All Forum Posts by: Edward R.

So I renovated a property last fall/winter and had an alarm system put on it (simply Safe).  Then in April we switched the policy to Metlife and still had the alarm and stated so.  Late may/Early June we removed and then canceled the system.    TODAY, received a letter from MetLife "YOu have removed your protective device thus you premium is changed"  now it's $82 more per year; It was only $450 before that.  We removed only because renters were now in there.  never realized insurance would jump that much.  

First; How did the know?  SImply Safe  alerts them? 

Doesn't that seem like a huge jump?

Do you guys get a discount if you used a non-monitored device?

well i went to it and just as i thought, simple and short.   No bidders andsold  for the upset price back to thebank. Lawyer said $1 more and its mine.   No cashiers  check  and the terms were 10% down rest in 30 days. Hudson marshal wrongly told me on the phone 100% cashiers check,  

Its s steal at that price.  So bummed not prepared.   Could easily sell for  $265k

Good experience

I called the Attorney office and the upset price was $193K .  So I'm going to the auction tomorrow and we'll see what happens.  If this sells for less than 200K that'l be a steal for this house and neighborhood.

I'm still going to stop by the auction, depending on what the price is stated the night before.  Agree though, doubt it would be a fire sale.

plus our $12K/year property taxes don't make it cheap (thats on a assessed $280K home)  I look at other homes in various parts of the country, astounded at how chep taxes are, because that would take the anxiety out of unloaded a property when flipping.  I see places at 300K value taxed at $3,000 or less a year.  

Almost like the old saying of how Car salesman want to meet their month end quota so willing to make a deal.  Agree though, compnaies getting things off their books is more concerning than price (in a way)  nice deal and like you said, it was because of your ability to act quickly.  

This house has been through a foreclosure process for over almost 4 years.  Owners tried to rework things early on but just never could get ahead.  If I were the bank, I'm sure they are happy to move on from the place. Seems like a long time. It may be even 5 years since it started.

I did call the lawyers handling it and they couldn't revela anything about the property BUT yes they did indicate I could cal the office and an automated recording  option would state upset price the night before. Hudson Marshall told I could call them too the day before or day of

oh, and no, this part of town doesn't have alot of REO's

So I'm trying to wrap my head around it; (I'm sure I won't be getting this house but just understanding the process).  In a sale like this, the bank sets the price it wants, the " upset price" which is what usually? Market value, what the mortgage originally was for (which was $254K I think)

So if nobody is willing to bid that amount they take it back and try REO because of more potential clients, right?

I'd love to take it for 175-185, it would be a steal.  It is a tight market in this school district and it's a desirable neighborhood. The 100 homes in there typically sell between $240-$280K and they are all similar style.

Funny thing with this house, the owner is an attorney (albeit not good at finances) But everyone has their issues.

There is this house in my friends neighborhood, nice colonial nice neighborhood and typical nice people. Husband went/going through Bankruptcy and house in wifes name is being foreclosed on.  Bank got the judgement and now own? the house. (according to property tax record)  Going up for courthouse steps auction and Hudson Marshall is the marketer. (I bought an auction house through them last year).  

House in good condition/movein would sell for $265K or so.  They had a mortgage from 2010 for $250, their judgment was $465K

Wondering what the "upset" price may be on auction day? Next week.

Also.  So bank gets a judgement, they get the property back then put it on the courthouse steps.. Usually doesn't the bank just bid on it that day and take it back to unload later? How does that work?

I guess it got to be cash on day of auction as well.  I can likely do that, but man $175 is my tops.  House doesn't appear to need much and highly unlikely this family did anything bad to it.