All Forum Posts by: Hanna Essenburg

Hello @Dedric Polite, recently I saw a great tip from @Missy H. re: yellow letter campaigns. Missy mentioned that on various BP podcasts, several guests have used Jerry Puckett for their mailing campaigns.  In addition to @Claire Trammell post above, you may want to check out Jerry Puckett's services.  Good luck.

@Josue Escobar.  If you go to meetup.com and search for "real estate investment within 25 miles of Fort Lauderdale", you'll find a number of groups there. From here, you could click on meetup calendar button and find real estate events listed by date [ie. there are two real estate investment groups meeting tonight (3/10/2016) one in Boca and another in Weston]

As a beginner myself, I've been considering joining these two groups:

Broward Real Estate Investors Association [BREIA] and

Distressed Real Estate Investors Association

Good luck and hope this helps.

@Account Closed. Thank you both for your perspectives. If buying an REO from a bank guarantees a clear title, then I guess they've resolved some of the issues from 2010, where Title problems – banks won’t warrant title to their own, foreclosed properties.

Unfortunately, according to Consumer Affairs -- Foreclosure Lawsuits (against banks) are still  ongoing.  As both of you pointed out, doing due diligence means that I need to use my own title company rather than rely on bank's info.  Finally, buying an owner's title policy is definitely an expense I should budget for. Thank you again for making me aware of potential pitfalls.

@Wayne Brooks.  Thanks for your feedback on

Broward Real Estate Investors Association [BREIA].  Aside from real estate investor meetups are there any other local groups that you would recommend joining? Currently, I'm reading a lot of great info on BP's older threads, esp.

Foreclosure Auction (Sheriff Sale and Trustee Sale) FAQ and starting to realize how much there is to learn. Again to everyone who took the time to answer my questions, thank you so much for your help.

Thank you everyone for taking the time to answer my questions.

@Joseph Perez.  Hi Joseph, I noticed that you live in Hollywood.  Are you familiar with the

Broward Real Estate Investors Association? 

Their address is 1660 NW 65 Avenue, Suite 1, Plantation, FL 33313. I was thinking of joining the group. The first meeting is free (you would need to sign up) and they have an upcoming event: "Everything You Need to Know About Hard Money Lending – Sponsored by Asset Based Lending" on Thursday, March 10, 2016 @ 12:30 pm - 2:30 pm

@Account Closed. Thank you for answer. So if I understand you correctly, when the bank bids $100 (or a higher amount) that number is simply used as a "place holder" until the bank decides that a third party bid has reached an acceptable amount. If a property was "sold" to the bank for $100, would that property's title reflect the $100 "purchase" price? Also if one were to purchase that same property later on when the bank sells it as on the open market (REO), would the bank issue a warranty deed for the property?

@Lynn Bown. Thank you for your explanation. At times, I am somewhat conflicted about buying a foreclosure. I mean from an investor's perspective, it's great if one can get a good deal, turn it into a rental and get some cash flow. On the other hand, I may be "profiting" from someone else's misfortune. Based on your experience, would you recommend bidding on an auction or buying a bank's REO?

@John Thedford.  Thank you for your answer.   Your answer leads me to another question: "why didn't more borrowers sign over their deeds rather than go through the foreclosure process?"  I would think that even though at that point the bank could evict them, the two parties could have agreed to allow the former owners to rent the home from the bank. 

@Wayne Brooks . Thank you for your answer.  Does that mean that the bank actually pays the court $84,500 for the property or is this just a "number" that the bank used to take back the property?  After all, the bank doesn't have to pay itself does it? Will the bank then use the $84,500 as an asset to put on their books?  I came across a great youtube video that explains: "How To Legally Spy On Banks And See Thier REO Inventory " -- since banks are required to report their REO Inventory on a quarterly basis to the FDIC.gov, one will be able to use the info when negotiating with banks.

Hello everyone:

My name is Hanna and I’m completely new to the forum / real - estate investing. Here in Fort Lauderdale, Broward County, FL the foreclosures are listed on the Broward County Clerk site - https://www.broward.realforeclose.com/index.cfm

In order to participate in the auction, bidders must register on that site and place a deposit equal to 5% of the estimated high bid for each property they anticipate winning at the sale for the bids to be considered.

I’ve been following some of the online auctions and below is a

sample property from the auction site on March 1, 2016

___________

Auction: Sold

03/01/2016 10:27 AM ET

Amount: $84,500.00

Sold To: Plaintiff (from the Case #: CACE-08-039390 , we can see that the Plaintiff was US Bank and the final judgment was recorded on 10/28/2013 11:54:35 AM)

_______________

My question is, why would the bank have to purchase the property; doesn’t a foreclosure automatically mean that the property reverts back to the bank?

Also if the final judgment was recorded three years ago (October 28, 2013) and the property was finally sold on March 1, 2016, what happened during that interim period -- ie. Looking at the Parcel ID info (514012AH0080) which brings us to the County Appraiser’s office, it appears that the homeowners still had the property address as their mailing address. Since apparently the owners were not evicted, couldn’t they have sold the property before the foreclosure proceedings?

Thank you in advance for helping me understand the foreclosure process.