All Forum Posts by: James W.

@Ron S.

ooh... 

yes... gotcha!

@Ron S.

occupied reo's are bad deals? some have seriously big margins. or is something wrong with financing them through a hardmoney lender?

@Jonathan Greene

i also just realized that most/ all occupied REO's are cash-only deals.

is it possible to obtain financing from a hard broker for occupied REO's?

@LaDonna Smith

thanks... what if the occupants are the owners? i take it that they can be asked to pay the fair market rent?

also... there's not much to know prior to purchase because the banks dont know or wont tell. these are as-is purchases with occupants.

Congratulations.

thats a great return given you financed.

are you really financially retired with 3 grands a month? what State is this in?

hello - 

i've bought 3 REO's so far but have shied away from occupieds.

some questions about occupied REO's -

1. i assume the title will be delivered free and clear because the bank owns it now?
2. can i ask the occupants to pay the rent? hows the rent decided?
3. can i serve notice to vacate if they dont pay? and have them evicted by law if it comes to it?

thank you.

@Mike Cumbie

got it.

i am considering taking the agent course. it seems to help when buying properties, and then listing them.

possible to then list my own property and be a passive listing agent - let the buyer's agent bring in buyers. this is because i have a day job 9 - 5 and i dont imagine doing things like open houses.

sounds like something possible?

Hi guys,

Can an agent become buyer's agent on property he's buying himself and get the buyer's commission?

hi - i am reading two contradictory thing when second place lender forecloses.

one is that second place has to pay the first mortgager first. this is the whole talk about senior liens, and basis of why second place will not foreclose if property is under water.

on the other hand, some say second can sell at auction "subject to" first mortgage. well in this case, second has clearly recovered their debt before paying the senior lien. this is contradictory to above.

this forms the basis of stories like first lender came foreclosing again after someone purchased the second foreclosure.

i see that in either case first lender gets paid. but in the latter case - first lender is now at  worse risk - because the original owner is now probably evicted - and is in a worse shape to pay up.

anyway, which one is true?

Sheriff sales are sold as is with all defects and liens attached - they are the worst case scenarios.

OP seems to be basing it on the opposite - which may hurt badly.

Its possible that the first lien is foreclosing and it will wipe out the secondaries - but you will see in reality - the purchaser has to pay months of hoa and outstanding bills.

Reason is that those have not turned into liens and public records yet - and so cannot be wiped off "automatically".

My two cents.