All Forum Posts by: Jarrod Weaver

Hello Renee! Like @Sean C. mentioned above, forget the seminars, meet-ups and webcasts and TAKE ACTION. Get a deal under contract and figure it out from there. Contracts, buyers and processes are all secondary to having a deal under contract. Do this first and the rest will fall into place. Doing it is where the learning occurs. PM me if you have questions after you get a purchase nailed down. Good luck.

Finding a capable and willing contractor for 203K repairs/rehab is a major challenge. The administrative work is well beyond the capacity or desire of most. Why deal with this when there is (currently) more business than they can keep up with. I do not know anyone at Positive Construction, but if they were willing to accept the job that's a step in the right direction.

Thanks for your comments @Bruce Lynn. No, there's nothing all that special about the place, other than I have burned way too many hours on figuring it out. If nothing else, the education has been valuable. Unfortunately, education without a deal doesn't buy dinner or put gas in the car. I don't get emotional about real estate, but I tend to wrestle them until they submit. I need to work on changing that I suppose...

@Jeff B. can you please elaborate as to why you recommend this option? Since the property is unoccupied and there is no one contesting the foreclosure, wouldn't it make sense to get it before the auction where there will be competitors?

I have been working on purchasing a property for 6+ months which has been stuck in foreclosure limbo for 2½ years. The owners are deceased and the heirs wanted no part of it. They actually signed affidavits with the bank's attorney releasing their claim to the property. This is where the process stalled. The bank didn't move forward with the foreclosure and the servicing company continued to send statements, maintenance bills, and compulsory insurance.

Eventually, I found the father of the deceased and established a contract with him trying to get my foot in the door for a short sale. A copy of the contract was sent to the bank's attorney who forwarded it to the servicer and bank holding the note. Not too long after I was contacted by the bank and told that my contract was worthless, since the person with whom the contract was entered had no legal standing with the property.

Initially the bank's representative said the might consider selling me the note. Although I have never done this yet, I am certainly interested in doing so. She said that it had to go to committee for approval and it could be up to 120 before a response would be issued.

Last week she sent another message apologizing that the bank would not consider selling the deed and was going to complete the foreclosure. She encouraged me to participate in the trustee auction on the courthouse steps.

Frustrated, I backed off for a few days but kept thinking about the house more and more. Yesterday I read through a large chunk of this forum and decided to send another message to see if they would reconsider their position.

Today she suggested that I send a Letter Of Intent that she can take to the committee. I have also been in conversation with the agent contracted to provide the bank with a fresh BPO - which I will have a copy of later today.

Can any of the experienced note investors share what action steps I need to take to make this successful? I'm most grateful for your time and assistance.

Following...

An attorney can also prepare a document for you that will terminate the redemption if the former owner(s) will sign. They need to sign with either the attorney or a licensed notary. You will also have to provide a small amount of consideration (read: money) for the release contract to be non-executory and legal. No more that $100 should do the trick.

I looks like you just answered your own question. Pay what's due to secure your ownership and enjoy your new property. Awesome situation to be in!

You can also inquire to see if any of the billboard companies would want to lease for installing a sign. Signs are awesome long term revenue.

If I'm not mistaken counties are bound by state law to limit assessment increases to no more than 30% in 3 years. Yes, they can bump it 30% in a single year, but no more for the next 2 years. Arguing with the CAD will leave you exhausted and angry. Logic doesn't exist there and their assessments have 2 variables no one there could explain to me. Not what the variable was or how it was calculated. Bottom line was I had to pay more. My visit was one of the most frustrating experiences of my life. Use the pro service and save your sanity. Good luck!