All Forum Posts by: Mark Davis

Good Morning BP!!!

from what i understand, purchasing a property at a judicial sale wipes liens.

using imaginary numbers, here is the scenario.

house purchased at judicial sale for 40,000   (property worth 150,000)

tax liens 2500

municipality liens 2000

utility liens 2000

the owner sara (name changed) is deceased and the sister Mary (name changed) of the owner (who lives next door) is the intended heir.

from what we know, the title/deed was never transfered from sara  to the sister Mary.

Mary is also old, and has 3 powers of attorney. 2 sons and a grand daughter.

so as far as we know the house is in the name of the Estate of sara 

from what i understand...   the proceeds are use to pay off the liens 

---so the 6500 from the above listed liens are paid...

---leaving 33500 

so this check goes to the estate of sara.   right?

ok now here is the twist.  (well, there are a lot of twists with this one but that is subject of another post)...

there was also a medicare lien placed on the house.

is medicare a "federal" lien?

is this lien expunged by the judical sale?

can the medicare lien move from the house to the estate of sara?

per the tax claim office of chester county, there are no current liens on the house ...  can we find out if there WAS a medicare lien on the house and that there is NO LONGER a medicare lien on the house?

would the judicial sale purchaser be liable for the medicare lien?

Hi Erich. My brother and I are also working Phoenixville Up 113 to downingtown You interested in meeting up and comparing notes? Let me know Mark

My brother and i just purchased a house at a tax lien judicial sale

the judicial sale in chester county is such that is supposed to be free and clear of all liens.

currently, there are some municipal liens against the house for water and trash collection.

from what i understand, the excess of the monies paid over the county taxes goes to pay the other creditors.  (being the municipal payments)

i am guessing a title search would reveal all these liens.

my question is .. once all these liens are resolved (by the county with proceeds from the sale).  when do we need title insurance.

do we even need it?   

part of what the county sale stipulates is that the property is free and clear of any liens

from the chester county web page

• Unlike an upset tax sale, properties sold at judicial sale are sold freed and cleared of all liens, mortgages and other judgments on the property.
• A title search of the property is completed and all lienholders and other interested parties are served a copy of the Petition for Judicial Sale by a deputy sheriff. This is a very tedious and time-consuming process controlled by many variables.

it looks like there is a title search done by the county and if the county says that all the liens are clear... do i need title insurance?....   from what i understand title insurance covers me for something that happened in the past that a title search didnt find...

we WILL want to get a mortgage on the property, to get our money out (BRRR) at that point.. do we need title insurance?

Anyone? Beuhler?

hi all, looking for some reccomendations for a GC in the phoenixville area.

we are looking to do a 3 unit build on a newly subdivided lot.

a duplex and a single   each with 19x40 footprint

we are trying to get a cost per foot estimate to see if the numbers can make sense.

TIA

My brother and I looked at a property a bit ago. It was an overgrown end lot with a old SF house with minor fire damage After seeing it, we looked for the owner. They had purchased the property 2 years ago for 58,000. The neighbor hood is a street of twins in the 185-210k range. I find the address. Go in. Say "hi, is this the company that owns xx alpha street ?" They say yes I say I am interested in buying it They say Do You realize that property is under development? Would you be interested in that? I say. Well, yeah!! So they bring out engineering plans that show they are splitting the lot into 3 lots. A 2 unit twin and a single Each with its own garage. They are going to the township tomorrow to get approval for the subdivision They said the wanted 50k per lot which include the engineering plans and township approval The plan calls for a complete scrape of the lot Question is this What are the engineering plans and township approval worth?

My Brother and I are new to real estate investing.  while driving for dollars, using a list we got from auctions.com, we came upon a house.

we were looking around, it had several notices on the door, yard unkempt, interior (from the windows) looked like they had just picked up and left.

we found a fed-ex (very weathered) package by the door.  got a name off of it.

talked to the neighbors, found out the gentlemen had died 2 years ago.  (august 2014) nobody there since then

so i looked up the obit,  found it.  found next of kin ( a daughter and his mother).

i found the daughter on face book.

they both still live in the area, as far as i can tell.

there is a sheriff sale auction set for January 19, 2017.

i looked up the deed and as far as i can tell there is just one.  from 2001.

on the auction.com report there are things called 

mortgage assignment 5/22/2015   251,300$

mortgage assignment 11/19/2014  251,300$

Mortgage release 7/5/2011 282,000$

mortgage record 6/15/2011 251,300$

mortgage record 10/2/2006 30,000$

mortgage record 4/3/2006 20000$

....  several more, what look like hel's

and the orginal  from 10/9/2001 193000$   - which is the one i found in the county records.

2 questions...   what are the mortage assignments and releases?

and also

   should I/ Can I contact them 

TIA

thanks @Stephanie Medellin

if i do a title search to buy the house...   do i need to do another one for the refi or to sell it again?

i have also heard discussions about doing your own title search in the first place.. and not getting insurance or having a title company do it

the threshold of whether or not to do it  seems to be the cost of the property...

@Waylon Gates 

Thanks! That is what I was looking for. 

So, go to the bank see if I can get a tbd loan. Line up my private investor for the short term bridge loan. 

Bid on the house

Use the bridge to pay the auction 

Close on the tbd mortgage

Pay back the bridge

Yes?