All Forum Posts by: Morris Lucas

Man, i thought the over the counter lists would be available by now! I am gonna be home this weekend and was going to drive properties over the weekend and pay on Monday before i left to go back to Atlanta. May have to get a relative to do some research for me and throw them some gas $, lol

PM me dude, i'm in Gwinnett. If u want, we can collab on some marketing.

Curt

The first option seems a little difficult to pull off, lol
Second one i guess is standard, just have to make sure the lease payments are enough to cover the mortgage and hopefully a little more to create cash flow...

Brian's post was insightful, thanks!

Not to get off topic, but can you explain a little more in depth how this process works?

David Krulac- sounds like the exact scenario I am seeing. I guess this makes a little more sense now that the bank says they have no record of owning the property, as technically they don't ...yet. What do you plan to do in your case, just wait for the sheriff sale to happen?

By paperwork, I meant BoA is listed on the mortgage documents on microfiche
When I looked up the court records.

Matt I know I misused the term, basically what I mean is the house still has a bank mortgage against it. The owner whom I already contacted left the house over a year ago, he told me they foreclosed on him, but tax docs say otherwise.
BOA says it isn't their house(blah blah) but their name is on the paperwork clear as day.
I was told by the code inspector putting notices on the house they do this all the time so they are not technically responsible for all the code violations, etc.
Very weird process with these type properties. I know diddly squat about short sales and they seem pretty involved from what I have read here, so I don't think I can go that route.
Ned I guess paying a 4k lien on this house wouldn't be a bad idea since its pretty much a win-win as the bank will pay u off or you'll get the house. Problem is if you can't buy the lien directly and have to wait for auction, it will probably get bid up tens of thousands.
Very interesting hearing different perspectives on this!

Thanks Bill/Steve, pretty much the answers i expected. too bad, too, the owner has already left thinking he was foreclosed on(he never was).
Freakin #$#@ due on sale clause! lol i would love to offer him some money to give me the deed/take over payments!

thanks guys!

Do most investors ignore vacant, overgrown grass , REO properties with code violations and tax liens? Have one that's been that way for a year, wondering if only strategy is offer the bank to buy it cash?

Mike that post said it all!
Im gonna favorite this page, awesome information!