never purchased a pre-foreclosure that is only a couple weeks away from being auctioned off. I'll also be taking this property subject to the existing financing. 

@Doug Haisten Absentee with 50 %+, delinquent taxes, some owner occ at least 45 yo with 50 %+ eq, and code violations. 

FYI everyone, I decided to split postcards/letters 50/50 like Justin suggested. I'm considering referring retail leads to a realtor. And with referral fees, I should be able to offset some of my marketing cost. 

@Deborah Burian What is the best process to pull these leads? I went through the county online records. And I'm able to pull the cases. However, I have to scrub through all the notices to check if there is any real estate involved in the distribution. 

I've thought about just searching the deceased name on the county assessors website hoping to pull an address and then sending a letter to the executor. I don't think this is the most efficient way and there might be another person with the same name owning a piece of property. If you have another way to pull this info, I'd really appreciate it if you could share it with me.