All Forum Posts by: Daniel Souliotis

Ok thanks

Thanks for replying Kerry

My situation is:

I am first time investor targeting the local sheriff sales in Allentown PA

My understanding is if I win an auction I go to the cashier and give her 10% with my I'd.

Then within 20 days the balance,

Then within 20 days I receive some type of deed not an actual deed this deed has to go thru titling but I can use it to evict and borrow.

So between the 10%down and the 20 day full payment I have to arrange finance with hardmoney

But as you say property has to be apraised 

It is that period that is confusing to me,  cause I don't actually own anything at that point how will they apraise it?

I am in pa

How  does hard money loan exchange hands?

I  put 10% down

I get a receipt on my name 

they won't send a deed till 20 days after receiving full  payment 

how does the lender secure their loan

If I need the cash 20 days b4 I get the deed?

How do they know the value of the property to determine LTV let alone LTV after rehab?

I called a company and they said I have to buy the property first and then refinance it with them.

If I have funds to buy the property why do I need a  hard money loan?

In PA you're liable for liens on property bought at upset tax sale.

Properties bought at judicial tax sales are free and clean  of liens