All Forum Posts by: Sandy Blanton

Good question. Here's what will happen: the bank will clean up the deed, then list it with a repo broker. They won't even discuss selling it to anyone prior to this process in my experience.

I suspect they have to strip the deed of any judgments, liens, etc. that the BK person had that would have "attached" to all of their property.

Find another property. IMO:)

It was probably quitclaimed to the bank. No post-BK seller who surrendered the asset can do a SS. IMO.

REO's rule. SS's are too much hassle, no guarantee they ever close, lenders harder than ever to give a discount. Building costs way too high...you can buy an REO for the price of materials, nevermind the land/costs to construct. IMO..

I'm in NW Florida. Virtually 100% of all multi fam units in our market are repos. You can buy a quad for $100-125K, duplex for $50K. It sounds to me like your market may be similar. It doesn't matter what the cap rates are if the recent similar sales prices are lower, then the units you mention are priced above market.

Lack of high LTV loans for multi family has caused ours to crash in price. IMO.

If you're not a licensed real estate agent working under a broker, you're committing a felony in all (or at least 90%) of the states.

We Americans love automobiles. My take: the average American millionaire (from one of our best books: The Millionaire Next door) drives an auto worth $25K. The most common purchase was a used Ford Truck or Lexus.

Suze Ormon says pay cash if feasible, but never finance for more than 3 years.

Dave Ramsey says pay cash always and spend no more than 6 month's income.

My next auto will be a 2 year old Cadillac Coupe CTS. It'll cost $35K, I think the new price is near $50K. It's total cost of ownership is rated excellent by Intellichoice dot com. I'm not buying until I have cash.

Most financial gurus say you'll naturally spend more on a car/depreciable asset if you finance it. I think this makes a lot of sense. My thoughts. IMO:)

We have 1031 proceeds in escrow. We have a property located, but the proceeds aren't enough to cover more than 1/2 the cost of the property. The seller has expressed interest in being creative by us giving our proceeds as a lease option towards the property. OR buying 50% of the property and remaining partners until we have funding to buy out his half. I'm quite sure the fractional ownership is okay, but is the lease option idea feasible while accomplishing tax deferral of the capital gains. Thanks for your input. Steven Hamilton II

I've certainly done risky things to get deals financed in the past, including using 24% apr credit cards. I would be very concerned about depending on any one contractor to finish a job. One one major rehab, we went through 3 GC's before it was finished: sloppy work, missed deadlines, one went MIA. Contractors are perhaps the most notorious of businesses to over promise and under deliver (next to politicians). Be careful. IMO:)

I don't think I've ever bought a new washer/dryer. I always get them from Lowe's return/scratch n'dent. But I do remember years ago I bought a used Roper set. I think they lasted a decade before their demise, no problems.

I was going to do it the old fashioned way and subscribe to our local legal paper. But, last night I found a site the uploads the legal papers, and it's completely free. FloridaPublicNotices.com. It prints the attny name/office/even email addy, beneficiaries, etc. Perhaps you have a similar site for Utah?