All Forum Posts by: Roman M.

Each state has different rules. You need to indicate the location

its random lottery. Are you feeling lucky?

sorry to break this to you but there is no way to protect your loan this way unless you put your name on the deed. 

The problem with these auctions where you have to pay same or next day is that you don't have enough time to get title insurance, insure escrow and that you are a first position mortgage. A lot of times you get certificate of title a few days after the sale and how are you going to record a mortgage if you don't have the title yet. 

You better off lending your flipper against other property he/she may own where there is equity and you can get lenders title policy.  Then  they can use that money to buy their auction property.

Their proposal is too risky and you don't even know if the title will be clean at closing.

I am not sure why no one paid the taxes if they live there but I see this often. 

You can try to buy the tax lien and be the ultimate owner this way you don't have to prove down the road that you are entitled to this money back. Make sure you do this through attorney who specializes in real estate and knows tax liens to avoid paperwork pitfalls.

If you just want to redeem the house then you should be able to do so and the tax office can give you steps for that. 

If beneficial owners are the same in LLC then it is not a sale.

We are based IN Georgia is a hint.

Capital gain tax related to IRS

 Since the property is not in Florida not sure how that answers a question for a property in Georgia.

If there is no change of ownership then IRS doesn't consider it a sale.

Make sure HM is in the possession of original note. Ask for lenders title policy from when they funded the note. 

They are selling it too cheap considering that they are HML. So there has to be some other issues. You have to make sure that all paperwork is in order and you can actually foreclose on the note. If seller is not an original lender, you have to make sure that all assignments are in order and they have the power to sell this note.

Not to mention that you must be purchasing it from actual lender and not someone pretending to be one.

My biggest concern when buying the note is fraud and escrow. 

I won't buy without a title insurance and I am not sure why will anyone else do.