All Forum Posts by: Dave G.

I need to find an Inspector in Indianapolis that will do an Air Pressure Test on the water pipes for an REO. The bank will not turn the water on because of a burst pipe in the dining room. They dont know it, but I am going to put a temporary seal on it for the inspection so that an Air Pressure Test can give me the health of the rest of the plumbing.

If it doesnt hold, I know I have more than just a burst pipe to worry about. If it does hold, we are good as gold. 

@Dana Whicker

Thank you for the affirmation. I definitely thought that was weird as well. I ended up checking the local tax records. It turns out that the taxes are being paid by a family trust in GA. Very odd. This must be a mistake on Zillow's part (go figure). I just dont understand how you can out of the blue state a property went through floreclosure. 

Hi BPers-

    After a few cursory searches about this topic, I didn't see anything posted or answered about this. First of all, any links to a primer on forecloser purchasing? I know it's state specific and often times city or county, but I'm looking for info on what people do after the foreclosure sale happens and is being held by the lender. How do you track these people down? What bank?

  So here is my scenario: There was a foreclosure on a property in late 2012 on a home locally to me. At the sale the lender bid the mortagage amount and took it back. All of that shows on Zillow.  I verified at the Indianapolis Assessor's office, and the Recorder's office. The last known sale/assessment/recorded deed was 2005 and absolutely nothing recorded since 2006 (there was a sewer lien, but that was 2005 as well. Clearly some stuff went down since then. This is where I need the Foreclosure 201 course. What do? 

@Derek Lacy

That was a great example. I suppose that insuring for the 98% of occurences is exactly what Insurance is made for. This is really making me reconsider by buying area. 

When I spoke to someone giving me a quote, she asked if the walls were plaster, because those are expensive. Theoretically, could I decrease the replacement value of $630k if I ripped out all the plaster and replaced it with drywall before getting the insurance. 

@Paul J. @Joel Owens

 Thanks for the input. I guess I went to them first because every incident i've had has been handled extrememly well with USAA. But, I suppose they have to make up for that somewhere.

@Brian Tremaine

  It is over 3,000 sq ft, so I suppose that is quite a bit of plaster. I'm havng a hard time grasping that the lumber I would need to rebuild the house would be THAT much more expensive than say a house with the same sq ft in the suburbs that is 5 years old. 

@Bill Bodziak

After scouring the forums for a while, it seems that this is the way to get the price down on it. Although what Derek had mentioned about only getting a certain percentage back is really unnerving. I'm going to call back after work to see how that would change the pricing. 

@Derek Lacy

 It sounds like you are at Henry's. I really enjoy their espresso. So if I'm understanding, "Functional Value" is the phrase I want to use. Bill is absolutely right in what I want to accomplish. Buying a down trodden house for real cheap, put a little work into it and cash flow it. If it burns to the ground, well.. as long as I can walk away with out owing anything and have a few years of income off of it - then I don't much care if it gets rebuilt or sits as a green space. 

Thanks for the input. Like I had mentioned, I was just doing a little practice due dilligence. When it comes to game time, I will certainly reach out. It's always nice to have someone who has the same REI mindset in the industry.

@Jassem A.

@Jassem A. Thanks for the name, I'll check them out. 

I was just doing some due dilligence on a proprety and I spoke to my Insurance Company (USAA), and had a mild heart attack when they told me how much it would be to insure.  1st I ran it online and it came to be ~$6k/yr. I called because I swore I did something wrong, but the most she could do is halve that number. That's still $250/mo with a 10% deductible! 

I digress, a little about the house: It was built at the end of the 1800s. It has been uninhabited for at least the last 5 years, probably 10. It sits in a nice neighborhood, but the houses are going for only $250k (they are all old and have been rehabbed in the last 10 years). 

She quoted me that replacement value was $630k! How the hell did she come by that number? The City has it assessed at less than $50k. She mentioned that they would have to source materials identical to what is there now. Well if the house burns down.. I dont want that old *** house with knob and tube, plaster walls, and single pane windows... I want modern building practices. I'd take a $200k check and I would still say thank you.

I tried saying to her... well I wont replace it with a $630k home. I wouldnt be totally sure I would rebuild there. 

How do I get this insurance down to a reasonable price? 

@Derrick Britt

I agree with Shawn about the block to block area of Indy. However, the rents can vary wildly in the area. $800 for a 3 bedroom sounds very low to me, unless it is in an undesirable area. As a person who has rented for the last 10 years non stop, and has paid $1200 for a 3 bedroom all of the way down to a 2 bedroom for $600 in the heart of Broad Ripple (which I am very luck to get). Next door there is a 1 bed for $900 (its a duplex). 3 blocks east there is a 2 bedroom house for $1600. The point being: the rents are here if you need them.

@Rusty Scott

What did you end up doing? I was looking at RECI too, but there website looks like a C average high schooler made it to pass a class. It has me worried the training will be the same, leaving me out to dry during test time. I'm looking for something online and not a classroom in indianapolis.

@Jim Viens

@Christopher Telles

Thanks for the responses guys. Now would this deed look any different than the others? I'm heading down to the recorders office after viewing it just to look over documents associated with the property, and others. 

Hi all-

So I'm doing some research on an REO in my area. I have prior owner, date of deed transfer to bank, original mortgage amount. I found the court transcripts from the foreclosure proceedings in hopes that they would have a judgement amount or some kind of indication of what was owed or past due (of course there wasn't). The odd thing is, if I'm reading this right, the Plantiff (bank) motioned to dismiss after a few reschedulings of the court date. The whole process from summons to dismissal took from Sept of 2010 - July 2012.

Knowing that it has been deeded back to the bank, was this some sort of out of court settlement? 

Did the bank decide not to proceed as long as the owner handed the property back to them?

Also, interestingly enough this was listed as a judicial foreclosure, but i cannot find any other court cases.