All Forum Posts by: Khadijah Celestine

Congrats!!! So happy for you!

@Wayne Brooks Wow! Thanks.

So, I'm driving for dollars and see the ugliest house on a great block in a great neighborhood in Laurel, MD in Prince George's County. According to SDAT the house is owned by a regular person with their mailing address the same as the house. After googling, I found a couple of addresses for this individual and sent letters to her at them all. I also found out this house was a part of a chapter 7 Bankruptcy filed and discharged in 2009. I found the trustee on PACER and called and left a couple of messages. I also found out that she's gotten three parking tickets at a particular address last year so I'll send her a letter once every 2 weeks (unless that's a bad idea).

According to the neighbors, PG County comes out to do some maintenance, but I can't find a lien anywhere. According to the property tax website taxes are paid up and not delinquent. 

From what I've read here on BP, after the bankruptcy, it's up to the trustee to sell the house to make sure the debtees are paid. I'm assuming, my next move is to visit the trustee's office in Rockville? My real question to all you savvy folks out there is how do I get this house?

My secondary questions out of curiosity:

How is it that the house is still in the original owners name after bankruptcy?

If Chapter 7 wipes out the mortgages does that mean you just get to keep the house?

Also, the loan was made through CountryWide in 2003 and it seems they've been paying the taxes from 10/11 year to 12/13 year through "BAC TAX SERVICES CORP".  For the past three years "RESIDENTIAL CREDIT SOLTNS" have been paying the taxes. What's really going on here?

Thanks in advanced!

Wow! Congrats!!!! Thanks for sharing and I wish you and your teams much success!!!

Omg! Congrats!!! I need a success like this. Can't wait to hear more stories from you and your team! 😀😀😀

Congrats!!!!!!

Nice!!! Congrats!!

@Jack Shea

Wow. That's a great idea and something I've never heard of. Thanks for that advice!

@Jay Dewberry

Thanks! It's such an exciting time! The first offer!!! :-) So, I've run the numbers, and with the asking terms, the seller gets $9,000+ in interest. However, with terms I'm offering, the seller gets $3,000+ in interest. I thought the interest rate was a little high too.

@Gino Barbaro

Thanks for the reply! I'm not working with a broker.

@Gregg Gannett

Thanks for the reply! I'll get in contact with an attorney and since the LOI isn't binding, I'll . Great advice!

Also, the point about less amortization was GREAT! I figured they'd want the money back sooner. But a longer term gives them more interest so I'll definitely change the offer to reflect that.

Also, a quick question. I'd be willing to pay longer at a higher interest rate but I'd rather pay as quick as possible. If I were to offer a 5-year term, would it be interesting to the seller to include a prepayment penalty?

Thanks again everyone!!!

Link to The Letter

I want to send an offer to a house that I've seen. 

The Deal

Baltimore City townhouse

Asking $50K 

15K down owner financing

10% (annual)

Fully amortized over 5 years

The Offer

$30K purchase price

$10K down

15% interest (annual) 

Paid over 3 years fully amortized

I want the offer contingent on inspection. I also want to protect my interest in the property and I'm not sure how to do that. I've heard of something called "holding the title" which will offer me complete control of the property while the sellers hold the deed. How do I add this? Should I send a letter of intent? Would that count for anything? Please help! Thanks in advanced.

Congrats!!! It looks great! Thanks for sharing those numbers. Looking for my first house and analyzing deals now.