All Forum Posts by: Dan Rosenberger

About Feb. 10 the daily death toll reached 100 people.  Big headlines.  Around two weeks later the daily death toll dropped below 100 and has stayed below 100.  Big headlines?  No.

The lenders will typically send out inspectors every 30 days to take photos of the asset  The lender should be very concerned if they have a leaky roof, and if the condition of the roof is a liability, causing damage to your property. That being said, not all lenders act responsibly.

I’m not sure why you would contact your lender about this problem, unless it is the same lender as next door.  

Lenders normally try to protect their investment in the mortgage and the underlying asset. Make sure that the lender is aware of roof damage and it’s potential to cause damage to the adjoining property. 

After a while they will publish the reserve price. I have had my winning bid accepted even after the site said reserve not met. So it can happen.

Two groups:

cireia.org

myinreia.com

Both have the same meeting location, but they are different groups.

I do think that Matterport is an important tool.  I own a Matterport camera and believe it widens the audience to allow a property to be viewed from anywhere.  Another great tool is a Ricoh Theta camera.  While it does not have the tour component, it does allow for quick spherical panorama photos where you can see every wall, ceiling and floor.  For before and after photos, I like the Ricoh Theta for the before photos and Matterport for the after photos.

That is a question that doesn't give much information.  You should implement your Week One procedures first.  Generally week one would consist of securing the property,  starting utilities in the correct sequence according to season, insurance and any urgent repairs.  Week One provides an opportunity to plan your next steps.  Other than Week One items, you should not start doing anything else until you have your plan and scope together.

Most sheriff sale properties are vacant as of the time of the sale.  So this assumes that.  Sheriff sale procedures vary by state and sometimes by county.  So how it works in your county might be way different compared to other areas.  I assume that you have researched procedures and any applicable rights of redemption.  Generally you do not want to make any significant expenditure until the deed to the property has arrived.  If you provide more details, people here can supply some helpful suggestions. 

I have used a Ricoh Theta in properties. You use a noodle tripod and their phone app. One or two shots per room should give you a good idea about the property. For exterior shots switch to a standard tripod.

You still need some reliable information about odors, sounds, window seals, etc. 

As a bonus, you can take more sets of spherical photos to track progress or at completion.

For marketing the finished product, Matterport is a good option. It lets the prospective renter or buyer do a walk thru from their computer or phone.

Ricoh advantages: lower cost, quick, let’s you see all walls, ceilings and floors. Can be emailed without processing delays 

Ricoh disadvantages: file sizes mean several emails to send a complete house. Viewer might be needed for user to view panorama effect. Might not get sense of layout of property, how rooms connect to each other. 

There are basically two categories of homes on auction.com.  There are bank-owned homes.  Those have a starting bid about 1/3 or 1/4 of the actual reserve price.  It does attract attention with the low starting bid, but the starting bid is not real.  Do some searching on this site.  If you do end up buying one, you should be able to get title insurance (on your nickel of course.)

The second category is homes that are being auctioned off on the courthouse steps. Those are sheriff sales or trustee sales.  Some asset managers choose to advertise those sales on the auction.com site.  Those come with their own set of challenges, similar to what you would face in any foreclosure auction.  Attend some of those events and ask questions.  Procedures can vary by state and by county.

If the bank wants to settle for little or nothing - the people who you deal with at the bank don’t work for free. Their attorney doesn’t work for the bank pro bono. Neither should they expect your time to be worth little or nothing.