All Forum Posts by: Mark Enriquez

@Minna Reid Would you happen to know why this is forbidden in a short sale?
Thanks for you time.  

Is it an option to offer to purchase a distressed property from someone in pre-foreclosure, and letting them stay in the house to rent for a year then sell back to them? 

To Clarify:

• I'd buy the house from the occupant who is under foreclosure
• After the sale, I'd rent to the-would-have-been-foreclosed party for the period of a year (a year in general, could be longer) then give them an offer to purchase the home back?

**I wouldn't try to rob them blind on the resale. I'd of course sell back at a reasonable price. 

I'm not sure if there are laws against this type of transaction. I don't see how it would be terribly unlawful. I think lenders would have the biggest beef with it. 

I don't have anything like this in the works, but I would try it out if it were not unlawful or unethical. 

thanks,

mark

@Grant Rothenburger thanks. this site so far is amazing. full of resources. 

@James WiseHa. Yeah, it can be tedious and the stress level is high, but I love it. 

nice to meet you. I'll be checking out you're educational videos. Trying to soak up all the knowledge I can. 

Brilliant. 

I just looked up the REIA here. Looks good. I think a member of this site I've seen in the forums just did a seminar. I think. There is a flyer on the site. Looked familiar.

Thanks, Steve

Hello,

I’m a title examiner working in Cuyahoga county (Cleveland). I search land records all day, and have been doing so for years with most of my work in foreclosures. Over the years I kept seeing a lot houses going to default with tons of equity, most of the time because the owner had passed, or sadly, one of the owners passed leaving someone unable to keep up with the mortgages (I’m sensitive to that, and one day I’d like to be in position to help).

Anyways, I realized I could not pursue properties that I did title work on for a paying client. But I did eventually run my own search for houses going into default, a very large scale search throughout certain areas of Cuyahoga, and I ended up finding around two hundred pre-foreclosures. I sifted through them, comparing assessed values against the foreclosure prayer amount. I looked for houses which would bring about 150k or more in equity after the auction. I found about 40 properties that met the criteria and performed title searches on them. A lot of them turned out to be upside down with the mortgage, but a good amount of the results turned out to be in default for about 20% of what the property is worth. I looked closer, and while I think some of them will be able to avoid foreclosure, a few of them might see the auction. I’m watching the court dockets, checking once a week.

After finding these seemingly awesome deals, I set out to learn as much as I can about real estate investing, and through out my online searches, biggerpockets kept popping up. I read the forums and saw a lot of knowledgeable people contributing, friendly people.

I don’t think I will know enough about investing to make a move on any of the pre-foreclosures I located, but that’s all right. Cleveland is full of distressed properties, and I’d like to help people get to a safer place in their lives while at the same time making an awesome purchase. I’ll be prepared at some point, soon hopefully.

Nice to meet you all. 

mark