All Forum Posts by: Lubasha White

Please anyone with experience of buying foreclosures could you help with advice in this situation?

I bought SFH in March at foreclosure auction and got certificate of title on this property. Several days ago I started to receive offers from attorneys to defend it from foreclosure. Checked in public records and indeed, found that in April someone filed Lis Pendens against of my property. From further research I figured out this record refers to mortgage done in 1993 by lender different from one that foreclosed on this house. However, that lender is not in the picture of threatening me to foreclose on my property but successor (?) who just bought the paper from him.

My question is: does second mortgage wiped out by first in foreclosure auction sale, or it has ground in court for whatever reason?

..."to everyone involved". I thought I fixed the typo but editor did not care? 

Thanks so much for sharing! Very inspiring and exciting! When I finish my much smaller scale rehabs I am kidding, here is my million dollar house! Now I have a chance to see how real million dollar houses rising up from obscurity and I appreciate that. Thumbs up to everyone envolved!  

I would get my numbers first and then see what left.

That's why I sold my only rental and have no intention to get back in landlording business. To encourage deadbeats and actually criminals is just more then I can stand.

Seems that it was not a good buy for the landlord. Even if the house is livable and tenant used to live in it before it changed hands, technically new owner is still responsible for conditions of the property. By any rule landlord is in charge in this situation and try to work it out with tenant on personal level nicely would be best for landlord. Since section 8 required tenant to move out, in order to keep her benefits she will have to comply. Just give her a chance to go on with her life without major loss for her side.

And yes, landlord is lucky that section 8 shielded him from tenant eviction process.   

I used to have properties occupied after purchase few times and every time I was the one who is solution maker. Title companies failed, I did their job and found all keys, attorneys played money game, I found an honest one and gave him the vision of clear way out, so there were 2 months of learning ropes from my side but then occupant get kicked out quite in a few days after second hearing. The matter is in details, they might help to build the whole conception of case comfortable for legal system. Cloud on title is a really scary thing, I was lucky court records could help me to beat title company once, but I don't know what I could do with squatters that kind of class like in your story. Anyway I would try to do investigation personally in court rooms and give attorney ready plan to work with. If it make sense, attorney will be happy just to go and say judge hello for reasonable fee. The worse part that case is getting too big and the material to investigate is snowballing now. Something is telling me that there were errors in every step before and that might make the case simply endless. Probably getting a deal with those dead bits is your only option, I know it sounds crazy, but this is the reality of legal system we are dealing with today.

Wish you very best of luck in your next court day, and I really wish you prove me wrong. That would inspire loyal people of all kind and we should thank you for sharing so hard earned experience.

Good for investors that work in low income areas. The more people fear of black neighborhoods, the better they profit.

I am in the same position. House was a wreck, now it is best looking house in neighborhood but it is not selling since August. The rule of thumb that I know the property should be priced right. I always were selling slightly below market value and normally had offer within one or two weeks. I had walks away few times, once I was going through three contracts before property was finally sold in couple months. Current sale is abnormal because I decided to try the market and started with 150k when I should not go over 120k. After 3 months on MLS I took it off and planning to have it back on sale by spring time. The lesson learned that buyer is always right and wrongful pricing will shoot you in your feet. By my REA advise I was dropping price 2 months in a row and when finally got public interest I found myself in loss. I don't have a magic idea for you on best selling strategy, just share my experience to expand yours. All I know in general, if you are in investing business, your house should be under contract within couple weeks, otherwise we count bitter losses.

I have fixed house that did not sell for price I expected. I took it off the market and looking for short term tenant or rent to own with high down payment and goal to sell it eventually by the spring time. Just met prospective tenant that asking 6 months lease, makes 5k monthly but no sufficient credit due to divorce he is going through right now. He has couple kids that will live with him. Could anyone help with hint how to set up agreement in that case and where can I find the sample of this kind of agreement?

Any help would be so appreciated!