All Forum Posts by: Charlene Rakhshani

Yes, just can't remember who to. Do you know? I know WaMu >Chase and Countrywide>BofA. I'm just referring to the original TD...which at that time was IndyMac.

Steve, do you check for judgments on properties you're buying? If so, where do you go to check for them? I went to Pacer and input the homeowner's name, to see if she filed for BK. Do you check the recorder's office the day of the sale, to see if anything else shows up? Is there a checklist on BP that someone has made, that lists the things to do prior to auction? BTW, our auction was postponed again.

Great thread! Thanks for putting Ryan's links on this thread.....anyway to bookmark this?! And Ryan, you had the best explanation I've heard or read, about the difference between brokering a property and investing in a property. I LOVED your detailed verbiage!! Thank you! I've been educating myself for a little over a year, and am a single mom w/5 of my kids living with me. For three months, I've been using up my savings b/c support payments have temporarily stopped. Today, my brother, who I work for p/t, told me I need to get a second job and hang up REI for now. He apparently had his wife 'google' different things and told me what investors do is illegal, b/c we don't have a license. I told him some of what you said, and he said that there's a bunch of investors getting caught for doing this kind of thing. He was a successful commercial RE agent in the 80's and looks at real estate from that perspective. Anyway, I found your post to another guy who was told it was illegal. I plan to read it over and over....it was that good! When I went to post a reply for you, I realized I wasn't logged on and therefore, couldn't reply on the post. Sooooo.........once again, thank you Ryan :)

Joel,

It's a SFH, and I plan to do light rehab and sell to an end buyer. There are no IRS liens that show up on Title and property taxes have been paid through '09. If an IRS lien is on the property that didn't appear on Title, I will rent for the 4 month period, or call the IRS and ask for a release, perhaps. Has this happened to you? Do you hold for 120 days or get a release?

Thanks, Steve. Your post was helpful. :)

Joel....it's a foreclosure auction and the opening bid includes the note plus fees. I decided not to pursue the short sale with the homeowner, but to go to the auction and bid. I went thru' all the liens on record with the title company, but I still want to make sure the 1st is the 1st (which is what is being foreclosed). I believe what I need to find is the doc that shows a clear title transferring ownership from the previous owner to the current owner. No surprises at the auction :)
Thanks for any input you have. It's very helpful to me!

Hi Joel,

Thanks...I have the chain of title and it's foreclosing. I was thinking of other options, all the while planning to bid at the auction. If I bought it subject to short sale approval, it may not be approved prior to the auction...so I'm keeping my eyes on both. Any suggestions? BTW, some SS's are moving along much quicker here. This property is in my local market and it's in a good area.

I'm going to approach the owner to purchase a foreclosing home, subject to lender approval of a short sale on the 2nd and 3rd. Indy has the 2nd and WaMu the 3rd. What can you tell me about these lenders? Auction is in Nov....so I'll be working both ends.

Thanks!

Well, somehow my private lender pulled cash today and we went to the auction. It did get postponed by the beneficiary for three weeks, and I'm glad b/c it gives us more time to prepare. It's a longshot that the 2nd lienholder wouldn't protect their interest. It was a great experience, and not too many bidders. One guy picked up a property for $30k....which is a big deal in Orange County. I made some good contacts....so all in all, a good experience.

Now I'm wondering if there's anything else I can do to buy this property....knock on the door? Buy the 1st for $60k then short the other two liens? Or just take our chances at the auction? Hmm, any suggestions?

No, I'm 1/2 Persian, 1/2 German. I've learned much, but I won't bid, because I don't have enough cash to win the bid. There is a LOT of equity if the 2nd lienholder doesn't show up to protect their interest. All depends on what happens at auction. I'm hoping it gets postponed, so I have time to put the funds together.