All Forum Posts by: Melissa B.

Hello,

I'm new to tax/mortgage surplus funds retrievals, and have been in contact with a homeowner who is willing to work with me. The problem is ... I need funds (but only for the buyout portion of the deal, and she's agreed to certain percentages). There might be other states added, soon or down the road.

Question: Should I collateralize the loan (if using private or hard money), or rely on roll-over loans (to maximize the lower points and 3-4% rate)?

What are the pros and cons of each, and which offers the least restrictions, flexibility and cost savings for my intended purposes?

Have a good weekend,

Melissa B.

Hello,

I'm looking for recommendations for a friendly, professional, and reasonable agent who handles investors purchasing notes, paper, cash flowing properties, etc., on my behalf? Looking for someone in the State of Nebraska.

Thanks,

Melissa B.

Hello,

I'm looking at tax lien investing, and have been looking at areas where it's frequently less competitive. However, some of these auctions are live, in-person only. I don't have much to begin with, let alone the extra to fly over 3,000 miles to attend some of these auctions.

Assuming you don't know anyone in the state, in which, the sale occurs, who do you trust to hire as an agent to bid on your behalf at a tax auction? What is the minimum threshold that such an individual or professional would accept to attend a live, 3-4 hour sale? What are some due diligence items that might be included in a contract with such an individual or representative?

Any feedback or advice into this matter would be much appreciated.

Sincerely,

Melissa

Rafael, what might a "soft pull" involve and what might the cost savings be? 

Thanks again,

Melissa

John, that's interesting about your state's laws and life estates. Generally, do you avoid those? Does the county generally notify you about whether it might be an issue?

Many thanks,

Melissa B. 

Thank you for your answer, Bob. I can see how it could potentially open a can of worms, particularly with probate and other complicating factors. The county mentioned that they did use attorney's to pull title, but hinted that it might still be a bit of a 'grey' area and indicated that one needed to do their own due diligence.

But you did answer my question in a round about way. 

Nothing beats expert opinion. 

Thank you again,

Melissa B.

This last question was for you, Bob Reinhard. 

Good to know. 

Now what about added encumbrances found within any division? Might case records reveal these, or would I still need to seek out the expert advice of a title co.?
 
Many thanks, 

Melissa B. 

Hi Bob,

I actually did inquire with them. But the county official admitted that it might be a bit of a 'grey' area, and didn't seem to know for sure whether there might be additional debt against it. So I'm not sure at this point and wish to avoid spending any unnecessary cash.

Thanks!

Melissa B. 

If a county says that I'm bidding on a tax deed "free and clear" does this mean that there were no liens or other liens or encumbrances found against the property? 

Might I still need to do a title search on a tax deed anyway, if for instance, there were other liens  from the civil division which one wouldn't be able to necessarily be able to research themselves?

Any feedback would be appreciated.

Melissa B.