All Forum Posts by: Jodi Gauthier

Hi Janet,

Is this property in Memorial Parkway Subdivision by chance? The numbers look very similar to a property I was looking at and found there was a judgement and 2nd lien the owner didn't disclose up front.  Just curious and thought I would reach out in hopes I could save you some time if it happens to be the same one. 

Hi Iris,

I’m an investor and local Realtor in the Katy area with over 15 years experience. Katy is a rapidly growing community with great schools and expanding businesses. Deals can sometimes be hard to come by but just depends on your investment strategy and end goals. I’d be happy to share some of my experiences or answer any questions you may have in regards to the Katy real estate market. Feel free to reach out. 

I am interested as well. Also looking for any destination events people have attended and would recommend. 

@Nancy Tamez I'd suggest confirming it is Tax sale and not HOA sale as they are both auctioned at the same time but the lien priority is completely different.

@Matthew Olszak @Tony Castronovo  I've had three of my own rentals and two I listed from other investors in that range that leased in less than a month since May. I must have misread and thought it was in Katy though.  Being in Cypress and the neighborhood it is located/school zoned to plays a big factor.  If you'd like to pm me the address I have no problem looking it up and running some quick comps and giving you my honest opinion.

If it is priced accordingly and rehabbed as you stated there is no reason it should be sitting on the market in Katy at that price range.  If that's the case and  you listed on mls 3 weeks ago you would have already had it rented which would be close to offsetting your commission costs correct?  Are you comfortable holding another 1-2 months or even more once school is in session and rental market gets even more stagnant? Is it zoned to kisd or cfisd? What neighborhood? 

I'm an agent and investor in the Katy area. I'd be happy to connect you with my GC. Message me if interested.

Good evening @Veena R.

I'm a Realtor and Investor in Houston (specifically Katy and W. Houston).  I have an extensive network and would be happy to share with you!

@Account Closed I am also curious as to the outcome of this deal. I am in the same situation in Texas as well.

What a great post with tons of useful info. I just love this site! I have a specific scenario and a few questions I'd love run by you guys especially anyone that has experience with Texas laws regarding HOA foreclosures.

So..... I have this "friend" that was one of those newbie idiots that had no clue what they were doing and walked away thinking they just got a steal on a home appraised at 120k with an ARV of 160k for 40k. I had done what I thought was my due diligence only to realize that all the research I had done was on tax liens and unbeknownst to this idiot I had just purchased a freaking HOA lien! I've been in denial for the past 180 days (redemption period) hoping the owner would reappear and give me my money back but that obviously didn't happen. I know its a long shot to get the 1st lienholder to communicate without having the original owner give consent. The DOT was filed in 1998 with a note for 72k, that note was assigned to countrywide in 2006 with no record of refi's or other liens on property since so if I somehow payoff the loan balance and get a release I'd be ok but not even sure if that's possible to get a release from countrywide since they no longer exist.

My questions are as follows:

1. If and when Bank of America foreclosures do they have to notify us since we are now owner of      record?

2. If and when they foreclose do they have the option to just keep this property on their books as a REO or are the required to offer it at a foreclosure auction?

3. Would it be beneficial or even possible for me to take out a mortgage (from my company) and place a 2nd lien on it so that if it does go to foreclosure auction and the winning bid is sufficient to cover the small balance left on the 1st lien I receive the excess? Would Bank of America have to get a release from me if they intend to sell as a REO if I did this?

Neighbors tell me the owner abandoned the home 5 years ago. I know bank of America has continued to pay taxes throughout this time. Is it common for them to delay foreclosure process for that long of a period?  Even crazier would be if the owner has paid the mortgage after abandoning the property and allowed her home to be foreclosed on for a $1500 hoa balance??? I've tried contacting her through several outlets and have had no luck.

Any advice other than the obvious (stay away from auctions) would be greatly appreciated.