All Forum Posts by: Eric Foster

Jonathan Katz…

Any comments on my post above this one?

Yes, they do need to be willing to accept it… The reason they would not accept it is if they felt they could get money out of you… Or, if there were other liens they would need to foreclosure off to clear up the title…

And technically, you could just prepare a deed, record it, and mail it to them…

It does not take the person that is receiving the deed to sign anything in order for title to be transferred…

Hummm… Interesting, wonder how many times this has been done? You could play a little game of “who’s got the deed”, “You’re it”… No “You’re it” with the lender…

I would guess when they went to file for foreclosure it would nullify it since they already held title… Im sure people have done this as stall tactic… I can’t imagine I just though of this…

I will have to check into this…

Home values and appreciation is up! What?... (Don’t tell anyone!) In my area, appreciation is up from last year!

I think it's funny to hear the "News" on the real estate market... Yes there are areas going down in value, but there are still many areas that have not changed, or that are still appreciating!

Boy do I love the negative news though! It gets everyone in such a panic and they feel like they need to lower their asking price, and consider seriously your low ball offer…

Real estate is like stock... You do not lose money unless you sell when it’s down! Also, like stock, you buy when it’s low, and sell when it’s high! Have we all forgotten about the “old school” creative real estate investing techniques?... The old "buy low sell high"...

Get in right in the first place, make money on the buy, make money when you hold, and make money when you sell… Ride it out... Personally I do not care if my house is worth $200.... As long as it brings $1200 a month in rent, who cares!

I know I know… It’s pretty easy to be optimistic when you are sitting in an appreciating area… But the point is this… You need to get in correctly, be prepared to make changes as you go along, have a plan “A”, and plan “B” and a plan “C”… Etc… Be flexible and be ready to change and adapt to the market changes…

I used to… But over the last 3 years or so too many people show up to bid… Not that I can’t handle the competition, but these people would show up and just pay stupid prices for the houses…

It just got to a point where the time chasing the houses and going to the sales just to watch them cancel or for someone to pay $20k more than I was willing to was just not worth the effort…

In the good ol days… I could show up and on a good day 0-3 people would be there to bid… Last I went, they were attracting crowds of 50 or more people…

In addition, with all the investors, foreclosure help services, realtors, loan officers, and attorneys marketing to people in foreclosure, many never make it to the steps…

I may go again soon just to see what it is like today… My guess is that not as many people go now as lender workouts and short sales have became so popular.

When I sell… Personally I would not sell other than cash at closing, or on a lease with an option to purchase…

I do not give away control, title, or equitable interest in a property until they are paying me off.

I don’t want one of my buyers getting liens or control of my property by not paying their bills and getting judgments, filing for bankruptcy, getting a divorce, getting sued etc…

I do lease with an option to buy ONLY!

When I buy… That is a different story…

Spencer,

Welcome… There seems to be a lot of title questions asked around here… I am sure you can be a valuable asset to the group!

There is also a new member introduction area… You may want to say “Hi” over there too.

Welcome aboard!

Where do you want to buy a house?
What are home prices like in that area?
How is your credit?

These are things that need to be looked into to see what can be done.

Yep you are right… Romex! With those U shaped nails holding the Romex to the 2x4’s within the walls… No conduit at all so it makes fixing and replacing the wires a nightmare…

This particular house got so badly trashed (the wiring and many other things) I just sold the house As-Is to another investor…

The house was about completely striped… The toilets, tubs, doors, fixtures, original wood trims, etc…

Hard to believe… These people must have spent 40 hours taking my house apart…

Well… Sorry to say, I don’t know that I will be the one to reassure you… Sounds like you were and still are a little unsure of what just happened!

How do you know you bought the senior lien? Are you again relying on the $100 title search?

I think the first thing you need to find out is what you just did here… What liens are what and what just went to foreclosure sale…

P.S. In the future, before you put $84k in cash out of the line… I would advise that you pay a bit extra and get your own title report from a local title company… Did you get and review a copy of the trustee’s title report?

I wish they had taken my copper pipes! That would have been easy to repair…

Instead they took every wire they could get their hands on… They even took out all the wall switches and plugs and clipped the wires back into the walls as far as they could reach… Stole every breaker, clipped all the wires in the breaker box down to nubs…

And you wont believe this… They scaled the power pole, and took the 50-foot main line that ran from the pole to my house!