All Forum Posts by: Joshua Marriott

Auction.com doesn't usually allow financing.  You can obtain creative financing as long as you end up with cash at the closing table.  There are plenty of other auction sites that allow financing.  Check out hudhomestore.com, hubzu.com, & homesearch.com.  Those are a few I can think of off the top of my head.

The first step for a foreclosure is public auction. Your county clerk's office will have them posted on a wall for all to see and most have an online database. The MLS is not the first avenue. During the initial foreclosure auction if no one buys the property the bank buys it and then it ends up on the MLS.

Minimum costs if nothing breaks while lifting:

Engineer : $400-$500

$150-$225 per pier.  

The number of piers is going to be based on what the engineer says.  You did not mention the size of the house or what parts of the house have foundation issues.  The pier spacing can vary.  is the house sloping in towards the center?  This can greatly increase the cost.  If its the edges that are dropping it might not be to bad.

In my area we don't get to know the starting bid until the trustee starts the auction.

The public notice mentions the date and amount of the initial lien.  Using that data you can get a general idea of how much is owed to date and compare that to what the property is worth now.

Just out of curiosity, how did you come up with the property value of $235k?

The general population doesn't search through the MLS. They use consumer sites like Realtor.com, Trulia, and Zillow. By listing on the MLS you gain more online exposure, but with a 1% buyer's agent split a Realtor will not be inclined to mention the house. If the buyer wants to see the house the Realtor may also be more inclined to point out the flaws and issues with the home. No Realtor in their right mind would want to sell a house that offers 1% commission. I recommend at the very least offering 2% or even 2.5%. If you just listed it let it ride and see what happens. A properly listed home receives multiple showings a day. If you're not getting many showings consider changing your commission.

I'm using Everett Stovall

http://www.esslaw.net/

I spoke to a lender about it, but upon a quick google search :

http://mortgageporter.com/2012/12/hud-flip-waiver....

http://www.biggerpockets.com/renewsblog/2012/12/05...

This link explains the need for a 2nd appraisal:

http://www.123flip.com/education/fha-90-day-rule/

They each have their advantages based on what you are doing, which is why I suggested the S-corp for flipping and the LLC for buying and holding. and S-corp has more costs to maintain. When starting out an LLC will probably be best for either, at least until you have substantial revenue.

The 90 day FHA "anti flipping rule" is currently suspended. It is not in effect at least until December of this year. It's quite possible they will continue to extend the suspension.