All Forum Posts by: Account Closed

For what it is worth, even though you have a personal knowledge of the property it doesn't warrant putting in the effort to buy that particular asset in my opinion. Not with 1000s on the market in your area that are distressed.

Not sure I'd want to get involved at all since if you buy it at a foreclosure sale, he may still not want to leave the house, or he might push his best buddy for some extra time to stay rent free. Buying on the MLS has no advantage to you, and trying to put a short sale together isn't any easier than finding one listed on the MLS, except you KNOW this one is broken.

No disrespect intended, but ignore what Jack wrote. He should of done a personal property eviction if anything had actual value and whatever a bank pays at the courthouse steps is pretty much meaningless after it is an REO.

The reason banks sell a property occupied is because of a law passed in 2009 that covers i think up to the end of 2014. Though I'm not a lawyer or well versed in all the details, the law talks about that tenants can't be evicted from a federally insured loan that foreclosed unless the new owners are going to occupy the home or if there is no physical lease in place. Typically, whatever lease if it is at "market value" has to be upheld for a year (typically the length of the lease which should be less than a yr left on it).

So with the above said, if someone is in the house, and they can't make a cash for keys deal stick, they simply rent the house to the tenants. Apparently, auction.com worked out a deal to tap this inventory in hopes of turning over some of it.

With the comps showing the property at 320k and the current bidding at 150k, i'd be more worried about what the RESERVE is. I typically see auction.com stuff going no less than 70% of a previously listed value. Add in the auction.com fee and it makes the numbers a little tight for my likes.

As for dealing with the tenants. Keep in mind they haven't done anything wrong and usually are still paying rent to someone (typically the bank). I'd talk to them if the bid looks like it is going to be accepted. Either figure out a cash for keys, or a rental price/terms that make sense for everyone and move forward as best you can. As an investor looking to rent a house, they would seem like assets to me.

As for paying them 50 bucks to leave...good luck with that, i've dealt with maybe 40 cash for keys situations last year and nobody left for under a grand plus a few weeks of free rent. Except one guy, he left after his girlfriend answered the door and I later that day figured out he was married. He left that weekend.

If you want to turn the lights/water on you also have only a 48 hr window to do so, at your cost. Plus you have to pay the AM a fee to rewinterize the property, which they typically don't actually do. All the while your EMD is non-refundable.

Hud, you know, the agency out to protect homeowners. Uh huh...

Danny has the right idea. I filled in my personal pool a few years back. Rented a jack hammer and had a good time with it. Saved some money and I got to take some frustrations out. I don't rehab any homes I flip myself, but i kinda like the Demo stage from time to time.

I put a bunch of 1x1' holes sections on the bottom maybe 2 dozen for a 40x20' pool? Never had a problem with drainage and I'm in florida where it never stops raining. I think the side walls coming off were the major reason drainage was fine.

Spending 5k to remove that particular pool seems a bit harsh. I wouldn't be drooling over that deal. Looks like across the street had a few properties flipped though for well over the 35k or so you might be into this.

more than likely you can't charge per lead or per sale. I'd wager you could do a monthly marketing charge though.

recently put an ad in craigslist for an assistant. Was paying like 8-10/hr. Got 2 applicants out of the 100 that had degrees in interior design. They claimed the industry went to nothing after the crash of the market. Too difficult to get into a new customer base without experience while the people with massive experience are barely hanging in there.

For what it is worth April, sounds like you have lived an uphill battle, and it isn't going to change for you anytime soon.

Seems silly, just refer them to another realtor and hope they don't mess it up. As for getting it up front, good luck. Nobody knows the quality of the lead so it is hard to put a value on it.

Dave, fight it with the asset manager and then take your documentation to your local hud office. On average it takes us about 5-10 hours to recover a deposit. More than likely when the cancellation was put in, you/your agent didn't provide the correct information and assumed they just had it.

I'd love to take a class action against the AMs for hud and see exactly how many deposits they take that they shouldn't of. I'd wager they take in a million or more a year.

I just got a contract back at a roughly 25k purchase price. The HOA says hud owes 16k in back fees, 10k of which is interest on the back dues.....Anyone want to guess whats in my future *groan*.

Same as you Wayne in another county....and agree 100% with you. If someone ran a list of what some of these corps end up with and having to pay to clean titles I think the numbers would get smaller quick. I'm sure its a living, but so is owning gas stations and storage units.

In spring hill north of ya JL. I flip so if you have something that makes sense let me know.