All Forum Posts by: William Howley

Hi Cameron, the question is just too broad. When @Shane Wiley mentions 65%, 65% of what? current as is? After repair value? There are so many different values. The only way I could see you adding a percentage, and this is a fairly good strategy, is get MLS access, and look up what cash buyers are paying for properties in that area, for similar condition. Then just come in like 10%-20% below what cash buyers are paying. Ideally you would want to turn around and make $10,000 in 10 days, and resell to a cash buyer. I assess thousands of foreclosures. yes Thousands using Auctiontumbler.com . 

The strategy that I use is, Take ARV - expected repairs - all expected expenses - some padding - profit wanted = your max offer. To Shane's point, your max offer will be pretty low. So it is a numbers game. You will need to research 30 properties to win 1.

Hi, if you live in Florida, Auctiontumbler.com is probably the best one you can use. Foreclosure auctions is my sole focus. this is what I am finding in Hillsborough County, Florida. With COVID, banks are offering forbearance. Which if you read the fine print, is going to get ALOT of people in trouble. ALL of the money is due at the end of the 3 months in which they were not paying. If they did not have the money in first place, why would they magically have it at the end? 

Recently, the banks plaintiffs' have been cancelling all of the foreclosure auctions. 99%. We can only speculate why, but most likely because they are just super busy with everything that is going on, and it just makes more sense to just worry about unloading those assets later when they have more bandwidth (that is my theory). in 1-2 months, all of the auctions that were not sold will be relisted, so there will a lot of foreclosures coming up in the next few months. 

Secondly, going on my first paragraph, A lot of people are going to be in a mess in 3 months. If we take an average foreclosure process of 6 months, that means in 9 months, there is going to be a huge increase then, which is around January 2021+. 

If you are interested in a county in Florida, there is Auctiontumbler.com

If you lose money at auction, the title company will not pay you out for give you a report. They are smart, directly on the report or somewhere, it will say they are not liable. Do not depend on them. You will only get your $50 back. 

 @Peter Walther Your statements are grossly incorrect. Please do not give advice on foreclosures.

1. At the foreclosure auction, all junior lien holders are wiped out, assuming you are actually bidding on the first mortgage.

2. You generally cannot get title insurance or any commitment from a title company. There is no title insurance on these.

3. You cannot recover your money. If you buy it, that money is gone. There is no refund, unless the judge issues you a refund in the 10 day waiting period. Different topic.

From my understanding, the first lien will have the option to pay off the second lien. Or even worse, when the first lien goes through foreclosure it automatically closes out the second lien, and the second lien is worthless. 

With no direction, I would spend days meandering the underground caves of the Massachusetts state code. Its a fairly simple boolean answer. Each state is yes or no. 

Hi, I would like to run a marketing wholesaling Campagin in Massachusetts. Apparently some states like Florida the title agency's can complete the entire closing, my friend mentioned to me it depends on the state, can someone tell me if the closing is necessary to be a lawyer who does it? 

If so, does anyone have any good closing agency's or lawyers, that they can suggest, that closes wholesale deals regularly, responsive, fairly priced etc.

@Kim Meredith Hampton the previous owner game me nothing.