All Forum Posts by: Ramon Wilson

@Wayne Brooks Thanks for the reply. So if senior liens remain with the property, would the sheriff essentially set a reserve at the amount needed to pay the senior liens? If not, what’s the point of auctioning the property (say in the case of a judgement) since any money collected would go to pay down senior lien holders as opposed to going to the judgement creditor who is forcing the sale?

@Ted Kontos Yes I went to one. However they only auctioned one property that day.

@Ted Kontos Sheriff’s auction properties not related to foreclosure for numerous reasons - collecting on a judgement for a judgement creditor, property that has been seized (eg, from a criminal), etc.

Hi BP, I’ve heard that los angeles county sheriff sales (not foreclosure auctions) - properties that are being auctioned by the sheriff because of a judgement against the owner or that have been confiscated by the sheriff for some other reason - are a good way to acquire properties for under market prices. I'm looking for advice, thoughts, guidance from people with experience buying at these sales.. Any major concerns / pitfalls to watch out for? Are existing liens wiped out or do they stay with the property? Etc.

Hi BP, I’m looking for advice, thoughts, guidance from people with experience buying property at a los angeles county sheriff auction (not foreclosure auction) - properties that are being auctioned by the sheriff because of a judgement against the owner or that have been confiscated by the sheriff for some other reason. Any major concerns / pitfalls to watch out for? Are existing liens wiped out or do they stay with the property? Etc.

Hi BP Community, Has anyone had any luck getting a loan on a 1-4 unit property purchased as an upleg to a 1031 improvement exchange. The difficulty seems to be that the QI requires the loan to be non-recourse to them as the initial borrower and most 1-4 loans require recourse to the borrower. Any advise or suggestions are appreciated. Thanks.

 Thx for the reply. 

Thx @Thomas S.

thx @Seth Borman and @Brian R.

Thx @Brian R. it's less abt collecting that old rent. I want to make sure i can use the fact that it's owed as a basis for eviction. What type of documentation do you think I need to get from the seller to accomplish that?