All Forum Posts by: Account Closed

@Jason Farmer Wow, thanks a million for your input regarding Stonecrest! It definitely helps in my evaluation of the company.

@George C. Good afternoon, and thank you for commenting. I appreciate your feedback. Thank you for the education on quit claim deeds! Based on your experience and Jason's experience with purchasing from these types of companies, it's nothing short of a bonus to view these companies as a solid lead source.

@Account Closed I definitely understand. Thank you for disclosing your experiences. That expired listing is what led me to the company. The person I'd spoken with told me that particular property (the expired one) has a squatter residing there. It was on the market for 93 days with a list price of $26,000. The listing expired last summer. In today's market, the "as-is" value is around $20K. It's also in a region of South Philly that's quite rugged. I won't touch that, mainly because there are certain areas that scare me, to be frank, lol. Well, thanks again for the wisdom. Everyone, have a wonderful night.

@Account Closed Thanks for that bit of information about Stonecrest. I honestly wouldn't consider buying via a quit claim based on the wisdom given to me by you and the others. I'd prefer to be as safe as possible.

@Account Closed Thanks again. I know all too well some of the misfortune that comes with title searches and the issues that pop up. We closed on a bank owned deal this past March that we had under contract since December 2013 due to the various liens. The waiting game was horrid, but we had gotten everything resolved, even though it took months to do so. My question was aimed at those who actually have purchased properties from these hedge fund companies. I just wanted to know what the experiences were like for those who have purchased in this manner. The rest of my first post was centered on my thoughts of being able to reach out to these types of companies for potentially profitable deals. It could be another avenue that folks use in order to acquire properties. I agree with everyone's statement - title search and insurance and diligently researching your lead source are very important.

Hello, Wayne. Thank you for your input. I found the company upon researching an expired listing I'd been monitoring. The company was mentioned as the seller in public records, so I contacted the office and had been forwarded to this particular gentleman. He mentioned that the company is a hedge fund type. I will definitely do as you suggested and research the information I'd been given thoroughly.

Thank you, gentlemen. I may not purchase anything at the moment. I was more curious if anyone has actually purchased inventory from a hedge fund company. I agree that title work/insurance is imperative. My partner and I just had to be released from a contract due to various title issues, and my title company would not insure the property.

@Cal C. The company is Stonecrest out of California. I can send you the contact information via private message, if you have an interest.

Hello, K. Marie Poe. Thanks for responding and for the input you provided. Just to clarify, what I meant by good deals pertains to two of the Philly properties the gentleman and I were discussing. He gave me a bottom dollar amount, and the amounts he mentioned would be incredible deals for that particular area. I've diligently studied that market, so the price point is really "on point". For instance, one of the properties being sold can be bought at $11K. There are shell properties in the same area being sold for $25K at a minimum. He did mention that some of the properties can be purchased traditionally. He also has a few seller financing opportunities available. You're absolutely correct about being very cautious, and I will do so. I may not decide to purchase anything from the company right now, but perhaps in the future.

Hello, BP. I'd spoken with a gentleman from a hedge fund company. The company has inventory that it's willing to sell, but in order to secure the properties, they'd have to be purchased via a quit claim deed. Has anyone bought directly from a hedge fund company? In addition to selling some of its inventory, there are properties that can be acquired via a land contract. Most of us hear/read that these types of companies are taking certain markets by storm and purchasing a significant amount of properties, so it's refreshing to see that one can tap into the company's inventory and get some great deals.

@Jay Thackerson - It really depends on what restrictions the investor is speaking of. For instance, there are restrictions in terms of when an investor can place offers on some REO properties. Fannie Mae and Freddie Mac implement a "First Look" protocol with their inventory. This means that "non-investor" buyers are the only ones who can bid on these types of properties for a certain amount of days. After the First Look period is over, investors are free to place their bids. HUD is structured the same way - exposing its inventory to "owner occupants" for a certain period of time prior to allowing investor buyers to bid. Then, there are some other lender owned properties that are only available to investor buyers after having a certain amount of exposure to the market. It really depends, though. I'm not certain if this answers your question in its entirety, but I thought I'd give my input based on my own bidding experiences.

Hey, Phil. I most definitely feel you, as the uncertainty of the outcome can make one very anxious. It's quite more involved than the traditional request for transactional funding for a quick flip. In order to obtain the funding, an appraisal and home inspection report must be ordered (paid by the borrower) and LTV must be 75% or better (possibly that percentage can be less for loan amounts under 50K). Also, funding is only available in certain states. I haven't used the extended funding, but if I do, I will be sure to post my experience.

@Jay Thackerson , were you able to resolve your issue with the 60-day hold?