All Forum Posts by: Andre B.

Hello everyone,

I am planning to attend a foreclosure auction.  The home is currently occupied.  It could be a good deal, but the odd things are there are several containers stacked in the front yard.  I thought they were moving out, but the same boxes have not moved in a month.  Also, at set of windows are alway open...43 degrees outside and still open.  I haven’t been able to see inside.  Would you still consider bidding or are these red flags of a scary money pit?  Thanks for your help!

Thanks @Tom Gimer and @Wayne Brooks, your information has been very useful.  I know my way forward now.  Happy Thanksgiving!

@Wayne Brooks , that is what I was thinking.  Although, other posters here seem to suggest it could potentially be in first position.

You are correct @Wayne Brooks, I should have phrased my confusion differently. I was surprised to see the HELOC potentially being in first position, rather than subordinate to the home mortgage which has a far more significant amount of money remaining on it. However, I have not paid a title company to confirm this. Anyone recommend a cheap, but thorough and fast title search company in my area or online?

Very interesting point @Tom Gimer, it may not be in second position.  It looks like I may need to pay a title company to do a thorough search for me and determine its position.  I am good at understanding the property records when things are a bit cleaner than this one.  Thanks for the help.

Hello all,

So I found an upcoming foreclosure auction listed at a Firm's website and announced in a local paper. Here is the strange part though, I searched the property records and the deed instrument number being auctioned appears to be associated with a HELOC (Home Equity Line of Credit) that is tied to the original mortgage. I would think they are only selling rights to the HELOC; However, the language used suggests they are foreclosing on the property. I am confused, so any insight or advice from the crowd is appreciated!

I used RentPrep to screen several applicants and was very happy with the quick turnaround and the information provided.  RentPrep did not provide recommendations on what guidelines to follow when considering the applicant, but I believe those are best determined by the landlord or property manager.  Only the landlord or property manager knows how much risk they want to accept, the rental market in the local area, the appearance and behavior of the applicant, etc. Hope this helps.   

I have not attended any seminars or felt a need to, because there is so much information out here for free (or low very cost) in biggerpockets, various podcast, and numerous great books!  I can read or listen to any of these things on my own schedule and for free (unless I decide to buy a book).  So, I guess that I would say the seminars are not worth the cost or time. 

I also cannot attend on Saturday at 10:00 this weekend, but I would be interested in meeting with local BP investors.  I hope you plan to have future meet ups. 

just guessing, but professional bidders are probably having multiple checks drawn against a line of credit or cash funds.  No trick to it.