All Forum Posts by: Kate Pierse

Thanks Tom, great information. I see you do Title & Escrow, I will keep you in mind for any VA transactions.

Hi everyone, 

Does anyone know if you need to provide 100% of sale price in certified funds at foreclosure auctions in Virginia? 

Here in NC you only need to provide 5% on the day of the auction.

Any info is much appreciated!

@Account Closed Great information - thank you both so much. I'll post back and let you know how it goes.

@Chris Martin Thanks so much for your input. I didn't see any info in the file at all from the first lien holder, so I'm not sure what the status is with them. I'm going to call my attorney on Monday and see if he can give me any additional advice.

@Account Closed Awesome information, thank you! I admire your guts in buying the property, and then figuring out how to work out the first mortgage after the fact. Any idea what would be worst case scenario if it couldn't be paid off? Are we talking foreclosure on the first lien?  Even then surely at that point they would be talking to me about a way to pay it off. I will take my chances if I know what I could be up against.

I was wondering if anyone has any hands on experience working with a bank to pay off the first lien on a property after they have bought a property at a foreclosure on a junior lien. There is a property worth about $300K that has a senior lien of $150,000 and the second mortgage is foreclosing for $45,000. In NC the only other liens I need to worry about at this point are IRS and property taxes. I will get a full title search done and talk to my attorney, but before I spend the money I'm wondering about the process of actually contacting the bank regarding the pay off of the first loan. Did you find the bank cooperative? Were you able to work it out? I'm not worried about having to pay the lien, just the mechanics of it. Any input from your experience is much appreciated!

Hi Ryan

I know how you feel, I felt that way and now after 12 months am finally starting to get a handle on it all. I would:

1. Choose a farm area and write a plan to market to it consistently for the next 12 months. Ask your BIC how to analyze an area to see if its good to farm.

2. Go door to door. I know its hard, but once you've done this you can do anything. Plus it gets you talking face to face with potential clients. 

3. Do post licensing training / study your contracts, get familiar with all the tools you will be using once you start getting clients.

Don't put too much pressure on yourself, choose a few things to do, try them and then tweak with experience. Stick to it and you will do great.

Hi James,

My boyfriend and I are planning on attending. Thanks for taking the time to set this up.

We come down to Fort Myers 2-3 times a year and monitor the market. Right now things are really heating up, so it might be harder to find a deal. Fort Myers is getting hotter but you still could probably find deals. Cape Coral is overheated. The area between Fort Myers and Naples is growing at a phenomenal rate and there may be opportunities there, Estero was just incorporated and is the first new city in the county for 15 years. I don't know this area as well as my home market but from what I can see there is definitely a lot of demand in the area, just make sure you get a real deal and don't pay too much. Good luck!!

I just wanted to give an update and let everyone who was kind enough to help me assess this deal that we decided not to go ahead with it...it was too borderline and I wanted to heed the advice of those more experienced than me on this site!!

A big thank you to @Roland Paicely @Brian Gibbons and @Account Closed  for your input!

@Brian Gibbons Wow I love the way you think! This could be a great alternative. Fantastic idea!

So you would purchase the property sub to (this would be listed in the contract) and then have a separate JV agreement that outlines everyone's responsibilities? Do you ever have a problem with due on sale clauses when you do sub to deals?