All Forum Posts by: MC Crosby

@Frank Chin

Hi Frank,

Just want to say thank you – I’ve been reading a lot of your older posts, especially on accounting and foreclosures and I’ve learned so much. Honestly, it’s more info than I’ve picked up reading books!

I’m also from NY and after 2 buy and holds, I’m looking to transition to flipping although for longer holds than usual flippers to offset capital gains (then sell after 2yrs).

I'm wondering if you might have a good title company to recommend? I recently came across an auction property that I'm very interested in but as I'm still learning about researching titles (seems more complex outside of traditional transactions), I'm hoping to work with a reputable title company. My preliminary research turned up 2 mortgages and possibly some HOA liens and I want to understand the full numbers going into the auction. Surprisingly, property taxes paid to date but I want to make sure there are no mechanic liens, outstanding utility bills, IRS liens, etc. Any leads on a good title company or insights on how to research other liens would be greatly appreciated.

And thanks again, I think I’ve read about half of your accounting-related posts and will plow through the remaining ones!

Best,
MC

 Ah, two months after the auction bid. Thought it was 8 months after the winning bid.

Thanks for getting back to me and appreciate your additional insights!

@Ned Carey Do you mean to say that it took roughly 8 months after winning the auction? 

Have only bought traditionally and found a property for auction that I'm quite interested in. Though apprehensive about the uncertainty/timing of purchasing at auction...

@Daniel Krantz

Congrats! And thanks for sharing your story – it is truly inspiring and motivating to folks like me who are just starting out.

I'm also in NYC and am curious if your lawyer specializes in foreclosures/auctions? I'm researching an upcoming auction and previously, we've worked with traditional attorneys for our primary. Wondering if it would be better to work with a lawyer who is well versed with foreclosures/auctions.

Hi Ed, thanks for your insights, truly appreciate it.

I found the owner’s name and what seems to be the most current address. However, that current address was rented out last year. The property being auctioned is padlocked and we can’t determine if it’s vacated or not (windows are quite dirty and there’s a high fence). Perhaps the owner has passed on?

In any case, when I searched for the owner’s name, I came up with the 2 mortgages but nothing else.

Also, I saw that the same property was put up for auction last year and then removed – is it likely that the owner paid off what was owed then and fell behind again or do banks just arbitrarily pull properties off the auction block?

Thanks again,

MC

Hi all, grateful to be part of this community. I'm cross posting here and hope someone can offer insights –

A property in my neighborhood came up for auction on the city’s listing. I’ve researched it online and:

— I see the liens, but unclear on how to read them properly. Two loans were taken out, but the starting bid covers only 75% of the combined loan amount. Does that mean the remaining 25% has been paid off? Or could we potentially be liable for the balance after the auction?

— How do I find out if there are additional liens (mechanic’s lien, etc.)?

— There is a referee/attorney listed, would you recommend contacting him for further info? Or is he not able to provide info outside of the auction?

— On an older thread here, some folks suggested stopping by to see if the owner might be amenable to acting as a a liaison between the bank and myself. I’m curious if this route has worked for anyone here?

Would appreciate any insights, thank you!

MC

A property in my neighborhood came up for auction on the city’s listing. I’ve researched it online and:

— I see the liens, but unclear on how to read them properly. Two loans were taken out, but the starting bid covers only 75% of the combined loan amount. Does that mean the remaining 25% has been paid off? Or could we potentially be liable for the balance after the auction?

— How do I find out if there are additional liens (mechanic’s lien, etc.)?

— There is a referee/attorney listed, would you recommend contacting him for further info? Or is he not able to provide info outside of the auction?

— On an older thread here, some folks suggested stopping by to see if the owner might be amenable to acting as a a liaison between the bank and myself. I’m curious if this route has worked for anyone here?

Would appreciate any insights, thank you!

MC