All Forum Posts by: James Peterson

Coresite shows the property as owned by the HOA, but the prelim doesn't. I asked why and the reason is because the HOA foreclosure doesn't remove the 1st trust deed. The HOA foreclosure is recorded and in the prelim.

@Account Closed 

I do believe the lender is defunct.

I can send you the prelim if you think you can help??

Thanks

@Rick H.

My wife is an escrow officer and they all use 'FTD' for 1st TD, I thought it was confusing as well but after all the conversation with title and escrow it stuck...

Prelim still shows the 1st trust deed and previous owner as the owner although it's been vacant for years.

@Dennis LanniFTD - First Trust Deed

I have a title report and my escrow officer warned that unless the FTD is reconciled or at least a quiet title action is done they will not insure the title.  Although it's been a few years since the foreclosure and no one has claimed anything yet.  It would be a screaming deal even if I had to pay $2-$3k for the quiet title action.

It seems really risky to buy it without doing the QT.

The other peeve is that the property tax is delinquent and will go to auction next year. 

I'm in contract on a HOA foreclosed property in Sacramento and in order to get a clean title I need a quiet title action. The seller (HOA) is not willing to do it without their hand being held. Any lawyers your would recommend to help clear this??

The property was foreclosed on almost 5 years ago and wiped out the FTD and no claims have been made, nor are there any active TDs.

Any advice would be appreciated!

Welcome Elan! I live in Santa Clara and have been actively investing in the Sacramento and Central valley for a little over a year now.  I haven't ventured into Stockton...yet, however I drive through Stockton as a relief from the overcrowded I-80 corridor between SF and Sac.

I market mostly to Single Family but run into duplex and 4-plex opportunities off market in the Sacramento area.  As with any town there are good parts and bad or as investors like to put it... A neighborhoods through D neighborhoods.  Stockton and the central valley took a huge hit from the crash but seems to be recovering well.  I would suggest learning those neighborhoods in and out to find the right fit before you commit.

I think you're doing the right thing, looking for agents and other investors to educate yourself.  Good luck to you!

@Courtney Godoy Welcome to BP, it is full of excellent resources... and investors to bounce ideas and get advice from.  There are many great local meetups for investors... In the South Bay, always packed...@Jeff Pollack has an excellent meetup with great speakers and good turnouts.  @J. Martin hosts one in the East Bay...and so on.  I'm sure the bubbly will be a welcomed addition to the party... I know I'd like some :)

Thanks for organizing @David Oldenburg , I hope to make it to your meetup! I'll be moving up there soon and hopefully we can work together on some deals.

@Jason Kowalski We need to go to this event

Thanks for organizing @Jeff Pollack it was a great session with the infamous @Michael Quarles ...  I'm looking forward to next month's as well.  Brett Jennings is a broker in my office that I consistently see killing it, and I don't hear much about his investing side.

Thanks again!

@Derrick Reyes Welcome to BP!  Good to see another South Bay investor on-board.  I would suggest going to meetups such as @Jeff Pollack's San Jose meetup at Harry's Hofbrau.  You just missed @Michael Quarles is a great south bay resource and as well as some of the other folks that have already chimed in.

The Bay Area can be intimidating and difficult to find great deals in, but once you do, you'll certainly do well.  I have recently broadened my reach to the Sacramento area and things are really picking up, deal wise.  

Good luck, and good hunting :)