All Forum Posts by: Gene Boykin

That helps a ton. Thanks Michael!

I’ve heard that it’s extremely difficult to find title companies and attorneys to close these deals? I have read that escrow agents are to follow instructions of buyer and seller. As long as the paperwork/contracts are in order they aren’t to be subjective. I could be wrong but  read in a title company association magazine from 1986.

@Joe Villeneuve do you know if it’s true that it’s difficult to find title companies and attorneys to close these deals?

@Christopher Phillips it sounds like you’ve completed some of these deals. I’m going on this venture soon. From what I hear, the most difficult part is finding title companies and attorneys to close wraps and sub 2’s.

@Don 

@Don Konipol You say that wraps and Sub 2’s are obsolete. However, they can still be accomplished as long as your paperwork is correct, you do a quitclaim deed and create a land trust? Along with some other technicalities, these being the major ones.

Thanks for the info James!!! I really appreciate it and hopefully I’ll be able to reciprocate.

Oh ok, I planned on doing the same thing. Was it difficult to win that motion? I believe it’s SD code 21-49-13, subsection 8 that it’s filed under.

Ryan, I have a print out of the sheriff’s auctions since 08/26/20-02/24/21 and 5 of the 18 properties went for under the judgment amount. I can’t find any rhyme or reason for it. I’m sure you know this already, in this county the bank makes the first bid every time. It’s very curious that they would bid under the judgment amount.

Are you still waiting for the 180 day ROR to expire? In your opinion was the purchase worth the time and effort? Oh and I see that purchase back on Jan 13th.

I'm just getting started in the fix and flip business.  We are initially looking at pre foreclosures and sheriff's auctions.  In some instances at the Sioux Falls sheriff's auction the bank will make its initial bid significantly lower than the listed foreclosure amount.  The banks always make the first bids at these auctions, it's protocol.  I'm wondering why the bank bids lower on some foreclosure amounts and not others?  Can anyone help with this question?