All Forum Posts by: Greg H.

Quote from @Randall Alan:

@Yolanda Martinez

There are essentially 2 types of auction sites... those that have the original listings... and those that copy the original listings.  Almost every county in America has an auction process they utilize for foreclosures.  In Florida... and probably much wider... "realforeclose.com" is a big one... but they will put the county name in the title as well... so for Orlando, it is https://myorangeclerk.realforeclose.com/index.cfm  

Orange County is where Orlando is located. 

If you google your county name, plus "foreclosures" you will likely pull pretty close to the real site for that county.  It will take some sleuthing to make sure you have the right one... but almost always at a county level there will be a government agency listing how the foreclosure process works for the county.  From there you would register and follow the bidding process.  Many (at least in Florida) are cash-only affairs... meaning you have to deposit real money into a bidding account (enough to cover 5% of your bid)... and then the balance of the auction if you win it is due THE NEXT DAY by 12pm in certified funds at the county court house.  If you don't show up, you just forfeited your 5% deposit.  Not all places are like that though.  I've heard some give you a standard 30 days to be able to close.  It just depends on where you live.

Hope it helps!

Randy

 You brushed some broad strokes there. For instance, I am Most knowledgeable with Texas where my best guess is less than a handful of the 256 Counties have online foreclosure auctions. Additionally, payment is expected immediately after the auction concludes.
Additionally, there are also Judicial states which require an action before a judge

Also it is not clear whether he is referring to an actual foreclosure auction or a post foreclosure auction which are handled in a multitude of different ways 

The law has not changed. However, title companies have decided the risk is too great and will not Issue Title Insurance until the 2 year mark. 

Personally, I would never do a deal close to 85% as I imagine none of the experienced flippers here would.  85% leave you zero margin for error in price, renovations or carrying costs.  My guess is a flipper without much experience will lose money more than 50% of the time in the current market with that philosophy

I have gone the opposite way in 2023 as I am much more conservative then I have been in the last 5-6 years

Quote from @Caleb Brown:

I'd try cash for keys. If that doesn't work then eviction. If the deal is as great as you describe it still seems worth moving forward. I would hire someone to handle the eviction after closing though, it can get messy. House hacks are rare so keep pushing to find. 

What exactly would they evict for? Based on the information provided the tenant is paying. Being slow to answer is definitely not grounds 

@Blake Cox

Sounds like you are too far down the road to ask the seller to provide the unit vacant at closing.  I would have a sit down with the tenant and see where they are at. Face to face communication usually leads to better relationships with tenants.  Before I would go with a large increase, I would consider an incremental one as a landlord should factor in lost rent and renovation needed that occurrs when there is a vacancy 

@Tom Gimer

Tom might have some thoughts as to how to proceed here as he owns a Title Company 

Quote from @Viral Patel:

Quote from @JD Martin:

Quote from @Viral Patel:

Hi,

Our tenant left the house, her lease ended on 31 August. She has not paid the rent for August and not going to pay since she said no money to pay.  The problem is that the tenant children (age 30 and above - which were not on the lease) are staying there and doesn't want to leave the house. They are illegally occupying the property. What are my options?

Thanks for suggestion and input

 What does your lease say? It sounds like the property has been abandoned since the lease is not yet up, but she didn't pay for August and doesn't live there any more. You should be filing in court to recover the property based on abandonment.

 I was reading about this in my lease, please see the screenshot. I will take look at  property based on abandonment in court, is it same as eviction or simpler. 

Declaring a property abandoned in Texas does not require a court. However as I described in my post above this would not meet the criteria as it is occupied with utilities on.  Who is actually there is immaterial in this discussion 

Unfortunately, they are not trespassing as they had permission from the tenant to be there. Even if she revoked that permission, the only option is eviction.  The property cannot be considered abandoned either as it is occupied.  Additionally, abandonment criteria usually involves utilities being off which I would be almost certain are on and still in the tenant’s name. DONT waste time analyzing this.  Begin the eviction process ASAP 

The eviction should be filed against the tenant(as she is still responsible) and all other occupants. Hopefully the 3 day notice of termination and/or the subsequent service by the Constable will get them moving before the hearing 

Reality is liability/umbrella policy is sufficient. Personally, I have several LLCs and some thru a trust that is managed by an LLC as I prefer to remain as anonymous as possible as I don't like people to be able to easily find out what I own

It is a violation of the terms agreed to by the lender and the borrower as it violates the due on sale clause in the note/mortgage.  The remedy for the lender at their discretion is to call the note due and subsequently foreclose.  This is a civil violation not criminal

 The buyer is not subject to any of the rules or regulations of TREC nor is it a violation to ask a tenant any questions. Obviously it is up to the buyer whether or not to answer them.  What would you be protecting your tenant from as moving forward the buyer and the tenant will have a landlord-tenant relationship post closing?