All Forum Posts by: Leslie Fernandez

Jay Hinrichs Wayne Brooks Excellent feedback... Much appreciated! Tomorrow may shed some light on "who" dropped the ball. The HOA is suspect. Regardless, as you said, it's a done deal now. Wasn't sure if 10 day period could possibly anull the HOA foreclosure if anything was signed and agreed upon by them and proven. Otherwise, looks like only HOA really wins here. Investor could potentially be bought out with short sale for the right price or they could squash deal if they want to hold and recover rents. However, now that the bank will be aware, wouldn't that possibly speed up the foreclosure process timeframe for the investor renting out the property? Their profit margin would potentially take an impact. Unless "speeding up foreclosure" is unlikely...

Wayne Brooks Thanks for your reply. Let me clarify... According to the short sale contract, the HOA was getting full settlement from the purchase by both bank and buyer and foreclosure should have been suspended so that the sale can close as scheduled. But the auction happened anyway. Is it possible that the courts didn't cancel and were notified? Doesn't make sense if the HOA was going to be settled that they would continue thru the auction.

Wanted to get any feedback of anyone with possible experience on anything similar to this. What if an APPROVED short sale was underway and notification failed to cancel the HOA foreclosure auction? An auction took place anyway and property was sold and paid for. Now there is an approved short sale scheduled to close in 2 weeks and somewhere someone failed. According to the parties involved, the notifications from the mortgage company went out to all parties. So did the HOA not cancel the auction or did the court not cancel the auction?

Based on this, there will be a a clouded title pending an approved short sale. Was it the court or HOA fault? How does this get proved? There was no mortgage foreclosure filed and the HOA beat the mortgage to the punch. But technically the auction should have never taken place. Is it even possible for the court to refund the auction because the CT has not been provided yet and still in redemption period? Or does the 3rd party buyer now demand repayment at the short sale after proving the CT is in their hands. This is happening more than it should in Miami Dade due to the overflow of Foreclosures in the county. It's a fiasco and messing up all sides of the parties involved - the investors, the homeowners trying to get out, the new buyers getting a short sale deal.

@David Dachtera  Thanks for your reply.  Yes, the buyer is working with an attorney.  I'm just fishing for any feedback based on experience. 

Wanted to get any feedback of anyone with experience. What if an approved short sale was underway and notification failed to cancel the HOA foreclosure auction? The auction took place anyway and property was sold and paid for. Now there is an approved short sale scheduled to close in 2 weeks and somewhere someone failed. According to the parties involved, the notifications from the mortgage company went out to all parties. So did the HOA not cancel the auction or did the court not cancel the auction?

Based on this, there will be a a clouded title pending an approved short sale. Was it the court orHOA fault? How does this get proved? Is it even possible for the court to refund the auction because the CT has not been provided yet and still in redemption period? Or does the 3rd party buyer now demand repayment at the short sale after proving the CT is in their hands.

We are ready to move on our first "official' aggressive flip property.  Previous flips have been longer term and we lived them.  We have the know how, the contacts the vision and we need to expand our lending options.  Would love to hear some experiences and recommendations with successful lenders (of any kind) in Miami, Florida.  Please PM me specific terms if you have.  

Thanks!

Originally posted by @Lucas Machado:

@Leslie Fernandez - I can provide hard money, and I'm always happy to answer specific questions you might have to the best of my ability.

Best of luck!

 Hi Lucas!  Thanks for reaching out... can you please PM me some details?

Originally posted by @Account Closed:

@Leslie Fernandez Have you taken a look at the foreclosure actions ? You will need to be able to buy cash but there is still a large number of homes going on auction daily. 

Negotiated short-sales can also be quite profitable is what we are focusing on at the local RE investing company I work in.

@Account Closed - Yes, I will definitely be looking into the foreclosure auctions.  I need to learn more about pros and cons and what to look out for in those for the areas I'm focused on.  Any feedback here?  Also, short sales are definitely of interest as well.  

Hi BP!!  

My husband and I have decided that 2016 is the year to hit the ground running with our RE Investing.  We have been doing long term, live in, flips and have been very successful.  We are now looking to get more aggressive and are ready and motivated!    

Any LOCAL recommendations /advice is welcomed with regards to lending, hard money, investor friendly local banks, finding REO deals, investor friendly agents or anything you may think could be useful for us newbies!

Thank you!

Beautiful 5/3.5 home in an excellent quiet neighborhood of Palmetto Bay. This renovated, modernized and energy efficient home make this a highly desirable gem! This turn-key large home sits on a 14,986 sq ft lot with a sparkling large screened in heated pool and an amazing large covered terrace is ideal for entertaining. Fantastic layout with large sized bedrooms, large family room with corner breakfast nook. Bright, open and inviting with formal living room and dining room with impact windows and impact french doors. Large kitchen with lots of cabinets, pull out drawers and a cooking island with S/S appliances. 2 New A/C units, 2 tankless water heaters, all bathrooms renovated, wood tile flooring throughout, Upgraded Security System, and much more! Located just off beautiful Old Cutler Rd with Miami's best public & private schools (A+ Palmer Trinity), walk to historic Deering Estates, Bill Sadowski & Thalatta parks. EASY TO SHOW!! ***Buyer's Agents are welcomed. Bring me your PRE-APPROVED or cash buyers!*** This home is a wonderful property that is priced to sell and ready to close! -- MLS # A10013603

www.tinyurl.com/17630SW83AVE