All Forum Posts by: Brett Goldsmith

Usually subject to's work best when there is equity in the property. Spending 10k to pay off a lien to still be under water seems not ideal unless if there is some sort of huge upside in developing the property.

There are programs that you can pull homes in foreclosure or you can likely get a list from a title company too. It's public record once a property is in foreclosure.

A home being in foreclosure doesn't mean much besides that you mean be on a tighter timeline if there is a sale date and that you are dealing with a borrower who may be in distress. At the end of the day, you want to get a good deal which has nothing to do with the home being in foreclosure.

Since it was purchased only two years ago, you need to find out what is truly owed to see if the property will be short or not.

Best of luck in striking a deal that works for you and the seller. 

It's a short sale. On VA loans they typically want to NET 84.05% of the appraised value.

I've seen servicers give a verbal "ok" on paying a moving truck for a seller or buying a few pieces of personally property. You could disclose it to the bank and see what they say. It all needs to be legit and within reason and they won't allow it to show on the HUD.

I've done hundreds of short sales, feel free to reach out if needed.

Is the home listed for sale on the market?  The important aspects are to ensure the transaction is setup properly, title is checked early, and that the deal is best structured for success. It's important to find out who the investor is and often if there is minimum NET proceeds that can be shared if you are trying to find out the bottom line on what may be approved.

What happened to the surplus funds? If the senior lien did not get them, who did?

You purchased the house subject to the 1st lien position, that means you own the house.

How much is owed on the first? You need to bring the 1st current if it makes financial sense or rectify it somehow ( loan modification). If the property has no equity then you may want to try to purchase the property as a short sale if that makes financial sense.

You should contact the owners and try to work something out with them if that is the case.

Talk to an attorney who specializes in evictions to understand what a potential worst case scenario could look like in regards to time frames and money if the occupant fought the case.

Sent you a PM. I can share some HM programs we broker in LA. 

Great area. Find a discounted gem in the area and you will do well!