All Forum Posts by: Richard Eilenberger

I do some wholesaling in Ohio.  How can I help you?

I have a pdf with every city in Cuyahoga county that requires a PoS.  Ping me up and I will share this with you.  There are differences in the way cities execute this process.  Some cities use city employees, some use third parties, some require exterior PoS only (Maple Heights is one of these), some do exterior and interior, while some require exterior and offer interior.  Contact each municipality for their process.  City employees generally get the job done in one week, third parties can take two weeks to get this done.

The city of Cleveland does not impose a PoS.  Give the sheriff a call and ask on this item.  In my experience all liens and rights for ownership and tenancy do not run with the title once the sale and transfer of deed to you is made.  You will need to provide a $5000 deposit for each property you wish to bid on.  This is an ACH deposit, and must be processed prior to any bid at auctions.  Bids are applied in $100 increments.  There are training sessions you can sign up for on the site, these are live with no recording of the sessions.  Attend one of these trainings to understand the bid process, there is some nuance as to how the final minute of bidding can be managed, which can be good info to know should bidding be competitive.

My attorney has recommended that a writ of possession be filed for any property purchased at auction.  This will essentially vacate any right of tenancy the prior owner of the property may seek to engage.  The owner of the property I purchased is litigious in that they have filed a number of frivolous law suits in reference to the property.  If you encounter this situation, you should hire an attorney to properly managed dismissal of these suits.  Do not do this file for dismissal prose.  You want these frivolous cases dismissed properly.

Happy New Year!

For the update, I bought the house!  Learning a lot here!  That said, there is a lot more to learn here, I am not an attorney, you will need to learn more of this stuff too!

For auctions held on Wednesday, these auctions are based on tax foreclosures.  For auctions on Monday, these are mortgage foreclosures.  The mortgage foreclosures require the state to acquire three appraisals of the property, the opening bid on the auction will be 70% of the average assessment as the opening bid.  Either way, you win the auction, you have access to deed on the property.  All liens are removed from the property as the result of sale at auction.

We won the bid, wrote the check to the sheriff within 30 days, and today the deed was recorded, we are the owners!  Go Cleveland!

I am seeking information regarding the Sheriffs auction in Cuyahoga county.  For properties that are listed for auction and have no appraised value, these are tax lien auctions.  My thought here is that these properties will have no mortgage associated, purchasing the property offers the opportunity to have the deed issued for the property.  How far off the mark am I on this one?

For properties that have an appraised value, these properties have been foreclosed on by a lender.  What am I buying here?  Am I buying out the note on the property?  Thoughts?  And thanks in advance!

Recently closed on a property purchased from first owner with 25 years of ownership. We had some heavy rain and I notice water pooling around the outside HVAC condenser, and water running through the concrete wall of the garage. In my view this should have been disclosed during the retail/MLS transaction. Our realtor offers no guidance on this issue. House in in Nevada? Anyone have feedback on this issue? Happy New Year!

Newbie here.  We purchased our first rental property two years ago, and we are refinancing this property with proceeds dedicated for the next purchase.  We have been working with an agent that supports both purchase and financing of the properties, we are closing on our fourth property here into October.  For the refi I received a cost sheet with a 3.7% rate.  To my eye this seemed a bit high, I pinged the Internet, and the phone started ringing.  

Our initial loan to purchase was provided through Loan Depot, which our agent worked to arrange.  LD informed us that customers have a life time option to refi which includes refunding of the appraisal and origination fees on the loan.  LD informed me that the rate for their refinance is 3.25%, which is a meaningful difference for ongoing costs.  My agent tells me that the rate is based on the capacity of the LD retention department to issue the loan at this rate.  Looking for some insight as to what's going on here?  I understand folks should be paid for the work they do, but 55 basis points off the mark on the offer as presented is a red flag.  Thoughts?