All Forum Posts by: Marko Petrekovic

Ok, Williams, how are they? Do they sell deed to the winning bidder free and clear? What about reserve and sellers approval?

Sorin,

I have red terms and conditions of Hudson and Marshall auction and it says winning bidders are responsible for any remaining liens. Did you inherit any liens after you bought? If yes have you gamble or you did title search?

Haizlip,

Thank you for amazing info!! I am interested in investing anywhere in country, wherever I see a great opportunity. Internet makes things much easier nowadays. At the moment I am very interested in Texas since they seem pretty resistant to recession. A few more questions if you don't mind:

1. How sure are you tax deed sales in Texas, California, Virginia, Hawaii sell title free and clear? Wherever I read Sheriff sale terms and conditions it says tax liens are wiped off and the rest is winning bidders responsibility and risk.

2. Is it possible at all to buy a house at sheriff sale and inherit mortgage deed?

I am looking for the auction which provides:

-clear title
-vacant home
-reserve price=minimum bid
-online bidding would be desirable too

My experience:
-REDC - due to reserve price and lenders approval, approx. 50-60% winning bids are not approved. My personal stats are also 60%
-county tax sale - IRS has right to redeem within 3 months (some states you need to wait even longer to get the deed recorded), and only IRS liens are wiped, and majority are not vacant
-************** & bid4homes.com - bidder is responsible for liens
-hudson&marshall - bidder is responsible for liens

can anybody share experience with some other auction company?

I have been several times at REDC and they provide low risk...title is free and clear, property is as-is, but it's easy to estimate the damage from bidding chair: if loan is available, that means there aren't any major damages, and if it's not that means it needs some work. If it' seriously distressed, auctioneer mentions the damage right before bidding, but reserve price is the issue: I have won 5 times at REDC, sellers approved 2 of my 5 wins. From those 2, 1 seller wasn't able to close within 3 months due violations. I have sheared my experience, is anybody out there who would like to share details from some other auction company? I am looking for alternative company that also guarantees free and clear title after the auction.

Da Deep, maybe you should hire local realtor experienced in short sale, who would be able to make the deal with the deal.
What do you think, David? Should increase chances.
I don't think Da Deep is wasting his time, because one thing is for sure, he is learning a lesson, and learning is not wasting time.

I think investing team comes along with spreading your business...you wonna buy, you meat realtors, you wonna sell, you meet investors, end of the year comes, you meet cpa, you get stuck somewhere, your mentor tells you to find attorney, so you meet attorney...who was nice to you, you come back to him, who wasn't you don't call him anymore and don't answer phone... and the resault is: yo have a team! We all have a team, don't we? Financial planners? Only if you are bad at mathematics, have wife who spends to much of your budget and ONLY if he is financial planner specialized in real estate...a guy who is an experienced RE investor! So Lynn, can you write some more about IRS audit?

I am not talking about Miami and New York, I am talking about hot areas in these cities...I have attended reo auctions in Miami, 300 properties, none from South Beach...In South Beach everything got sold in short sales...that's why I say it's hot market!
Yes, NYC a lot of people lost job, but isn't that normal since you consider how many people work there? (more than 8million new yorkers +NJ+long island+ upper state+even pennisilvania)... I am talking about real estate, hot in real estate. last 2 years prices went down everywhere besides Manhattan.
I was looking for tax deed auctions in NYC, everything that's offered is: Bronx, Queens, Staten Island and Brooklyn...Manhattan-nothing! That's why I think Manhattan is hot market. Anyway you are expert in short sales, there's no doubt...you're one of my mentors, I even saved some of your comments in my memo, anyway here is a question: since you are from Florida, did you try short sell anything at South Beach? I tried, lender posts price and waits offers, like sealed auction, if you wont to win, you have to offer at least 75% off market value...not a great deal, wright?

You think they aren't? Manhattan and South Beach are interesting to international investors...That's why prices haven't gone down in Manhattan yet. What? You disagree?

She asks for 30 but she would probably be delighted if she shortsells it and gets 5!