All Forum Posts by: Jim Gordon

You need to have the owner call the lender and ask for the information that they need for a short sale. He will have a lot of paperwork to submit that needs to prepare. At that point you would submit your purchase offer with his paperwork. Most lenders want the packet all togther to make it easier for them.
If this was an investment property the lender may not let it go short as they would not be able to a defincency judgement on the current owner.

The first step is the the owner needs to contact the lender to find out what the options are and get a list of all the nessasary paperwork.
After all the information is compiled and a letter of permission is writtten then you can submit and talk to the lender.

Good luck

Chris the person to talk to is the owner about buying the property. The lender that has a loan in place on the property can not even talk to you without a letter of permission from the owner.
After the property has been forclosed on and the lender offers it for sale after the right of redemtion period then you could make an offer on the property to the lender.

Sounds like a normal auction. The lender in my area has to bid the judgement amount. Anyone wanting to bid higher can have it and the problems to go with it.

Call your agent and have them get the ball rolling. Your agent represents you and it is their job to either get you out of the contract ot get changes made to keep the transaction equitable to you. That does not mean 20,000 more off a broken door and some paint but some compensation should be made. Talk to your agent I am sure that they have handeled things like this in the past.

Andrew this may still not be a major problem. Just have them email and fax things back and forth.

Andrew that should be no problem as that is when the loss mit people work too. Depending on the time zone you may run into a conflict but it should not be a major problem.

Eric given the way things are going he may not know anything until June when the timeline passes. If they do not intend to redeem the property they do not notify you they just do nothing.

This is a bad answer but it all depends. If there is a lot of equity in the property, and who knows how much a lot is, the IRS can buy you out. They will pay you the purchase price not a cent more, that is public information. Do not put one penny in the place until you get the release as you can not recoup any money you have spent on the property.
This is the big reason that most properties with IRS liens roll to the lender at auction. Let me know how it is going in about 4 months.

Why not do a commercial loan for your investment properties. That way you have no mortgages and can finance another 10. Wrap those in a commercial loan and do it over again. If you need to sell a property you can always do a partial release on a commercial loan if you have it set up that way from the start. My L.O. just wrapped 10 in a commercial for one of my clients on Friday.

Welcome to Bigger Pockets I hope you read the boards and gain some knowledge here.