All Forum Posts by: Account Closed

So I called this company about a week ago. First and foremost, they verified the source of the lead,  through a front desk type deal.  Then I was transferred over to a sales person. He guaranteed the returns over the phone, which is an absolute red flag for me. I even asked him if he just guaranteed the return, to which he said yes. He then said they were building new construction and high-end, I mentioned those of the first things to fall during a down economy. The response was all the Wall Street guys are getting in on it. If that was the case, they wouldn't need radio advertisement, right?

Here's my take. Regardless of what I hear, I'd never invest. 

Returns that are guaranteed always get paid on American Greed, until of course they don't and the whole thing comes crashing down and the victims lose their capitol. That's why even cautious people end up investing,  because they talk to other people that are getting good returns and they don't want to miss out.

If someone would like to correct me, and tell me how the return is guaranteed, I'd love to hear it. I guess my next question would be great, I guess my capital is not at risk either.... Which of course if the return is guaranteed, the capitol would have to be guaranteed too, right?

I'd love to hear the response, heck maybe they can put a good spin on it and sell some more people.

About a year in to the next down economy, it'll all come out in the wash. That's why I'll enjoy looking back at this post in the next downturn when this hits the news. 

I don't care if my opinion is blunt. If it walks like a duck, and quacks like a duck. It's a duck - period!

Incorrect. Texas in a non-judicial state. 

Every state is different. I do not have knowledge of that state to be fair.

Maybe someone will chime in that has more specific information on Minnesota, and can point you in the right direction.

Just know that rules and processes vary from state to state, you'll want to ensure you get the right info to make a sound decision. If you are willing to pay a title company to advise you, that would my first go to.

Since you are going to close before sale, you'll be getting title insurance. To keep you from getting all the way to the end and figuring out why you can't purchase it, and possibly causing a bad situation for family, it's probably best to start with a title company and pay them to walk you through the process. 

I see one key piece of information missing. What state are you in?
I saw you say sheriff sale in the first post, and something about the bank taking possession in the last post.
In Texas, those are two different things generally speaking. If you are in Texas, I will be glad to offer my personal opinion of the proper order in which to proceed. I'll really just need to know which type of sale it is. A sheriff sale or a trustee sale. 

If you buy before the sale in Texas, you will be responsible for at least:
- Mortgage & any Secondary Loans
- Any State and/or Federal Liens (yes, including child support)
- Judgements (can be shorted if multiple properties)
- Unpaid Property Taxes
- Any municipality liens

If it's a trustee sale, it'll be going to auction. Bring your cash!

What state are you in?
Are you talking about IRS auctions, Foreclosure Auctions on the courthouse steps, or Tax Deed/Lien Auctions. 

Jenny,

Welcome to Bigger Pockets! Foreclosure process varies in each state. If you would add your state to your profile it will be beneficial for you to receiving responses. I am in Texas, so the rules are very likely different here than in your state. 
What state are you in and maybe someone can help you?

@Daniel Hicks

Welcome to bigger pockets!

You're in the right place! The process for Foreclosure varys state to state. 
If you are in Texas, I can guide you a bit, then point you in the right direction.

If you are in another state, it would be best to add at least the state you are from to your profile. That way people can help you more! 

@Derek York
What state are you in?

@Jose L Medina & @Brian Lambert

What state and county are you in?