All Forum Posts by: Jeffrey Farkas

@Sam McCormack

Sam, it would be great to hear your view of Cincinnati. Are you around to discuss sometime this weekend?

Jeff

Seeking to connect with brokers and investors in the Central Ohio area for 30+ unit multi family properties.

Looking forward to meeting.

Jeff

Seeking recommendations for a Fannie Mae / Freddie Mac Lender who can help me finance a 20 unit single family portfolio.

@Ken M.

Thank you. It is confusing that bidders in Columbus, Ohio are bidding as if the first mortgage will be paid. One would think that a bidder would pay $45,000 in my example (since they are assuming the first mortgage), but they are actually bidding $225,000. I am wondering whether they are requesting the Court to repay the first mortgage although the auction stated it was subject to the first mortgage.

I see some foreclosures where the bidders must buy subject to the first mortgage. The auction price seems to assume that the proceeds will be applied to repay the first mortgage and the second mortgage. For example, the property is valued at $300,00. The property is being sold subject to $175,000 first mortgage. Second mortgage is $50,000. Property sells for $220,000. How does the buyer ensure that the proceeds are used to pay the first mortgage?

I was told that Freddie Mac may finance a portfolio of single family homes. Is this correct? If so, does anyone have any referrals to help me with the process?