All Forum Posts by: Darren Glahn

Because we did owner will carry we are the lender. Does that part make sense or am I wrong?

Because we are still on the title and hold the trustee is why we get to set the upset price. The current owner of the land that is in default bond is in default b

I can not buy directly from the person that  On the note Because there is a $50000 construction lean that has gone to lawsuit. We are applying for a summary of judgment which will allow a judge to decide if he is in default by carrying a lein with the property.  At that point the judge will ask the sheriff to collect the property and it will go to auction.  He owes 315000 in principle. I bid I have about $15000 in attorney fees and there will be sheriff fees. He also did not pay $2500 in property taxes last year so that will probably be owed as well.  So now we are trying to figure out how we can best handle the sheriff's sale to get the property back. If I get the property back I could probably sell it for 8 or 900. What I don't 100% understand is what I have to do in order to get it back in the sale. What happens if I set the upset price at 500000 and nobody meets the bid? What happens if I set the upset bid at 500000 and it sells for 800000? Where does all the money go to?

Oregon

Ok thank you. So is upset bid same as upset price? Or are they different types of transactions. I am not trying to make a upset bid....I am trying to set the upset price because I'm the lender.

Ok thank you. So is upset bid same as upset price? Or are they different types of transactions. I am not trying to make a upset bid....I am trying to set the upset price because I'm the lender.

We we are being represented by an attorney for this. The problem is they won't talk to us for 2 more weeks and I would be lying if I wasn't saying the suspense to the answer of these questions wasn't killing me.  I am also trying to get a second opinion as well well so we can totally believe in what our attorney is doing for us and he is doing for us and he is doing everything possible for us.

I have carried the note on a piece of land for 2 years and the buyer has defaulted.. He has defaulted because of a $50,000 construction lien. We are getting a summary of judgment and the property will go through a trust sale or more than likely a sheriff's sale.. I really want to hold on to the property because of the improvements the buyer made to the property,have made it 2x more valuable than I originally sold it for. I am hoping that I can set the upset price high enough that no one will bid. 

1. I'm wondering if there are any disadvantages to doing this to doing this. I am owed $315,000 on the remaining balance balance but the property is worth $900,000. 

2. What cost will I incur by setting the upset price high enough it's not worth another person to bid? 

3.Will I owe any difference by setting the upset price so high? 

4. Will I owe any money to the the sheriff's department to get the property back?

5.  How will the lien play into the upset price or the fees after if I am able to recover the property back if it does not sell?

6. What is the smartest and easiest way to make sure I get my property back?