All Forum Posts by: Joe Farrance

Hello 

Recently I came across a house auction for tax liens, Does anyone know how this works in New York State? 

Can you stop by the house and offer to pay the back taxes on the property and then take ownership?

Can you legally purchase the property for back taxes before it goes to auction and then rent the property to those who are still living thier?

Thanks for the help

Joe

Hello

Today I looked at a foreclosure property for a potential investor as I was talking to the agent he suggested that this might not be legal? 

He mentioned that he couldn’t legally sign a purchase agreement with me if I’m not the actual buyer? 

My question is this 

So how do I get paid from a investor if the purchase agreement is done without my signature? What protects me of having the investor go around me?

Thank you

Joe

Thank you

Hello 

Today I looked at my very first foreclosure property and to my surprise it was worse than I expected. The roof structure was caving in, the dormer was not put in right and showed signs of leaking, floors where very oft needing a complete replacement, furnace and water heater was under water and now needs to be replaced, the downstairs basement had signs of mold.

The positive side of things was the lot, the lot was very large.

So my question to the community is

(1) Is this normal in foreclosure property?

(2) With something like this would it be cheaper to knock the structure down and start from scratch?

Thank you John for your response. No I'm not a real estate agent and I'm looking in to REO foreclosures and pre foreclosure and basically the worst looking houses in a average neighborhood. Your answers make a lot of sense thank you

Well I guess I have to find a agent

Yes these are REO properties but they are listed through another agency. It's like a third party agency

Hello

Currently I’m trying to see 4 different foreclosure properties when I call to inquire about these properties I feel I’m getting the run around. 

Here is what is happening I make the call they ask me some questions and then they tell me that they don’t have any availabile agents to show me the property? 

Is this normal? 

Thanks 

Joe

Hello Brandon

Currently Im looking at 3 foreclosure properties in upstate New York ( Brewerton, Cicero area) let me do some research on these for you and forward the information to you. 

Looking to get involved with either multi famil ( apartment) or commercial rental property.  My question is what would be a desirable cap rate? Or at the very least a minimum cap rate?