All Forum Posts by: Mark Hu

I do intend to keep track of the property. But with a 400k government lien on it, it sounds like disposal of the property is going to be complicated. Also a 400k lien, sounds like some illegal activity? Much more than just property taxes.

I had an unpleasant surprise while down at the Orange County, CA recorders office. They explained to me I could only search for recorded property documents by owner name or document number.
Does that leave me dependent on a real estate agent to provide me the name of the property owner from the mls? Is is ethical for me to ask my agent for the property owners name? That seems to be the only way I can do my own title search before putting in an offer.
Note we just wasted our time with an offer on a property that has a large lien from the us attorney's office.

Yes, I am not certain either. I got this idea from 'foreclosure for dummies' book under California state rules, where it seemed to indicate that there was a redemption period of 365 days for judicial foreclosure but none for nonjudicial foreclosure.

I've looked at a couple of properties I found in newspaper notices of trustee's sales, and none of them had notice of trustee sale posted on the property.
Why is this? I heard attorneys manage these foreclosures, and I would think they would be sticklers in doing exactly what the regulations say they should.

In my understanding, after a nonjudicial trustees sale, when the sale is done and cash paid there is no redemption period for the owner to regain the property. Is this true?

This is a private sale in the state of California.
The property is residential income.

The sale is contingent upon us using their escrow company.
I have been cooperating with their demands up till now, trying to show we are serious buyers. But I am losing patience, especially since the demand for wiring the cash deposit to their escrow. I agree, I can't see several competing bids wiring cash to the same escrow company with no signed contract. Maybe they want to make interest holding that cash, while the seller delays his decision?
My partner, however, doesn't want to back out yet. So we will wait and see.

Still, experience can only do so much. I've seen REO's where the bank (and its agents) never told anyone about serious water damage in the building (40k +). How can you foresee that? Foreclosures are worse. How can he overbid everyone all the time, and not get bit in the *** half the time?

Because the seller specifically demanded we use his escrow company. Which is rather odd.

I suppose if you know exactly what you are doing - understood exactly the risks you are taking - then you could probably out bid less experienced investors who have to protect themselves against unknowns.