All Forum Posts by: James Bell

I wouldn't worry either. But I would worry a little about all of the bandit signs you have out. I was watching code enforcement taking down the information the other day. Some of these cities have harsh penalties about them.

Hubzu is a much more traditional RE site. They do have auctions, but once the auction is determined it has been my experience that I have go back to dealing with the listing agent, local title firms and it's much more familiar in it process to close. I believe Hubzu is operated by one of the big property management firms for a couple of the big banks. I'd rather do a Hubzu deal than an Auction.com deal. Auction.com deals, for me anyway, require much more due diligence just because they are so firm on their auction terms and you are dealing with out of area title and escrow firms.

Congratulations on your auction win. What you are describing is pretty much par for the course with auction.com. The last couple of houses I won didn't met reserve and like yours, Nationstar accepted the bid. Both were also on the 3rd go around on auction.com. There can be some good deals, but you have to be careful. Sounds like you dotted the i's and crossed the t's! Onward and upward!

I live in an area where there have been a number of meth labs. I routinely check each house I buy at inspection. I place the used test kit in the property folder for future use just in case of law suites etc. Do these kits really work? I don't really know. I have yet to find a positive test.

<RANT ON>In my main county of operation, between the health department and the treasure department, they hold the meth houses hostage.......in a quasi legal limbo. I tried to buy one via property tax sale, but the Treasurer wouldn't put the place up for bid at the yearly sale. The bank wouldn't foreclose and the county just let it sit. I spent considerable time looking for the owner of record without any results. After 7 years of this POS sitting on the street, boarded up, looking like hell, just about every house on that block went in to foreclosure. In the end, the bank and the county somehow conveyed title to the County Housing Authority. It sat for another year, then they came in and tore the entire house down, including the foundation. They are now putting a sad looking modular on the site. It is better than what was there, but the entire situation could have been taken care of by private parties, using private money if they had just let the house go to sale the way the law was written. This situation still burns me up...... my government at work, and I have one of the better county governments in Colorado! <RANT OFF>

How do I put this gently. I'm armed from the 1st of the month until about the 10th when the final CASH payment rolls in. I doubt any of my tenants have a computer, let alone a bank account to transfer funds via one of these services. They all seem to have a smart phone. I do have a new tenant who actually has a bank account and mails his check to me promptly on the 1st of the month. He is a rare bird in my world. Meeting up with my tenants gives me the opportunity to look at each property every month and assess what is going on. The low end is a different world.

J Scott, I'm very curious what your final square foot building cost was for the project if you don't mind sharing.

Jingle

If the REO is using Service Link, take a very good look at the title commitment. Check the endorsements and exclusions very carefully. Most of the title policies they are writing in Colorado are crap. Just a general warning about what I've been seeing lately.

Mark, If you feel your information is ROCK solid, when all is said in done, you can always go to the real estate commission which also covers appraisers and file a complaint against him. They most likely will do nothing though, as they are gutless in all matters except the extreme. At least he will have to take the time and answer the complaint, the courteous he didn't give you. I filed my one and only complaint against a very well known Greeley broker for his shoddy work a few years ago. He hates me now, but he also knows not to "f" with me and each deal has been very professional since I did it. Sometimes you do what you have to do. Or you could just start over and get a different appraiser...... which is what I'd do.

Final post on this property. The Structure is good, the house is in good shape though a bit dirty from the single male tennant who has signed a new lease. Looking at 22% ROI on this place. Looks like a winner!

Another update. The deal has closed. Still haven't been in the house as of yet. Probably later this week. I will update when I figure out the real condition of the place.

Interesting to see Auction.com keeping a tab on their business.