All Forum Posts by: Marty Boardman

 You'll need to find a local hard money lender to fund deals at the courthouse steps. The "big" institutional lenders won't underwrite a loan on a house that quickly. You would have to pay cash and refi out 2-3 weeks after the sale.

 In North Carolina you're search for the notice of foreclosure sale. Here's a free online source for those notices:

https://www.ncnotices.com/Sear...

Good luck Aaron!

Everything is negotiable. But as Chris pointed out, you MUST hold back some of the funds in order to motivate the seller to finally move out.

I've given sellers several months to move out because they needed the time (and I was getting a killer deal even with the extra holding costs).

Deducting a daily amount for each day is a fair approach. If you really want keep them on a short leash you could do a lump sum after their move-out date has passed.

Good luck Kimberlyn!

Here's a free site for searching for notice of trustee's sales in Washington State:

https://www.wapublicnotices.co...

I agree with Josh, don't trust 3rd party services. Go directly to the source (the county) for this information.

Good luck!

Tennessee is a non-judicial state and the foreclosure proceeding is called a notice of trustee's sale.

Here's a link where you can find filings for the entire state (for free):

https://www.tnpublicnotice.com...

Good luck Bob!

I've bought hundreds of houses at trustee's sales (Arizona) and at sheriff's sales (Wisconsin). The single most important thing you MUST do is get a title report prior to the auction (sometimes referred to as a preliminary title report, letter report or owner report).

The title report will reveal what lien position the foreclosing lender is in, as well as if there are any other "skeletons" in the closet of the home (i.e. federal or state tax liens). It will also tell you if there are any unpaid property taxes (yes you will have to pay those if you're the winning bidder).

I guess I've been fortunate over the years, but none of the houses I've bought have had any meth contamination. Most of the time the homeowner is simply down on their luck from a job loss, divorce or medical issues and can't afford to pay the mortgage. Good luck Austin!

By partner do you mean some kind of profit sharing with the contractor? Because that's a mistake. Don't ever offer profit sharing to contractors unless they're willing to put their own money into the deal (and be willing to share in the loss if the deal goes sideways).

And as Scott has pointed out, don't call contractors unless you have a deal. They won't want to bid on your hypothetical house. Good luck!

Lead generation/deal sourcing is a full-time, stand alone business. It requires a completely different set of skills from rehabbing houses. That's why you see most wholesalers doing 100% wholesaling.

As Brett and Mindy have suggested, stick to buying from wholesalers/MLS to start out. Keep as many lines in the water as possible. Good luck!

Good question. My answer is...

I don't know. But I don't think the first mortgage holder would get that money.

The winning bidder (and new owner) would have to payoff the entire first mortgage. Those surplus funds (sometimes called excess proceeds) would likely go to the former owner of the property (unless there are other creditors in 3rd lien, and so on, positions).

As Wayne has pointed out, you didn't purchase the HOA lien. You paid it off and now own the property with the first mortgage still in place.

This lender will expect to be paid in full to release it. They will not negotiate because there's no incentive to do so.

You mentioned that there's 100K in equity. If the 1st mortgage balance is 287K is the property valued at 387K? How much did you bid to win it at auction?