All Forum Posts by: Ray Slack

Sorry but burst your bubble but there is not much of a market for this.  The amount of people that buy at auction is limited and there are already 2-3 services that provide auction data and comparables. 

You really can't predict when an auction is going to be canceled. The number one reason for a cancellation is bankruptcy filing or a judge giving the defendant an extension. 

As for the plaintiff's high bid and the winning bid that is tough too. Different banks have different people that research the comps and set the high bid.. So, Bank of America may have 20 different people that set high bid amounts.  As for 3rd party winning bids that is pretty easy at 70-80% of current market value. 

Just my 2 cents as a foreclosure buyer.

If you really think you have it figured out prove it.. Run your algorithm and Post 10 auctions in this upcoming week in Miami Dade with the risk of cancellation, plantiff's high bid and the winning bid amount and let's put it to the test.

Fire/homeowners/liability type insurance is about $1,000 per year.    Mortgage insurance varies greatly depending on type of loan and how much you are putting down.

Ray

I'll try to make it.. I buy,  renovate and resell 5-10 houses a year in Bowie. 

I'm buying a cheap property and the owner is holding the financing.   I proposed to the owner a payment of $100 per month principal and $25 a month interest with a 7 year balloon and she agreed.    Her attorney got ahold of it and is wanting to structure it as an amortization.  I can't see why we can't just do it my way. Much simpler.    Any law against just having set principal and interest payments in a note instead of a rate and amortization? This is in Maryland in case that matters.

Thanks

Bathrooms look great.. Nice tile choices.. Laminate floors are nice but really need to be laid in a staggered pattern.. 

@Russell Brazil "Read all the DC code you want and Misinterpret it?  " Wow, condescending much?   The case of Chase Condo Association v. JP Morgan Chase, Liu v. Us Bank, US Bank v. Greenparks was a condo association foreclosing Not a first mortgage foreclosing.  They are treated differently. 

I did some research. Below is from the DC code.  Check out the Bold/underlined sentence.  As it reads look like I would only at the most be liable for 6 months of condo fees.. and maybe none since the 6-month super priority reads like it's mostly about when a condo association foreclosures on a unit not when a first mortgage forecloses.  

(i) Upon any voluntary transfer of a legal or equitable interest in a condominium unit, except as security for a debt, all unpaid common expense assessments or installments thereof then due and payable from the grantor shall be paid or else the grantee shall become jointly and severally liable with the grantor subject to the provisions of subsection (h) of this section. Upon any involuntary transfer of a legal or equitable interest in a condominium unit, however, the transferee shall not be liable for such assessments or installments thereof as became due and payable prior to his acquisition of such interest. To the extent not collected from the predecessor in title of such transferee, such arrears shall be deemed common expenses, collectible from all unit owners (including such transferee) in proportion to their liabilities for common expenses pursuant to § 42-1903.12(c).

(j

@Elvis Vasquez why would you want to buy wetlands? Just curious. 

This doesn't really make sense.  Any DC attorneys in the group?  I found some information from 2014 stating that only 6 months of assessments are super priority. Meaning that 6 months would need to be paid at a foreclosure sale of the first mortgage and the remaining would be wiped in 2nd position.   

What year did this change? 

Had a question.. I'm thinking about buying a washington DC condo at the foreclosure trustee auction.. It's a first mortgage foreclosure but there is a condo lien recorded after the 1st mortgage. 

I've read some places that I would be responsible for $1,000 of the condo lien and other places that the whole lien would be wiped out.  Anyone know for sure? 

Also are property taxes and condo fees pro-rated from the date of sale on DC properties?  I buy in Maryland all the time but realize DC may be different.

Thanks for your help