All Forum Posts by: Matt Tang

 From my understanding you cannot move it into an llc. Once the bank finds out (and they will) they'll give you notice that they will call the loan if you don't transfer the property back to your own name within a certain number of days. You can move the property into a trust and the bank can't call the loan. This should be fairly simple, but I wouldn't do it without a lawyer drawing up the paperwork and giving you a better explanation. Maybe a lawyer is here that can do a more detailed explanation. 

there is no bankruptcy. The previous owners actually ended up purchasing another foreclosure right around the time of the sherrif sale. (In a different neighborhood)  In terms of inventory, there is one other forclosure in the immediate neighborhood, but the market is far better than its ever been. Reasonably priced homes in non-ghetto neighborhoods all sell very quickly. 

The only funny thing about the property is the home next door was the nicest house in the neighborhood and it was foreclosed upon in 2011. The foreclosing bank unloaded it right away for $65k. They guy that purchased it did some cosmetic work and flipped it for $189k three months later. Given how big and nice the neighboring house was i think he could have gotten more 

So there is a foreclosure that I am interested in. The property was foreclosed upon by one of the big national banks. They took title of it in late 2011. I am 100% positive that the former owners do not live in the property and I am 99% sure that it is vacant.

For some reason, the bank hasn't listed it. Is there any reason why they're taking so long? Would it be worthwhile to find an REO agent that has worked with this particular bank and try to have them contact the bank? They have been paying taxes and for upkeep (minimal gas/electric & snow/lawn care) for a vacant property, which seems kind of insane to me.

also view the title of my post...."broker conflict OR potential racism". I'm about as big of a conservative as you can find, but I do think that some of us maybe don't think things through before speaking and give the people on the other end of the political spectrum room to group all conservatives in a certain not so shinny light. 

that's complete crap. I said that I have an Asian name and I'm actually biracial. I'm saying that my "as-is" cash offer basically without any contingencies was higher than the winning offer. 

Ok, I concede that it is possible that they did accept another slightly higher offer with an inspection contingency and the buyer later nenegotiated..if they did the listing broker is an idiot. The condition of the property was in horrible and was either a complete gut or a tear down. Just looking at the listing pictures anyone could tell that the property was in a condition worse than 95% of the foreclosures in the area. (No mold and a decent foundation) The value was in the oversized lot and location. 

I didn't even speak a word about this for a year. The only thing that made me wonder was not getting an appointment to view a property. As I said before, I asked to see it but the guy listing and managing the property told me that I'd have to wait 2 days since he was busy. I see no possible way that someone else called him before me to schedule a viewing since I called literally within 5 minutes of it hitting mls. Maybe he sold it to a friend....I don't know. 

I guess that I was mad because the property is literally 8 blocks from my home. 2-4 units in the neighborhood hit the market maybe once a year. Absent a bad foundation, I was going to make an offer close to or at the listing price. 

As for the property that I missed out on a year ago, I got back a response from the broker. She said that the specifics are confidential, but she heard that there was an inspection contingency on the offer that was accepted. She assumes that they renegotiated post inspection. In my opinion, the listing broker was pretty dumb to advise on accepting a slightly higher offer with an inspection contingency.  Any idiot could tell that the whole nine yards were needed, a new roof, electrical, plumbing, hvac, siding, etc. When i made the offer, i planned on something like $100k to fix it up. 

In the future should I up my offer prices and include inspection contingencies knowing that I will try to renegotiate post inspection? 

The one that happened this week wasn't an offer since the listing agent apparently didn't have time to show it to me for 48 hours. I thought that it was obvious that he didn't want another broker in the transaction since he specified that there was no key lock box in the MLS and he asked if i was a broker when I called to schedule a showing. (that was the reasons I specifically told him that I was a cash buyer and would do a quick close)

The one about a year ago was an actual written offer. The listing agent referred me to a broker from his same agency. The offer was cash, "as-is" with the only contingencies being that it be vacant and with a clean title. (I forget if the tenants were month to month or week to week, but they were going to have to vacate since the rents didn't cover the taxes, insurance and included heating bill) Since it was close to the end of the month the close date was written as 35 days or whenever practical. I made it clear to "my agent" that I was flexible on things and provided proof of funds. The day after my written offer, my agent came back and said the property was mine if I increased the offer $20k. I verbally told her to to increase the bid 5k as that was as high as I could go.  It sold for $2,750 less than my initial offer and $7750 less than my final offer.  

So I was watching the MLS like a hawk and found a property that I was really interested in literally within 5 minutes of it hitting MLS. The listing agent's main job is as a property manager, but he sometimes lists properties that he manages. The listing specifically said that there was a 24 hour notice required to view the property and that only he had the key. To make a long story short, I called right away. The listing agent said that he could not show me the property for two days because he was busy. I said that was fine, set up the appointment and explained that i would act quickly and would be offering cash. The next day, the guy called and said there was an accepted offer. Is this normal?

I only ask because I also lost out with an all cash "as-is" offer last year. I later found out that both my initial offer and my counter-counter offer were both higher than the selling price. (I offered $230k, they "countered" at $250k and I countered their counter @$235k. According the the accessor's web site, the property property sold for $227,250)  

I'm asian with a very asian name. I pretty much never bring the race card into things, but this really does make me wonder.  Should I be wondering? It's really bothering me. 

so I have a follow up question. Suppose a second lien (home equity line of credit) is going up for auction at a sheriff sale with a judgement amount of $50k. The first lien (a 30 year conforming loan) has already initiated the forclosure process and has an estimated judgement amount of $100k. There are no other liens and I estimate that the home is  conservatively worth $225k as is. Will the second lien opening bid be $50k or $150k? If I win the auction with a $51k bid, will the first lien bank be forced to enforce their due-on-sale clause and demand the remaining $99k? If I pay $151k at the sheriff sale, will the first lien holder automatically be paid back? 

as with just about everywhere Madison reassesses every year and It's  normally done towards the end of the year. There is a difference in the rate based upon the land value and the property value. I think 2.3% of overall assessed is about average.