All Forum Posts by: Elio L.

Also try finding the seller on social media

Use a people finder site like peoplefinders.com or beenverified. If that doesn't do it, have someone with an accurint or microbilt account look them up

In South FL, 90% of the the foreclosure auctions end up going back to the bank as REOs. Is the homeowner underwater?

So the seller would rather let the house go to auction and have a foreclosure on their credit than sell it to you?

Last week, a sellers attorney tried to have me sign documents that would have barred us from suing for specific performance if seller got cold feet and backed out. This was on a MILLION dollar property that we costed us a pretty penny to do our due dilligence on. That wasn't going to fly with us. Being that they had no other offers on the table, they went ahead and signed the contract without the proposed addendum. 

Two weeks ago, I put another house under contract. Seller's attorney wouldn't allow us to take photos for our contractor during our initial walk through because we were buying it "as is", and photos would allow us to walk if condition of the property changed prior to closing. I chuckled, because there's no way I'm closing on this thing if the condition changes substantially between now and the settlement date without a repair credit to offset it. 

Working with a Seller's attorney is always a hit or miss situation. Sometimes things are smooth, but I some of them create a bunch of hooplah in order to pretend to earn their keep.

Your question is a bit hard to follow. ts not technically a price reduction. It's reflected on the HUD and reduces the amount due from the buyer but not the purchase price of the property. We ask for repair credits during our due diligence period as needed.

When I meet with a seller who is being foreclosed on, there's normally a huge stack of mail from other investors, agents, and attorneys who are soliciting their business. I think that this is actually one of the most competitive niches to work. 

Yes we're still working these leads. I wouldn't say that it's an untapped market, but I do agree that it can be very lucrative. 

I do, and I make sure to include verbiage that allows me to back out the deal if something comes up during the title/lien search that we didn't forsee. 

I just add an addendum to the contract stating that the seller will net a certain amount. That way, an accurate sales price is reflected on the HUD statement and county records.

Our probate attorney only charges us court costs up front (about $500). She gets paid in full on the back end, once the property is sold. That substantially reduces our risk. 

If the liens are substantial, FNMA isnt going to pay it. 

Look into having the township agree to a stipulation agreement prior to closing. They'd agree to reduce the lien to a discounted amount so long as you remove or legalize the illegal addition within a certain timeframe of closing in it.