All Forum Posts by: Mike Lamenta

Second question correction. What if I refer to an agent inside my brokerage?

If I (as an agent) refer a client to an agent in another brokerage, do I share my referal fee with my broker?

What if I refer to a broker inside my brokerage?

Just wondering if anyone can comment on this. I heard that in Ohio, the courts will not allow a house in probate to be sold for less than 80% of appraised value provided by a court appointed appraiser?

Is this true?

Lee, I believe it's just taxes owed. So, I'm wondering that if anyone tried to buy the property, the taxes owed would be uncovered as a lien. Sorry if this makes me sound ignorant but that is why I asked.

Thanks guys . So, hypothetically, if I can contact the owner and get him to agree (by no means a sure thing as he has basically abandoned the property), and we agree on a price equal to the taxes owed, the money would never see his hands? Would the title company disperse the money to the county and I would then own it?

I've come across a property that is vacant and $17k behind in property taxes. If I get the owner to let me get it under contract, who pays the back taxes?

What is the usual percentage of interest for a double close loan?

Hello Community, I am just starting out and very interested in learning this business.

I have an example to share and look forward to any and all comments.

At a county website, I saw in an upcoming Sheriff sale, this property:

3 bdm 1.5 bath Condo. The site lists the appraised value at $90k and a Mortgage value balance of $5,500. I checked the area and recently, similar condos in the same development sell for between $85k to $100k. 

My first question is, why would anyone allow the condo to go to foreclosure with so little money owed? 

Do any of you seasoned investors buy at foreclosure auctions for the purpose of flipping?

This seems too good to be true....what am I missing here? Help me read between the lines.

Thanks,

Mike.