All Forum Posts by: Kathy Utiss

$10,000 isn't much..But you never know with RE. As that's why people are in RE. Returns can be exceptional. Mobile homes may not be bad as they are probably the least expensive to rehab/resell with a small profit. Maybe more profit by holding it as a long term rental. Sometimes people invest in 2nd mortgages prior to foreclosure sales to reap rewards on properties prior to sale on homes that are in good shape and should go for above and beyond any notes on the home. Sometimes people try to raise money thru reg d filings. Not sure how much that works but if it's true could be the best $6,000 spent to raise real money to do RE. Another avenue I've been learning about as well is CTL loans. Where you buy commercial properties based on the credit of the tenants in that commercial property. They claim only 2% down on such loans. If you ask me commercial RE is the place to make some real returns :) but is also the most expensive :) 

I would try to deal with the IRS directly. But your best bet so we're not all chasing our tails here since its the weekend is see if the county has info online that can be researched or not.  If so it's not much different than  title company will do in researching title. However, I'd be speculative. As most the time the IRS doesn't put liens on property unless they think there may be assets above and beyond the home. 

What I'm implying is that the owner may have other people trying to put liens on his property that don't reflect in county records for whatever reason but may be shown by other contracts or credit bureau. 

Therefore, what is it you are hoping to obtain? If there is IRS liens and a foreclosure is it a deeply discounted property that will allow you to make enough to substantiate taking care of the IRS liens, other possible liens, repairs, hold time? Have you looked at days on market for properties in this area? Unless it screams OPPORTUNITY you may want to run :)

Kim, 

You did an excellent write up. However, while laws may be laws the banks transact short sales all the time without real estate agents! :) If he is in negotiation with the owner of the property and is trying to help him rectify his situation as a principal in the matter I'm not to sure how far your version of everything will be upheld. There is nothing that makes a homeowner have to hire a real estate expert vs doing private business. A homeowner could authorize him to talk to the bank in his behalf. A bank will not do a short sale on a property unless properly informed of what makes the short sale necessary.  

If presentation is sufficient, and an intelligent negotiator is in place it can be done in a matter of days! Then sometimes it may take months! Just depends how intelligent and up to speed someone is on the que of accounts they are handling. If someone has proper signatory approval for such transactions the settlement letter can be typed immediately then paid via bank wire.  

This is pretty confusing..There is a trustee sale on a property owned by a bank? If a home is up for sale via a trustee that has an IRS Lien on it the lien has to be paid if you wish to acquire prior to trustee sale. Unless you can prove its not attached to that particular property. 

If the home has gone to sale already and the bank is reselling then the lien on the property should of been extinguished when the trustee sale happened. If enough money was received someone else can chime in as to whether or not the IRS would get the money before the pretenders.  As most people know if a home goes to sale and receives above and beyond the opening bid amount any monies should go to payoff creditors then rest to homeowner. 

Ardie, 

Hello I'm right outside St. Louis proper. Having been in this business a while I would suggest talking with your realtor, title person, loan co if you are not paying cash. Even if you are using transactional funding these people sometimes have people in their pocket they use. If you have a good relation ship or can build one with them they do help. At least the transactional funder I'm working with does.  He even has a contractor who is able to determine repair costs and only visit homes if necessary. 

A couple of months back I had one I had hoped to do. I will probably look it up to see who purchased it. As before I knew my transactional funder did such I had someone I thought who could do a proper repair cost estimate and they didn't follow thru and cost me time I obviously didn't have. 

I looked on a free service I use called netronline.com. LA County recorders office isn't online. But it shows the assessors office to be. I find it to be a good tool.

http://publicrecords.netronline.com/state/CA/county/los_angeles/

Lexis nexis is a pay for service used by banks. Most info is accurate. Otherwise now you have to use facebook to login to zabasearch.com. Look for the current address, old addresses anything that may pop a number. Sometimes doing a reversal with the address may pop an unknown name and number at that residence. Sometimes neighbors may know someone. Sometimes there are other addresses shown at the tax assessors office. Maybe they had more than one property mail went to. Google search as well. It may even behoove you to get a pacer account to see if they ever filed bankruptcy prior to death. Maybe there's an attorney with info as well. Good Luck!

I'm confused as to how you have a contract on a home if the short sale hasn't been approved already. If I was buying I'd be looking at the county records. I'd also be in touch with the bank to find this out. Short sales are not difficult. Well maybe to get final approval but I used to authorize them right away.

The parameters are the same they originated at what price? You want it discounted by how much for what reason? The decrease in property value? Repairs that need to be made? Itemize and detail your request. Maybe see if you can get the short sale approved and have the owner do a quit claim deed. Depending on the bank you maybe able to purchase the note and with the quit claim avoid a foreclosure and pick up the note somewhat discounted. Hopefully, enough to make a win/win situation happen. Good Luck! :)

Jose,

You've definitely gotten some good answers. I actually don't disagree with any of them. I'm shocked about it being done in someone's individual capacity as well. But if they bought out the second see if you can get the first to sell to you! Wouldn't that really put a twist in things? You being in 1st position would have to be paid the full amount, they being in second may have to take a hair cut depending on the irs taxes and the value of the home above and beyond what the first lien would be. Can't guarantee it but you never know if you don't try.

Regardless of what news article you read don't think they don't do short sales and note sales such as this. Regardless of what their legal contracts claim. Part of the problem with the whole mess of it all actually. But then again the 1st will probably go close to full price of the originated amount regardless and with $200k I know of a property you can put that amount down on and make a handsome profit on still monthly without all the headache!
Good Luck!

Some investors use loopnet.com. But you may be better off finding a real estate agent in that area that might be able to help.

Another option is see who may have a contact w/banks that are wanting to unload properties. It would save the Realtor fee and to have a cash buyer u may get a better discount....

Good luck