All Forum Posts by: Account Closed

The NOD is an estimate. You have to call the lender or trustee to get a reinstatement amount for a specific date. It will include missed payments, late fees, property taxes, posting fees, legal fees and so on. Foreclosures and probate are "state specific". If you are not authorized, they will not discuss it with you.

If she doesn't know if she is working with an attorney, she likely isn't. She should have a probate case number if it is being probated and you can call the court and ask who the attorney is or you can call the court and ask if a probate was opened for the deceased. You need to know first and last name and approximate date of death.

 I have had a DUNS number for 30 years (I had a consulting business) and the DUNS number has never been of any benefit whatsoever in my real estate investing. 

Your Question: "Can a homeowner in foreclosure accept money and quit claim deed their property?"
Answer: Yes, but it isn't smart for the buyer.

Your Question: "And then can that new homeowner try to do a short sale with the bank"
Answer: No. The owner of a house in foreclosure is very unlikely to do a short sale and be allowed to benefit from it.

Best Answer: If you want to buy a house in foreclosure on a short sale, you have to be an "arm's length" buyer who can close before the foreclosure sale date.

Best Way: In my humble opinion, you bring the arrears current and buy the house from the owner subject to the existing loan or by using owner finance.

Originally posted by @Tahj Stephens:

Investment Info:

Single-family residence other investment.

Purchase price: $74,000
Cash invested: $300
Sale price: $110,000

This deal came from an out of state landlord. My acquisition manager locked this deal up for 74k and I decided to close on it while the tenets were still vacating just to make sure I got the deal. They were gone about 2 days after I closed and left a ton of trash behind. I spent 300 on trashing the place out and cutting the grass so it could look more appealing on the MSL when I listed it. I listed the property for 120k and took a 3 day closing offer for 110k.

What made you interested in investing in this type of deal?

I knew it was a good deal.

How did you find this deal and how did you negotiate it?

This deal came from my marketing campaign (cold calling) and my acquisition guy closed this guy over the phone.

How did you finance this deal?

I borrowed money for a friend who I've done a couple dozen deals with. It was last minute and they funded the deal with 4 days notice at 3 percent a month (I realize that is extremely expensive lol)

How did you add value to the deal?

Had the grass cut and trashed the place out.

What was the outcome?

I was able to have this property listed and sold within 30 days on closing.

Lessons learned? Challenges?

I just wish I had kept this property as a rental. I thought I was moving out of Atlanta at the time of purchase but I ended up staying lol.

Nice play!

You saw an opportunity and took action. Way to go.

 You have to figure 80% occupancy when you do your numbers and figure on replacing something major in a year or two. Lenders don't assume 100% occupancy when they do their underwriting and everything mechanical will break. A common big expense is undetected collapsed sewer connection in older buildings, roof of course, AC & Heat, increase in property taxes, and on and on.

If the presidency changes hands, taxes and regulation are promised to escalate & I don't think your cash flow is sufficient to deal with it.

All that I do are "owner terms" when I purchase a property and this one would not interest me.  Let them sit for a few months waiting for an offer that never arrives, then negotiate a better deal. 

 It really depends on where the land is located and what the zoning is. In the late 1990's I took 80 acres in Southeast Oregon near Lakeview OR in trade for services I provided. There was water, but the location was pretty desolate. It was pretty much all rock, no trees and not good farming so I was going to turn it into an RV camp. But my uncle, an avid RV'er said it was way too far from the routes people travel to be of any use for RVs. I look at mineral rights, "bug out" plots, ranching, and none of it panned out. What did happen was some terrorists were arrested a few miles down the road for shooting machine guns and blowing things up, but I wasn't wanting to sell to those types.

Oregon NewsTerrorist plot unravels at rural Oregon ranch

https://www.oregonlive.com/new...

I hear they have re-branded themselves as ANTIFA and moved to Portland.

 Phoenix properties are going up 10% per year - fastest in the country, good deals are hard to find. Las Vegas on the other hand has been hit really hard because of their reliance on the entertainment industry. I just saw that one of the casino chains is laying off 28,000 people. Since I buy "off market" in AZ, I haven't been affected as much but I'd guess getting good deals in NV is going to be easier for the average investor from CA.

Depends on what you are looking for. If a 6 bedroom tri-plex near ASU West is in your radar, I can explain how that would match. Room rents in the area are going at about $650 per right now.

Where I buy properties I can look up in the county records & see who is listed as owner. If you can do that, you can see if the LLC is listed as owner. If it isn't you can ask your seller "why not" and get the answers you seek.

Only if you are good enough to know how to legally to defend it in court.