All Forum Posts by: Jon Johnson

What is the location in Panama City and the price? thanks

Can you send me the address? Thanks

Can you send an address?

$90 seems pretty cheap for an HOA. My biggest concern would be the other owners trying to squeeze you out i.e. if they have the control over the votes they could vote for some huge capital investment and force you to pay say a $40,000 assessment which you might not have the money for thus allowing them to purchase your unit at a low price since you may not be able to sell it or pay the assessment. Not saying that would happen but it could. I would talk to the 2 people and see what plans they have and what they want to happen in the community. If you can start collecting the dues and putting the HOA into good standing it could benefit everyone.

Thanks Tim Youse Unfortunately I have not been in the home. I went to speak to who I believe to be the tenant and she told me she was moving out and this was 2 weeks ago but this hasn't happened yet as of her text to me today. I close tomorrow and will file for an eviction next week is she has not moved out. The neighbors are nice on the side and rear and have told me it was remodeled about 1 year ago but that she probably doesn't keep it up well so I don't know the condition. She did yes tell me that the kitchen was in the basement. Thanks

Close to John Hopkins. Mostly owner occupied area. I am told you can possibly get some rehab grants for this area and also help selling after rehab with no money down from the non profit serving the area if you want to flip and sell. I am an out of town investor and selling with current tenant in place and doubtful I can get any rent out of it. She has not provided me with a lease so I am planning for filing an eviction but this is the sales price before I do anything at all. Neighbors told me it was rehabbed not long ago but I don't know the current inside condition. Also willing to partner with someone for split of profits on a flip or rental. Thanks.

Yep every state is different. I would imagine your best bet is to become friends with a title company to get their take on how it goes down there. Sounds like if you buy there just make sure not to do any improvements for 75 days. 

@Gregory Flores, Jr., in my experience the title reports have been accurate. And in my opinion and experience even if that debt was sold it wouldn't matter for you if you are buying at the auction...as long as they are foreclosing on the 1st mortgage you should ok since you are more or less buying that mortgage as foreclosure. I'm not an attorney so I could always be wrong but in the many deals I've done, I have never had any issue with this except one about 10 years ago and Auction.com caught it and refunded my earnest money. That one was a bit different as it wasn't a trustee sale but an online sale where the bank had already purchased it back at the trustee sale then was selling it. The bank held it for awhile and didn't pay the taxes so it was later sold at a tax sale and that was the issue. So goes back to if you buy at trustee sale always check the taxes before and after and get them current if you do buy it.

Also in just my experience I have never been able to speak to anyone, servicer or bank, without the help of the home owner. The home owner has all rights until its sold and foreclosed. Now if this property is on Auction.com as an online sale then the bank already has title to it and you might be able to somehow work with the bank or servicer although I have never had any luck. Usually they just listed a few times as online sale and then market later with a real estate agent if not sold. 

Yes Jay is absolutely correct that many people with properties in foreclosure will have judgements and liens that will all need to be searched if you pursue further. Jay I have had 2 bank statements on deals I tired to work, one showing balance of $61,xxx and another at $99,xxx and after getting payoffs from BOA on the phone those went to $96,xxx and $174,xxx respectively on 2 separate deals. Turns out some of the banks don't put all their additional fees and interest rates and things on the statement they mail to the property owners. Yet the one that was $61,xxx the bank only bid to $50,xxx at the trustee sale even though BOA wouldn't negotiate at all off the $96,xxx number they gave as payoff before so I always feel it's just a gamble as to if you can make a deal with owner or not. Always worth a try.

@Gregory Flores, Jr.

Yes have them contact the bank while you are there. You may not get another chance so build a friendship for a few minutes and if it looks like they are willing to accept help then find out if they will call on speaker phone while there and request payoff. The bank won't talk to you without their info and speaking to them so you will need their help to get this going. After that you can find out if it will be worth your time to pursue it further.