All Forum Posts by: Joe Robinson

A friend of mine wants to buy a portion of a property, 10 acres. The deed currently includes 13 acres with the house in the other 3 acres.

The seller is an older man who wants to keep and live in the house. However, the deed has a lein on the entire thing.

Is it possible to split the deed up with a lein on it? What is the best course of action?

I know from the Association financial document that a listing agent shared with me that there are at least some Condos in the association I am interested in buying in that are far behind in dues.

Total delinquent is over $37k for 8 units. How can I find out which units those are and make an offer?

I’m not certain if a lein has been placed yet.

Has anyone tried something similar?

Thanks

I’m interested in bidding on a property at auction, but it has two judgements against it on the title in addition to the primary loan.

Is this something I should be concerned about?

I’m ok paying these if I have to, just wondering if there is anything else I’m getting into.

JUDGMENT AND LIEN INSTRUMENTS

Document Type: Judgment Execution Date: 02/08/2018 Instrument No: 2018-00125 Recorded Date: 02/20/2018 Amount: 1570.06

Holder: CAVALRY SPV I, LLC, AS ASSIGNEE OF SYNCHRONY BANK/LOWE'S -----------------------------------------------

Document Type: Judgment Instrument No: 2018-00341 Amount: 819.83

Holder: MIDLAND FUNDING LLC -----------------------------------------------

Execution Date: 06/05/2018 Recorded Date: 06/14/2018

@Tim Jensen

I appreciate that he’s not interested in educating me on it. That’s fine. I’m glad there were a few other people there willing to talk.

Does it make sense that someone would buy the redemption rights for the property and then come and buy it at auction as well?

The thought had crossed my mind, but how much would you have to buy the redemption rights for to make buying it at auction worth it? You would have had to buy it for more than the auction went for. But that seems like a lot to pay for just the rights to buy something.

I guess I’m asking, was this guy just blowing smoke, or is there more to how this works that I’m not understanding?

@Joe Robinson

Update, the property sold for $85,000. The winner opened the bid at $1 over, and jumped it up by $5k each bid vs one other bidder (not me)

I tried to chat with him after the auction but he was not very friendly. He said that he had purchased the the redemption rights already and that we would just buy it back.

Does this make sense?

@Kelly DeWinter

I’m on my way to check out the auction. I went to one of these about 5 years ago but the volume was MUCH higher then.

After some more research, another renovated unit in this condo sold this week for $165,000.

https://www.redfin.com/WA/Kent/1840-Central-Pl-S-98030/unit-D37/home/27527?utm_source=ios_share&utm_medium=share&utm_campaign=copy_link&utm_nooverride=1&utm_content=link

HOA is $343/mo - I'm guessing there may be unpaid liabilities here as well?

Taxes are $1200

Rents are around $1100 for 2br in this area.

Thoughts about a Reno budget?

What are thoughts about buying a property at sheriff auction?

This property looks to have potential, but what are the risks in this type of deal?

https://www.kingcounty.gov/~/media/depts/sheriff/documents/services/Civil/Real_Property_NJD/5-17-19/17-2-24555-1_KNT.ashx?la=en

If the judgement debtors redeem the property I’m assuming I get my money back.

I would love analysis on this auction in the morning and whether I should got try this.

Thanks