All Forum Posts by: Jonathan H.

I'm pretty sure Jscott has a SKU list with the most common items he has used in the past. Wouldn't mind getting a copy of that for myself if he doesn't mind sharing.

The lender is Chase Bank. How do we go about getting the summary judgement? We've calculated the interested accrued from the mortgage and have already taken it into consideration. We also calculated in back taxes (assuming we have them all), but have not calculated forced insurance and property tax advancements. What is pay oops? Sounds like something I need to look into ASAP. Thanks for the help Wayne.

Was looking to hopefully negotiate a price on the mortgage amount down due since the house has been a "non-preforming asset" to the bank for a few years now (long story behind it - hence the reason so few others know about it). If it comes down to it, the purchase of the full mortgage would still be a good deal though, just trying to be conservative since this is our first major deal with a lot of potential - really need to get this one done correctly. We were looking to hopefully get an agreed price from the bank in writing, then taking care of the liens after we have a set price with the bank, and then finalizing the purchase.

When you say the property "will be listed" - is there any way around that? The mortgage and lien amounts on this house are much lower than ARV, so we're trying to pick it up before other investors find out about it. Most of the realtors in our area would pick this deal up themselves rather than helping us (my partner and myself) buy it. How can we find a reliable third party to do the negotiations?

In relation to the negotiation of the liens - there are quite a few (10+) liens against the property, but all but one are held by two other investors. I was looking to negotiate with one of those two majority holders into "buying" the other major holders share, then "buying" the lump sum bulk from the one I was working with. The remaining one lien shouldn't be too much to worry about I'm assuming.

Trying to work on landing a short sale deal in my general area, but ran into a few questions that I couldn't find the answers to - would greatly appreciate some help sorting these out.

1. If I were to negotiate a short sale with the bank, what price should I be looking to pay? - whats the normal discount amount off of ARV if financed? and what difference would an all cash offer make?

2. If I were to purchase the liens from the other holders (after the short sale negotiation was sorted out) what premium should I be expecting to pay? From what I've read, the normal interest rate received on the liens they purchased (in Kentucky) is 12% - so what kind of additional premium on top of that should I expect to be added? Is it legally possible for them to add a larger premium on top of that 12%?

3. Am I required to own all the liens to file for ownership in court, or just have a large majority? If for example I have 9 of 10 liens against a property, would that be sufficient "ownership"?

Thanks

After staying up and reading the majority of the day away, I think I've gotten a better understanding of how the system works. Unfortunately, upon solving the issues listed above, I ran into a few more that I cannot find the answers to.

1. If I were to negotiate a short sale with the bank, what price should I be looking to pay - whats the normal discount amount? and what difference would an all cash offer make?

2. If I were to purchase the liens from the other holders after the short sale negotiation, what premium should I be expecting to pay? Don't want to get screwed on this step because I'm a rookie. From what I've read, the normal interest rate received on the liens they purchased (in Kentucky) is 12% - so what kind of additional premium on top of that should I expect to be added?

3. Am I required to own all the liens to file for ownership in court, or just have a large majority? If for example I have 9 of 10 liens against a property, would that be sufficient?

Sorry for all the trouble, I appreciate the help.

Thanks

Thanks for the response Raquel. Just to make sure I understood everything correctly - The house I'm currently interested in has multiple liens against it, with the oldest being 5 years old and the most recent being about a year old. Do they all have to be 5 years old, or just as long as one meets the specified time frame? If I were able to purchase all the liens then I would have the sole ability to foreclose unless the bank mortgage holder agreed to pay my net sum of all the liens plus interest, correct?

Also, in my current situation, the total sum of the liens are significantly smaller than the mortgage amount, so is there any way around notifying the mortgage holder? Looking at the cost of the liens compared to the mortgages, it would be absurd for the bank not to purchase the liens. I would really like to pick up the property if possible.

I'm thinking it might be worth my time to hire a local RE friendly attorney to sit down to weigh my options and to make sure I'm not overlooking something.

Sorry to revive the old thread, but had a question I couldn't find a 100% definite answer to.

My question is in relation to a home that has multiple tax liens against it that are held by multiple owners. If I were to buy all the associated tax liens against it from the owners, or even a large majority of them, I would be able to file for the foreclosure and ownership of property (assuming the owners right to reclaim grace period has passed) and the mortgage on the property would be completely wiped, correct?

I just can't figure out why one of the other holders haven't bought the liens out from the others and went for the property themselves. Is there something here that I'm overlooking?

Thanks

Thanks guys, appreciate the help.

Had no idea you were currently working on a rehab analysis guide, I'll definitely be interested in purchasing a copy when you finish it up. Keep me updated.

Hey,

Had a quick question relating to finding "fair prices" for general / sub contractors in my area. Recent ran across the "RSMeans Contractor's Pricing Guide: Residential Repair & Remodeling 2013 (Means Residential Repair & Remodeling Costs)" book - does anyone have any experience with this? or possibly another similar source to find average prices for each task? I would really like to have a list of tasks and fair prices so that I could calculate a (generalized) average total repair cost for each flip. Would really hate to overpay for the contracting work on my first few flips - as it has the potential to make quite a big difference in the end price.

Thanks