All Forum Posts by: Ricky Si

@Bill Brandt

Are you finding decent investment properties in Vegas right now? I hear there is no inventory in Vegas at the moment???

I purchased a single family home from sherif sale. This is my 3rd property that I purchased from sherif sale. First two, I was lucky enough as properties were vacant. My last purchase is turning into a bit of a headache. Previous owner is refusing to leave, he wants to stay until at least by end up January (that’s what he says). 10 day redemption period has passed. I applied to the court for a “Writ of possession” to have him removed. I suppose it all depends on the Judge but has any one experienced this in NJ?. I am praying judge rules it in my favor and I can start the rehab process..

@Tony Rodriguez Yeah, I’d like to know as well. Most title companies are locally based. But even if it’s nationwide, I doubt they offer free title reports.

@Benjamin Haberman I do all of the above myself, check township”s assessor records for recorded deeds. Call them day of sherif sale to find out delinquent taxes or other delinquent liens. Do online searches. Sherif sale’s are very risky though. Complete title report is the best bet or like Chris mentioned have the foreclosure lawyer share that info with you which so far I have no luck with in Nj. I really want to dive in NJ market but getting title reports each week has been the biggest hurdle. I lost great opportunities because of that in the past 6-8 months. And keep in mind, you can purchase the title report but title companies here in Nj will not guarantee title insurance on sherif sales. Also property you purchased the title report for can be pushed back. Has happened to me here

@Jay Hinrichs I see you work in summerlin. Is this in lv? That’s the only summerlin I know. I bought few homes last year at reverence. They should be ready beginning of next yr, beautiful community. I bought them in 1st phase. They have gone up already.

@Jay Hinrichs Great input. I was working on one property and I did exactly that , I searched by lot and block numbers. Went thru humdreds of pages of deeds etc..... Property had an irs lien on it but it didn’t show up anywhere and sherif didn’t mention it either. It had 50,000 irs tax lien behind the 1st mtg. Dodged a big bullet there, thankfully I didn’t buy it...but again if I had the title, it would’ve showed up there.

@Chris K. Are you saying if property has a Sr lien over irs tax lien, it will be wiped out? I don’t think that’s correct. I believe, all federal liens remain and must be paid even though if they are jr liens.

@Benjamin Haberman I believe reason it’s free there because most likely you will end up buying the title insurance from them and they’d make money that way plus they will make a long teem relationship with you for future business..

@Jay Hinrichs When I tell people that here in NJ or DE they think I’m crazy. I bought some properties in CA and I’d get the listing around 9am... I’d contact the title company I worked with and bam by 11 I’d have 60 years of title history...

@Jay Hinrichs That makes sense. That’s probably why it takes forever and can run up to 300-400 for each title report. Makes it difficult to bid at sherif sales.....