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Updated almost 7 years ago on . Most recent reply

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Allyssa McCleery
  • Rental Property Investor
  • West Palm Beach, FL
136
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262
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looking for bank representative

Allyssa McCleery
  • Rental Property Investor
  • West Palm Beach, FL
Posted

Hello, there is an off market property that I have been trying to acquire for a couple months. The current owner is under water on the mortgage and the property needs a lot of rehab. I have met the owner and he is in denial thinking that he can still make money off of this, even though it has been sitting vacant for years and collecting code violations higher than the value of the property. Basically now I am looking for an attorney in Palm Beach County that represents Bank of America. Any advice on how to proceed is greatly appreciated. 

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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
13,509
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied

Buying the tax certificate gives you No advantage in eventually owning the property.....it would later have to go to a Public tax deed auction, after you paid off All of the other outstanding certificates, probably 10 times your initial verticals purchase amount, then you’re still bidding against everyone else, less the credit for what you already have out of pocket.

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