All Forum Posts by: Sergio B.

Create an account on REDFIN, you can create comps there very close to the real thing!

I was the highest bidder at an auction, however the reserve was not met. Right away I received the offer below:

Even though your bid didn't meet the seller's reserve price, the seller is still offering you an exclusive chance to purchase the property. The seller is proposing a price for which they'd be willing to sell the property to you. The details of this proposal are below:

Bid Price ($) :54,000.00

Technology Fee ($):299.00

Buyer's Premium($):2,430.00

Purchase Price ($):56,729.00

The bid started at $40K, and I am reading above their reserve price was $54K. My bid was $48K.

Based on this information (and not in how much the property is worth or ARV calculations) What strategy would you recommend to get my offer accepted closest to my original $48K (plus fees will be around $50k)??

After reading all the postings, seems that if you take precautions and have patience, a good deal might be the outcome. I plan to bid in one property for rehab they have listed on my area, auction ends tonight.

So I was sitting on front of the banker (skipping my lunch time from work) with my two income taxes , filling up the application. The day was rainy my friends and the sky was dark , when all of a sudden he gets stuck in the application. Then he reached out to another branch and ask to talk to another banker. It happens for you to get this kind of loan you need at least 5 properties!!!

I could hear lightnings and thunders outside just before he hanged the phone, the sea was angry my friends.

Basically I was back to square 1, when all of a sudden he says give me one sec let's call a friend at a "Community Bank"....she responded YES we do it, 60% LTV, LLC is OK, one property is OK, 120 months, 5%. The sky was clear my friends, and I was able to see the rainbow from the banker's office.

I have an appointment with her next week, lets see how the weather will be by then...

Against all predictions, the Realtor answered me with no mention of hold harmless. She is a seasoned Realtor that hold this and other properties for the bank, so seems like trustworthy information.

Question:

"I was looking at another property you have listed ( one of the few with prices around my area) MLS# XXXX

The county website says it has a lien for 21k . How does it work when a lien is encumbering the title? Who's responsibility is? Does the asking price covers the bank paying for the lien?"

Answer:

"Yes, when there is a lien on the property, anything of monetary value on the lien that prevents a transfer of clear title, the bank will take care of those liens prior to the close of escrow in order to close with clear and marketable title.

Open permits, unpermitted items the bank does nothing with, buyer inherits the issue"

Interesting, I am interpreting this as the 21K lien will be paid or negotiated with the County by them ( even if the origin was due to illegal additions).

The actual fixing of the issue (i.e removing the violations) will be the buyer's responsibility.

Sounds good to me...

@Account Closed is not at he action, is listed by a Realtor from the bank.

@Wayne Brooks and

@Bill Gulley

Yes, I will stop at the county and ask around. They have a "amnesty" program going on, but I wonder if there are any catches. See link

Dade County Amnesty

Property has illegal additions , it was never resolved by previous owner. This is a REO foreclosure. My understanding is the bank is supposed to give you a clean title, but who pays for the lien? Buyer? Seller? it gets wiped out by the foreclosure? I need this info in order to make an offer in a property. Asking price is 38K, it will probably need 25K to put it under code , lien is 21K.

Without the lien, it will be a good investment, the 21K throws out all the numbers.

@Jeff S. Rates start at 4%, depending on you credit ( there is a personal guarantee required even if the loan is for the LLC) I will get more details tomorrow.

@Scott W. I don't think this will be a first, as a matter of fact i got the tip from here, where other BP members were able to get this type of loans from WF.

@Mike H. That is definitely a must, the guy at the bank pulled information from the county to see if the property was free and clear. He stated 1st lien position is a must. Your case seems more complex, how much in percentage do you have in equity on those properties? It could make more sense in your situation to sell the one with more equity, buy some other property free and clear and then use that property to get the HELOC.