All Forum Posts by: Vic Iyer

I am from florida. Did the title company send the title commitment? Just because it is scheduled for auction it doesn't mean it will be on auction. Almost 50 percent of those scheduled for auction gets cancelled. You need to contact the title company and ask for proof of Escrow and title commitment. Chill down. Did you send the EMD to the title company directly?

Can u elaborate what u need?which area?

I would suggest take the contract and talk to a real estate attorney. It is possible they are making you inherit “any claims or disputes” . So be careful. Thie fact this listing had contracts getting cancelled 3 times doesn’t bode well.

IF the sinkhole was disclosed to the wholesaler and if he did not disclose it then what he did was illegal. 

IF the sinkhole was not disclosed to wholesaler then what the seller did was illegal.

Clearly one of them is at fault

Questions:

1. Was sinkhole disclosed? 

2. Did you sign off on the selelr disclosure? 

3. Where was the EMD money deposited? Title company? IF the wholesaler is holding it then I don't beileve it is legal.

4.  Does the wholesaler have real estate license to practice real estate?

5. Did the wholesaler sign seller disclosure? Do you have a copy of it? Was the sinkhole mentioned in it?

Well, I have advised atleast 5 people in these forums to be careful about foreclosure auctions. You should never play a game without understanding the rules. IT is almost impossible to rescind the sale. 

Try to reach out for the owner who defaulted the loan, promise to compensate him and ask him to appeal the sale and over turn it. You need to really speed it up before the redemption period expires. IF the judge falls for it U can get $$ back. 

Toanalyze the situation, I need the the market value of the home (without doing anything)? What is the market value after repairs or updates?

Lucky B,

  IF you are planning on shopping around on courthouse foreclosure auctions then establish a good equation with a title company for running title searches for low fee. Open permits can also be checked by calling/visiting the city or county. IF the title company says they cannot provide title insurance coverage on a property then stay away from that auction. Probably higher priority lien holders are there (IRS,  property tax, 1st mortgage, etc).

Forgot one more: HOA past due payments. They can demand past due payments along with their lawyer fees!

Let me recap the costs for Foreclosure/Court house auction:

Title search prior to bidding in auction (Dont' cut corners)

Actual bid price

Florida Documentary stamp

Court registry costs

Title insurance (OH yes don't skip it)

Cash for key (IF you ahve to deal with occupants. May be add 1% of your bid price).

Since you are also from Florida, I  can share the costs

A. Florida Documentary Stamp Tax (doc stamps) on the amount of your final bid. This is standard

B. court registry fees (3% of the first $500 and each subsequent $100 at 1.5%), and the auction fee ($60.00). This varies based on county. 

So add up your numbers before you bid.