All Forum Posts by: Tom A.

Thank you Brian.

Upps, I was not able to PM

But, here is her info 

Linda Oliver

661 747 89 02

Originally posted by @Rachael Collins:

If you are an investors agent or can refer an investors agent that works in the Bakersfield / Central Valley Ca area, I would love to hear from you!!

Thanks

 I will PM my agent's info. She is pretty good and helpful! 

Thanks very much both of you! 

I think it is becoming clear that the first mortgage is the one foreclosing. 

I find out that tenants are staying in the house, and since they were not able to make payments, the owner is foreclosing the house. Tough I do not know why he is foreclosing the house instead of evicting them, no clue... 

Hey all, 

I find myself looking into a foreclosure auction at the courthouse. I know it sounds very dangerous for a newbie to start with a foreclosure. So I have been reading every topic about foreclosures and trying to be prepared as much as I can so that risk involved will be minimum. 

So far, I talked to my real estate agent about it and she started with pulling a preliminary report on title. we will proceed with a full report via title company too. 

What really bothers me is that numbers... As I read from different posts, some people unfortunately bid to a second mortgage without noticing it and ended up walking away with capital loss but nothing. 

One of the post was explaining this situation with an example that if the property value is at 200K and if the auction bid ended with a lot less, say 40K, than there is a big chance that this 40K was a second mortgage/lien... 

Well, my situation is similar and somewhat raises flags. This is a property worth about 170K according to other properties all around, but the bid process start at only 16K. And this really bothers me. 

My agent and I did research, so far there is only some HOA fees and mortgage payments/fee are late and needs to be paid which totals around 22K.

I also should mention about the first mortgage. It was 69K in year of 1986 and scheduled to be end in 2026. (From this, if mortgage owner pay regularly from the beginning, then remaining 22K makes sense)

Another thing is that owner processed a line of credit (100K) against the property in 2007. Now I have absolutely no information if there is a remaining balance for this line of credit. I hope it would become clear after full title search. 

Having said these, I know that I will be buying a title insurance before the auction day... 

My question are :

1- How will I make sure that I am not bidding a second mortgage or some sort (such as IRS lien),  

2 - Will full title search reveal everything? 

3- How does title insurance make my investment immune to any liens that are not recorded?

4- What would be the worst case scenario if I do due diligence, do a full title search and also buy a title insurance?

5-Especially, how does this overall deal sound to foreclosure experienced investors?

Thanks so much for any input.

Cheers

Tom

Originally posted by @Rachael Collins:

I am in Bakersfield, CA. Is it normal for the group to ask for a fee to attend?

 Rachael, 

Are you referring to FIBI? 

Or is this another one in Bakersfield, CA? Thank you

Great, thanks!

Thank you both of you Gents!

Gene, 

since you are active investor and also a home inspector I am sure we will be talking in the future and more than likely will request your service :) 

If you happen to suggest any other service providers in Bakersfield area, please do.

Hi everyone. I am newbie, just starting out in Bakersfield CA. I would love to hear from more experienced investors and their thoughts about the current status of Bakersfield market for buy&hold strategy for generating passive income. Currently, I am interested in 70K-100K range, single family or condo/apartments. Still trying to learn more about foreclosures but I prefer regular transactions and ready to move in houses since I am a newbie. Also, team building appears to be tough. So, I would love to hear your suggestions to pick a broker, RE attorney, Accountant, realtor and property management company in Bakersfield CA. thanks so much! Tom