All Forum Posts by: Ryan W.

@Michael Lee you could also carve out the oil tank specifically and waive other inspections.  I recently purchased a property in northern NJ and my accepted offer included oil tank and title contingencies only.  

@Mark Gee I decided not to bid on the property because of the unknown, uninsurable risk of a leaking tank, particularly since there were NJDEP records of leaking tanks on several lots on the same and neighboring streets.  Like @Mike McCarthy suggested, I would not take comfort in the 2009 refi in terms of oil tank risk.

Thanks for your thoughts @Kelly Arthur.  The town went back through 45+ years of permits for me while I was standing there and nothing relating to a tank came up.  The fact that other homes on the block and surrounding blocks have had leaking tanks may be enough to keep me away.  I just was not sure if there is some other resource or avenue of investigation I am missing that could give me some level of comfort on this issue (again, short of sweeping the property since I do not have access).  Thanks again!

I am considering a bid on a sheriff's sale property.  I have determined my max bid, but have reservations because of the unknown oil tank risk. I have gone to the town building department to see if there is any record of a tank installation, removal or decommission (none), and have reviewed NJDEP data to see if there has been prior remediation on the property (none).  There are NJDEP records of nearby (same block) properties that had leaking tanks.

The MLS listing for the prior sale of this property in 1996 says the house has natural gas, baseboard hot water heat and central air, which is consistent with the information I was able to get from the town. But none of this confirms the lack of an in-ground tank.

I am not sure what else I can do to evaluate oil tank risk.  I cannot access the property for a sweep.

I know that my entire investment thesis goes out the window and that this could become a liability if there is a leaking tank.  Any thoughts?  Investors take this risk every week when they buy NJ auction properties, right?  Is there any further investigation I can do on whether there is a tank short of getting access to the property.

Thank you in advance for your replies.

Hi, I am looking to find a reliable and trustworthy builder/GC for a project in Livingston, NJ. The house will be taken down to the foundation, expanded and completely rebuilt.  Ideally, we would find someone with experience building in this town. Any recommendations are appreciated. Thanks in advance!

Hi,  I am looking to find a reliable and trustworthy builder/GC for a flip project in Livingston, NJ.  The house will be taken down to the foundation, expanded and completely rebuilt.   We plan to use higher end materials and finishes to cater to buyers in this market, and ideally would find someone with experience building in this town.  Any recommendations are appreciated.  Thanks in advance!

@Chris K. there is equity in the house (a solid $100k as of today due to rising market--maybe only around $40k or so in 2012 when BK action concluded) that was exempted from the bankruptcy estate.  The BK docket has been closed since 2012 with no further activity, and the only entries in the foreclosure docket are a writ of execution at the end of 2014 and another near the end of 2016 after the 2014 writ expired.  So, someone from the bank "woke up" for at least a little bit in 2014 and again near the end of last year.  It is now on the sheriff's sale list.  I was thinking administrative failures may be the simplest explanation here.  Thanks for your input.

Thanks for sharing your experience @Kevin Siedlecki and congrats on closing your deal.  I think my situation is slightly different because the bankruptcy proceeding has concluded and the underlying debt was discharged, so I do not believe any bankruptcy court involvement would be required to close a deal.

I am looking at a foreclosure that is approaching the sheriff's sale date.  The original foreclosure complaint was filed in 2007 and the judgment entered and initial writ issued in 2009.  The owners then filed for BK protection (Ch. 7) and received a discharge in 2012.  The bank has obtained two writs of execution since the BK ended and the property is now scheduled for a sheriff's sale next month.  I am wondering why it has taken so long since the end of the bankruptcy (4+ years) for this property to end up on the sheriff's sale list.  Is it just a matter of the bank's (lack of) diligence in enforcing its lien, or are there other post-bankruptcy issues/factors that result in the delay not apparent from the BK or foreclosure court dockets.  

I realize every situation is different and the exact reason for the delay may be unknowable, but I am curious to hear your thoughts on possible reasons that I should keep in mind as I pursue a potential deal on this property

Thanks in advance for your replies.

If an owner with equity files for bankruptcy (BK), can exempt their equity from the BK estate and gets a discharge of the mortgage debt, how (if at all) does that impact the ability to make a deal on the property before it goes to a sheriff's auction?

I understand the discharged homeowner is living in the house for free until there is a sheriff's sale and ejectment, and may not have incentive to make a deal until just days before the sale is inevitable.  How would a deal with the homeowner work in this case?  If you can negotiate a sale that covers the underlying (but now discharged) debt, could that be all there is to it?  

Is there anything about the past bankruptcy that complicates or prevents the sale from moving forward if we agree to an amount that covers the bank's foreclosure judgment. 

Thanks in advance for your replies.