All Forum Posts by: Jennifer M.

 Hey Sean,

Where you able to get a permit? Wondering how the receptive the area is towards STRs?

Hi Bigger Pockets family

I am in the process of looking at a few Foreclosure Auctions and was wondering about financing. I have cash to purchase at the auction but can I finance a mortgage to get my money back after I own the property? Also are there restrictions on selling the property after I rehab it? I read something about Title companies not wanting to Insure Title after a Foreclosure sale. Is this trust? For how long? 

Hi there

In the State of North Carolina, all property records are publicly available and easily assessable. I have been able to look up a lot of information on properties including all Deeds, Deeds or Trust, tax info, etc. But I do not know how to verify whether there are any liens on the properties. Is anyone familiar with how to search for liens? Particularly in Charlotte, North Carolina?

Also, are there any online Title Searches anyone can recommend?. I go back and forth on if I should do Title Searches. Seeing how most info is public in my state, I'm not sure if its worth paying much for a Title Search??? But then again, what about liens that may be on the property? If anyone knows of an affordable online Title Inquiry that would be helpful. 

Last question, seeing how there are so many properties on the foreclosure list, and you don't even know if you'll win the bid, how do you determine which properties to pay for Title searches? Don't want to waste my money running tons of searches and not even winning any of the bids.

Thanks in advance

From my understanding, most states foreclosure sale is subject to any and all superior liens and wipes out any all junior liens. Tax liens from the IRS or State and Local government always take the high priority position. The first mortgage is higher than the second, and HOA liens are usually lower than mortgages.

Here are some other things I have learned that may help you regarding Foreclosure sales. 

1) Since Tax liens are superior to all other liens, assessments, charges, etc., tax foreclosures generally wipes out all liens on the property. 

2) The Notice of Foreclosure Sale is required to be publicly posted and published. In Judicial foreclosures (mortgage), it will state something along the lines of "Under and by virtue of the power of sale contained in a certain Deed of Trust." It it is a lien foreclosure it will not state that.

3) Not sure if this applies to your county, but in mine this is a BIG ONE: If the Notice of Foreclosure Sale states "This sale is made subject to all prior liens, unpaid taxes, any unpaid land transfer taxes, special assessments, easements, rights of way, deeds of release, and any other encumbrances or exceptions of record". (emphasis added). Any other encumbrances or exceptions of record means ANY other liens - including junior liens. You want it to state "Prior" instead of "Any"

 How do you know which areas within the city are good areas for rental property? You mentioned Short North, is that a good area?

Hi everyone,

I just found out about BiggerPockets yesterdays and brand new to real estate investment. I'm currently in the Charlotte area but open to buying property anywhere in the US. How do I get started? How do you know which areas within cities are good? How do you know which properties to buy? Is there a tool you use to find investments such as Mashvisor, Stessa, or any other real estate software?

I just moved to Charlotte so not familiar with the city at all, but have learned that South Charlotte is where people want to live. Rent for a 3 bedroom averages around $2k, however, homes are $500k+. I can find a few townhomes for around $300-400k, but how do I know this is a good investment?

I have great credit, cash on hand bit no idea what to do and how to start.

 Any insight and help will be greatly appreciated.

Thanks