All Forum Posts by: Brett Goldsmith

In an ideal world, you don't want to close with them in there as it is an increased risk. When does the approval letter expire on the short sale and Is it possible to push closing out two weeks? Extensions to close are never guaranteed, but if there is no sale date and if there has not been any extensions granted before, there is a chance one can be granted with the bank.

I'm not sure of the legalities of taking a security deposit in this situation as there is no lease. A security deposit would be nice though as it'd increase the chances of them moving out. I'd be more concerned about them moving out then "damaging the place". 

You are technically allowing them "adequate time to move out". It's a good gesture that they are willing to pay. Many sellers wouldn't offer that in these situations and they'd tell you to let them stay there or they'd tie up closing.

@Alice Ham Welcome and great stuff! Short term rentals in luxury buildings is an interesting strategy.

Hey BP!

I'm in the process of buying a 1st DOT on a property that has fire damage. The property is riddled with multiple liens and has 75,000 in back due property taxes. It also has some government tax liens ( IRS ) in subordinate position with no equity. In its current condition only the 1st lien is in a position to recoup funds via foreclosure. The goal is to purchase the note, foreclose on the home, pay the back due property taxes, and remodel the property.

When one forecloses on a home with government tax liens, do they have recourse against the owner to try to recoup their debt up for a window of time? It appears that when I foreclose I may need to apply for a discharge of lien with the IRS. If anyone can confirm this is the necessary course of action I'd appreciate it! I have been involved in releasing government liens on many occasions to complete sales but this scenario is outside of my wheel house.

For the experienced note investors out there, what do you wish you knew before you purchased your first note? What words of wisdom do you have to avoid potential pit falls when purchasing a note? Any feedback is appreciated and I'd love to speak to anyone!

Also, I have a note purchase agreement and would love to see if anyone had an agreement they'd be willing to share. I always am interested in reading as many contracts as possible.

What Charlie said, refinance is likely the main option to look into. If your dad wants to jump off title you can just do a quit claim deed, but he'd still be attached to the loan.

Most banks have buyers sign arms lengths affidavits and if their audit caught it they'd blacklist you from purchasing the home. 

You can try to buy it via short sale and if you have the cash, done the research, if it goes to foreclosure you can pursue it that route too.

@Majid Tahir tough call, the other option would be to liquidate it via short sale. Bleeding every month isn't good and you may have thrown a bunch of money down the drain by the time this gets even. If you can weather the storm and you think long term it's a good hold then weigh that out with liquidating it.

@Lukas Koube That's the teaser bid, extremely doubtful it will sell for that amount. This auction is for a foreclosure auction so it would need to be all cash.

Per public records it appears the sale date was last postponed on 8.18.2016. The NOD was for 93,787 and the NOTS is for 21,546. It appears these borrowers may have a bunch of equity without reviewing title further. Not sure what is going on behind the scenes on this one. These would be great homeowners to speak to.

I'm plugged into the short sale and foreclosure scene in LA. If you need a specialist in the loss mitigation and foreclosure realm of real estate, feel free to reach out. If you want to market to motivated sellers in foreclosure, I'm here to point you in that direction too!

@Lukas Koube At a foreclosure auction, you need to buy cash and a lot of due diligence is needed before making a BID. Online auctions many times auction short sales. If it's a short sale you would not need to pay off the whole balance and you would not be liable for that debt as in California the bank will waive it for the borrower if approved. Many online auction platforms charge a 5% premium to buyers and you may already know this. If you see some homes online that you want to bid on in CA, let me know.