All Forum Posts by: Katharine Chartrand

Various web sources say there is a 3 day notice required in the case of a new owner taking over a foreclosure.

Oddly, my lawyer disagrees that it is legally required in this case. Its not uncommon, in my experience for legal advice on the web to be incorrect.

I have a really good lawyer. If it mattered I would still get second opinion.

However, the point is moot because everyone agrees there is no reason on gods green earth not to give someone 3 days notice of eviction.

What I have learned since I first reported is that I don't get the deed as quickly as I expected. The NM process in this case follows Tom V.'s experience in California. Here's the process in NM per the Special Master Herself.

The Sale is not complete until the Judge confirms or approves the Sale. I will be submitting a Special Master’s Report of Sale to the Court and the Plaintiff’s attorney will submit an Order Approving Sale to the Judge for his review, approval and signature. Once that Order is signed and filed, I can release the Special Master’s Deed to you.

It’s hard to tell how long that takes. The process to get the documents to Court should be within the next week, but getting the Judge to sign the order may take a little longer. I would say within a month at the very latest.

I am curious if anyone having experience with this process getting derailed. What can go wrong here?

Thank you all. I have a good attorney who thinks the eviction in NM is no big deal.

I should have the deed by Friday, at which point I just hand it to a sheriff, sheriff locks her out. He does not feel notice is required in this situation in NM.

But I am going to double check on all the issues raised in this chain. Lawyers are great, but you do have to ask them the right questions. Thats where BiggerPockets serves me well.

NM has a 9 month redemption period, but it can be overridden by the mortgage and all mortgages reduce the redemption period to 1 month. One month is not a huge risk, but I'd like to get control of the property ASAP and get started.

So those are the legalities in NM. Get the Deed, Evict, House is Mine in 30 Days.

But I prefer to at least try to work with people. Cash for keys seems both strategic and reasonable.

I just bought my first house at a foreclosure auction today after 3 attempts on other properties. I've been flipping REOs so far. The auctioneer was inexperienced, lost (could not find the correct legal location of the auction, I had to call her on her cell), could not pronounce "situated", read the entire legal description down to the manhole cover on the SE corner of the property and was personable and pleasant. Weirdest way to buy a house ever.

The owner is living in the house. I tried to contact her a few times before the sale to try to implement one of the pre-foreclosure strategies. Hand written notes. I did not have the nerve to knock on the door. She never responded.

Now I own the house and she is in it.

Can someone outline the key elements of a keys for cash agreement in a foreclosure situation. I imagine they have to agree to

• Leave by a certain date.
• Give up their right of redemption
• Agree than anything they left behind was abandoned and can be discarded or given away.
• Hold me harmless for anything that happens to them while they remain in the house.

Have i got it covered. Anything missing? Any agreements out there I should look at?

Any other approaches or advice to consider. It was my fourth auction, but the first time I actually came home with a property.

I have barking dogs on both sides of my current property. Of the 3 dogs, biscuits worked with two. The third dog is white and small and really agressive.

Privacy fence went up today. I'll be interested in seeing if the little white one feels less threatened.

>KNC<

A quit claim deed means that she is only selling you her rights to the property. If there are any liens on the property then you get those with the property.

Tax lien sales and how they effect existing liens varies from state to state. But people who don't pay their taxes do accumulate other liens. There were probably other liens. Only a title search by a professional will tell you what liens you also get with the property.

I buy property with other liens all the time. The issue is what it will take to clear the liens and get insurable title, and whether its worth it. Only a good title company can tell you. One familiar tax liens and distressed property. Do not close until you have a title BINDER, which means the title company has committed to sell you insurance on the property.

Honestly, this one looks a little complicated. I surround myself with experience local experts with a range of specific relevant expertise. On this one, I would be consulting my lawyer, my title company, my contractor and a realtor with a huge amount of experience with distressed properties and the specific market you are in.

And I don't wholesale. By the time you do all the stuff I would do on this deal to mitigate risk, you've spent significant money, which is not part of the wholesaling lifestyle. I don't know that wholesalers invest in title insurance, for example.

>KNC<

cool house

I don't know the margins, but luxury homes are high risk as investments and often the REO price does not reflect that. They do have high carrying costs, they do have a limited market.

They tie up a lot of cash. They limit how much you are diversified, thereby increasing the overall risk of our portfolio.

They generally support low rents relative to their cost as compared with houses closer to the median, so if you do have to carry them it doesn't cover your costs.

I need to see a pretty high margin before I look seriously at a luxury home.

From your description its not there. But i don't know the market in Denver.

The bank is eating 34K because their realtor has advised them that the market value is less than the amount owed on the mortgage (the unpaid balance)

In New Mexico, we have our own unique way of settling tax liens. NM sells tax deeds. NM has NO redemption period, but the owner has two years to challenge the sale in court.

Is it common for people to challenge tax deed sales in court. What is typically the basis for challenges. What do I look for in the documentation to avoid a challenge to the tax deed sale?

>KNC<

Do you folks who do subject to routinely get a title search and title insurance for these types of sales?

>KNC<