All Forum Posts by: Ray Slack

Location..  Baltimore prices can vary drastically from one street to the next.  The exact same house on a good street can be worth 1/2 as much on a street with higher crime 3 blocks away.  Next would be condition of the property and the level of renovation.  Square footage in Baltimore city is cheap to buy.. So, size of the property isn't as much of a factor.

They are not stringent. But if your realtor told you it's no problem get it in writing and if they catch you you can sue  your realtor

I've analyzed the Ocean City short term rental numbers over the past five years and they've never really made sense. I own a few short-term rentals in Miami Beach and those do makes sense. But since Ocean City only has a good rental market during the summer it just doesn't work out even with the high weekly rental prices. Most of the people buy a vacation home in Ocean City and rent it out just to bring in some additional income. And a lot of people rent it out during the summer and then stayed there during the early spring and late fall

The Bowie Market has taken off over the last 3-5 years.. You will be VERY lucky to find anything for under $300,000 that rents for $2,500. You can't compare one lucky home run short sale you got a couple of years ago to today's market.  You have about $150k in equity in the house (after selling costs) You are netting about $9,600 positive cash flow by renting it out. (not including V&C or management)  Which is about a 6.5% return. (Not including future appreciation and paying down your mortgage)   Unless you have have somewhere to put the money that you can earn a higher return keep it as a rental.

First of all there is usually not a due diligence period after an auction.. You bought it unless they can't give you clear title and even then you may have bought it anyway if they put in the ad they could transfer title via a quitclaim deed.   You don't have the right to enter the property prior to closing or anytime after closing unless you get permission from the tenant or evict the tenant.  Eviction can take months (like 4-8months)   are you talking about Baltimore city? or Baltimore County?    If you didn't get a "steal" on the house you may want hope they owner did redeem it and the auction company lets you out of the deal..  I doubt that this is the case.   If you want send me a PM withe address or the case number and I'll look up the docket and tell you what happened with the foreclosure case.

Ray

You could do a land installment contract also called a contract for deed.  You would have to be careful since you are a real estate agent that you don't take a commission or represent her.  There are some risks to her if you don't pay the mortgage or taxes, ect.     Are you selling her the new house?  Be careful advising her, as she is actually committing a crime by not telling the new lender about her existing loan on her new loan application.

If you can make copies of the motion to ratify and the judge's order denying it.. Those would be the last 2 papers filed.. if they won't let you make copies take a picture with your cell phone..  Send them (The pictures ) to me as a private message on here and I"ll tell you what it means.

Ok - I did some research for you.. The house was sold but the bank is having a problem getting the sale ratified by the judge.  The Judge denied the motion to ratify the sale in May.  This could mean they did something wrong in the sale process.  There is a memo response in the file entered on 6/18/19 that may explain the problem with ratifying the foreclosure sale.  

I would suggest you go to the courthouse and pull the file and make copies of the last 2 pages filed in the case.. they will explain the problem with the sale.  This may buy you some more time in the house.  This is your case number 03C18011884  

Oh and just FYI.   You had court on 6/4/19 for when you got pulled over for having expired Tags on your Honda Oddessy , and since you didn't show up they suspended your driver's license on 6/6/19..   You should get that cleared up ASAP because if you get pulled over again when your license if suspended they will arrest you.  

Good Luck.

Ray

So, to be clear. The house was foreclosured on by the lender and sold at Auction?  The first thing is to find out if the bank bought it back or a 3rd party bought it.  Mostly likely was the bank if no one has contacted you yet.   You should stay in the house as long as you can.. The bank will probably contact you and offer you a "Cash for keys" to leave.   The process to ratify the foreclosure auction can take several months or longer depending on the county.   Why are you thinking of delcaring bankrputcy? If you only have $5k in debt and make $50k a year with no bills that should be paid off in a month or so. 

As long as your home is your primary residence the foreclosure will not have any addition impact on your debt.. The bank doesn't have a right to come after you for the deficiency unless it was an investment property. 

If I was you I would stay in the house and save your money.. You will not be able to get another goverment insured loan for a couple of years after the foreclosure if ratified. 

With regard to flipping houses.  It's not something you can just jump into because you have a friend in Real Estate and $20k in cash.   It's not as easy as they show on HGTV.  Most people lose money on their first flip.  I would recommend saving your money for the next couple of years and then buy a house and house hack it.  

Closed 2 deals the end of may.. Title company made the seller escrow $1,000 because they could not get lien cert from the city.