All Forum Posts by: James W.

my understanding is the senior lenders can and will come behind the purchaser to recover their debt.

first being the primary lender. and all those before the hoa.

 Sheriff auctions deliver clean title? They come with months of hoa dues, water bills, back taxes, child support and a multitude of other encumbrances that survive.

No?

Trying to understand Why do you think so? 

yep... i found this answer... thank you all.

it states the redemption cost is the sheriff deed price.

now i am thinking - what if the lender pays 100k at auction - and i buy from bank at a higher price 200k. which is still lucrative because its lower than market price 300k.

the owner may come knocking my door with 100k lender purchase price !

 i am trying

hi guys

is it possible that a foreclosed owner can redeem his property for below what i paid to purchase it? because he only owed so much to the bank?

assume he owed $50,000 to bank, and i bought the house at auction for $200,000.

can he now claim to redeem it by paying $50,000 to me? and i lose my $150,000?

i hope i have missed something here - obvious or otherwise.

... continued from above 

5 - i have two properties i purchased from the bank who had foreclosed the owner.

if bank files a deficiency judgement against the owner - owner gets 6 months from that date to redeem.

so - how do i know these properties are not going to be redeemed now.

does title insurance automatically mean that property must have been outside the redemption period?

hi - 

i have some questions about purchase of occupied foreclosed properties in New Jersey (NJ).

any/ all responses are appreciated.

1 - is the property transferred to purchaser only after the redemption period is over?

2 - if not - then how does the purchaser get his money back? does the redeeming owner pay the purchaser? purchaser cost will be higher than outstanding debt due to transactions and holding cost.

Once the property is past redemption period - 

3 - if the property is tenant occupied - i read the rent is now paid to the new owner.

but how do we know what the rent was? tenant can make up a very low rent.

or it may be a non paying tenant in the worst case.

4 - can the tenant be evicted on grounds of non payment of rent?

This is in Hudson and Bergen counties, if the rules are specific to each county.

Thank you.

Hi guys -

Looking to renovate kitchen and bath in a condo to flip in Secaucus, NJ. 

Its Hudson County.

No crazy remodelling - just putting in new cabinets, counters, backsplash, and new floor tiles.

Baths - new fixtures, vanities to tubs, lighting, floor and wall tiles.

Any leads?

Prefer something where I can select a package and get everything delivered and installed with minimum steps.

Kitchen and baths separately.

Thank you.

@Jay Hinrichs

"...redemptions include statutory interest paid from the redeeming party to who ever bought the property.." 

Bank bought it first. The deed i get is transferred to me from the  Bank.

So sounds like though owner will redeem it from me because i own it now, the money he pays back could just be what Bank's cost was.

i'll check with an attorney.