All Forum Posts by: Scott Schultz

Very interesting process, here the redemption period (3,6,or 12 months depending on situation) starts when the court gets a Judgment for foreclosure, and sheriff sale is after that time has run out, with toe courts confirming the sale at least 10 days after the sale. the borrower has until the confirmation to pay the balance owed. i go the the clerk of courts, pay the balance of my bid, he or she hands me  a signed Sheriff's Deed and a check fr the transfer fee, and I record it in the Register of Deeds office, as soon as i pay its legally mine, now in the time between sale and confirmation, there is an argument that you have a 10% interest, so sometimes people will change locks and such, i'm a bit cautious about that. I have enjoyed this discussion. 

Funny stuff. Im generally in small towns, the biggest County I work in is maybe 150,000 people, my current home area the entire county is 32,000, our big "city" is 8,500 but its touristy, so winter is buy time. you tend to know most of the buyers. Our sales are done by the Sheriff or a Deputy, and we need 10% at time of sale and the balance is due within 10 days of confirmation of sale, the judge sees the the transcript from the sale, and can call it unjust, and send it back to sale (doesn't happen often) and usually i'm the only bidder, heck, who can go at 10 AM on a Wednesday the opening bids are published on the Attorney's websites for the most part, and with some exception the ones that dont publish them will tell you with a phone call, or email, bu thats at 4:00-5:00 pm the day before. 

  Do you get a sheriffs/trustee deed right then and there if you pay in full at time of sale?   do you get  Writ of assistance to get the people out if occupied? we do here.   

BTW the Borrower was a Builder that got caught up in the "the increases will never end" mind set, he lost a ton of stuff, in the Millions, this was his personal home and had vacated over a year prior. 

Ha Extravagant life style! maybe I stated it wrong, We decided to partner in the deal. There was no second, and the banks bid was significantly below the judgement amount, so there was no possibility of proceeds, it was also during a time like today when there was no tax consequence for the forgiven deficiency and the lender waived their right to a deficiency judgment.   I have probably witnessed the practice a dozen times at sale, I have seen a situation where the Sheriff in a county purchased a property he was auctioning, and did this.  I have lots of stories from Sheriff Sales i have gone to since 2008, I use to go to 2 counties every week for several years, you see some interesting stuff.

The Sheriff, the Attorney,(who was present) my banker, title company, and accountant had no issue with the way we did the deal, a broker to broker referral fee was all it was. 

I cant imagine why a contractor would carry your utilities? 

I totally agree with others, do one at a time as thy move out, Jack rent to gt people to move, an then rehab them. consider Vinyl plank flooring, it doesnt swell at the edges like laminate does, alot of it has lifetime residential flooring, there are several kinds, the kinde that glues to itself like Allure, the Click together kind, loose lay, and glue down, all great options without the problems with laminate. 

 is your PM guy requiring an initial title policy, and Property Insurance? and even after 15 flips, I always forget utilities, and my days of property taxes, they all add up. Good Luck

 Hhudhomestore has been running a H&M banner for at least a year now, but mostly on the dated ones that go to Dollar status, the pre lists are relatively new, interesting how it changes, great insite.

I mostly agree with @Greg H, the exception, is that HUD does do pre list Auctions on Auction.com, and Hudson and Marshall, and possibly Homesearch, (havent been able to verify this one) but the process is totally different, you may or maynot be buying from HUD, but if no one buys at these auctions it gets added to HUD's inventory and listed on HUDhomestore. in any case, you need to prove your money, submit Ernest, and lose the ernest if you dont close, so yea, you have skin in the game.