All Forum Posts by: Account Closed

Ok, the deal I'm researching is up for sheriff's auction next week and I'd like a little input on what you guys think of this deal. Foreclosure notice lists the judgement for $93,293.93. Tax assessment is $166,600. House sold in 2000 for $135,500. 2 yrs back taxes of $7,800 and delinquent water/sewer bill of $350 still owed. House needs very little in the way of repairs but I was estimating $10,000 just because I'd want to update the main bath and possibly the master bath. Kitchen has already been updated. Other homes in the neighborhood range from $144,000 on up into the $200,000's. My thought is I could sell the home for around $155,000 or so. The only possible issues I see are at one time the back basement wall had caved in but that has been repaired and the other is that there is some sort of radon unit coming out of the basement. There will be some other costs such as interest, current taxes, other holding costs, etc. What are your thoughts on this?

Has anyone had any experience with radon in a home? The house I'm looking at in foreclosure up for sheriff's auction next week has one of those gadgets coming out of the basement with some kind of fan/blower. I'm not sure if this is something that has to stay on the house or if that can be removed. I don't know much about radon and what is really required, if anything, for it. Anyone have any suggestions?

More good news, no federal/IRS tax liens. I know there are 2 yrs back taxes and a delinquent water/sewer bill for about $300. I've even searched the online court records and came up with the same liens/judgements listed in the foreclosure but I noticed over the years there were several foreclosures started but then dismissed. So they must have come up with a deal to stop the foreclosure at that time but there is one foreclosure by a different bank in 2007 that actually was foreclosed on but I don't know if that was for this particular property or not as I can only search by the owners name. I guess I need to go back to the register of deeds and search for that one and see if that was for this property or a different property. The bank that is foreclosing now has had the mortgage since 2002 so it doesn't seem like the 2007 foreclosure would be for this house. The auction is next week and I'm getting the info I need to proceed but still have a fear of going into this and then finding out I missed something.

Good news. I talked to a couple attorneys and both were kind of vague in their answer as they wanted to do a title search for me so I called a couple title companies who both told me the same thing. If all lien holders are named in the foreclosure and properly notified, those liens will be wiped out with the sheriff's sale.

That's what I'm trying to do but not sure where to go to find that information. I've talked to a couple real estate attorney's but they will only give me a vague answer and want me to hire them to do more work. I've been searching online but have yet to find what I'm looking for. Where is a good place to start looking for those lien priority rules in Wisconsin?

Having never done this before I'm looking for some input on what you guys think about a deal like this. I have a person who is willing to invest in my first real estate deal who is also a family member. We haven't settled on definitive terms yet, but this is what he is proposing. He would fund 90% of the purchase price at 10% interest and 10% of the profits when the property is sold, hopefully in less than 6 months. I would put down 10% and pay for all renovations. He wants to be listed as the additional loss payee on the insurance, which I don't I have a problem with as banks require that too. There is also another partner in on this who will be doing the majority of the work but doesn't have any funding in it. Does this sound like a fair deal for all of us? We have yet to determine how the profit will be split between me and the other partner but I just want an opinion on the financing part of it.

I'm researching a foreclosure coming up for sheriff's auction next week and discovered there are several judgement liens on this property and a second mortgage. The primary mortgage holder is foreclosing. My question is do these liens stay with the property after the auction? They were all notified of the foreclosure according to the foreclosure records at the courthouse. There is also a second mortgage on the property. Does that one stay with it too? I want to make sure I know exactly what I'm getting with this house. Thanks for your help!!

I'm just starting out in this in the Green Bay, WI area. I've been interested in doing this for a long time and many years ago done a deal in which I lived in it while fixing it up and then reselling it. Lately I've been researching deals and I've come across what seems like a very good profit potential and can come up with a downpayment but being that it's a Sheriff's sale the remaining funds are needed within 10 days. The banks are telling me that's not enough time for them to get through the process. Anyone have any ideas on how to come up with the remaining balance in such a short time? I really hate to let this one slip due to the little work it needs for a great price. Kathy