All Forum Posts by: Account Closed

@Brian Baker

Any chance you are a member or can become a member of State Employees CU? If yes, check their loans for rentals..

https://www.ncsecu.org/Mortgages/AdjustableMortgage.html

"Up to 80% financing available for the purchase of a rental property or for a non-cash out refinance of a rental property; further limited to 65% loan-to-value for cash out refinances. Each member may finance up to two rental properties."

Watch out for IRS liens in non-judicial foreclosures in states such as NC even if the IRS lien is Junior. 

"To the extent provided by state law, property is discharged from the tax lien when the holder of a superior encumbrance forecloses non-judicially under IRC 7425(b)(2) and properly notices the IRS"

The problem is finding out if the holder of a superior encumbrance has properly noticed the IRS.  I never had good luck with just calling them to send me the notices. I have to go through an attorney to do this..

Thank you all for the replies and advice. The agent was unable to produce the proof of funds in a timely manner and I moved on to the next interested buyer who did not have to use inheritance in probate to purchase ;-)

See topic 516927

https://www.biggerpockets.com/forums/41/topics/516927-buying-an-auction-property-no-inspection-contingency-view

I am in NC and have a house on the market. A local agent brought a cash offer from a buyer which is very attractive. I have verbally indicated that I will accept the offer provided the buyer produces proof of funds. Here is what the agent said..

"The buyer is getting money from the estate of her dad who was a resident of CA. The executor is sending over a letter, copy of the bank statement showing the funds, and copy of paper work showing he is executor"

How do I verify that the Executor is legit and the documents show that the funds are available? I read somewhere that "in CA the executor needs to be confirmed by a probate court before he can carry out his duties. The court gives the executor official documents that confirm the executor's authority to act on behalf of the estate". Can I call the clerk of court in CA to confirm ?

You will your bid money and more if the resale of the property is less than the bid you are walking away :-(

https://www.ncleg.net/EnactedLegislation/Statutes/...

45-21.30. Failure of bidder to make cash deposit or to comply with bid; resale.

"A defaulting bidder at any sale or resale or any defaulting upset bidder is liable on his bid, and in case a resale is had because of such default, he shall remain liable to the extent that the final sale price is less than his bid plus all the costs of the resale. Any deposit or compliance bond made by the defaulting bidder shall secure payment of the amount, if any, for which the defaulting bidder remains liable under this section"

You did the right thing by doing a proper eviction...

"As I understand, he has 5 days after the Sheriff posts the paper on the door to remove his items".. 

I believe the number of days may differ state to state. In NC it is 7 days after posting. The notice should specify how many days the previous owner has to remove his/her stuff. Or you can call the sheriff's office to find out.

These two sentences seem to contradict each other ;-)

"I did my research and brought my cashiers check" and "I looked at the property about a hr before the auction was set to start"

May be others did more than your research and thought it was not worth bidding at the auction.

I don't know if these are considered  "best books" but I found them very informative.. Available on Amazon

1. Goldmining in Foreclosure Properties Paperback – October 6, 2003 by George Achenbach (Author)

2. The Book on Flipping Houses: How to Buy, Rehab, and Resell Residential Properties (BiggerPockets Presents...)Mar 22, 2013 by Mr. J Scott and Mr. Brandon Turner

"It was owned by Chase who took it in March".. 

If the bank was the previous owner I don't see any issues with contents inside. They sold you with the contents aka REO price included the contents.. All yours. :-))