All Forum Posts by: Mark Fedorov

As long as the bank gets the money out that they put in it (with a little interest) I am not sure how much shareholder outrage there will be. 

You are always rolling the dice when you sell real estate, so the bank had a list price, and decided to save 5% by not putting it on MLS and selling now privately vs what, paying commission, listing on MLS and potentially having to wait another few months to get the cash, hoping to get an bid 6% over listing price?  

FNB, they are near you.

If people are living there before you go much further, find out what the laws in your state are about evicting people after a foreclosure. .. and when I say look into it... call a lawyer. IF the bank foreclosed, and can sell it to you, but there are people still there, you have a tough multi-month road ahead of you or you have to fill out a form in the sheriff's office... depending on your local laws... that is why it is well under comps (probably)

Banks make decisions by committee, and the realtor is not talking to the committee, if they say they will not sell for 6 months under list price, that is it. I would suggest that you put the scope of repairs in a letter and hope to send it up the chain so the next time they take a look at this, they know they are out of the market.

Two points; 1) banks work on a quarterly basis, so the next time the bank will feel any "rush" to sell is late March when they can put it on the books as a Q1 deal. When you make your offer remove all the contingencies you can. 2) if you are using the listing agent as your duel agent, I hope the agent is giving you a discount of some sort.

First of all, yes that is possible, second of all it does not matter. It is quite possible that the bank has a deed signed over from the previous owners and they have not sent it in to the county yet. If the bank is selling it, find out what realtor that they use, and get on his/her mailing list. Also "coming up for foreclosure" is different from "the bank is selling", foreclosure is a legal process an usually includes an auction, where you could (theoretically) out bid the bank and they would never own it. If it is truly "up for foreclosure", you should contact the county sherrif (or whomever does the local foreclosure auctions) and see if this property is going up soon.

What you should keep in mind is that you should get title insurance. On a flip I did last year, the bank's closing agent told me that they title would be sent to me after they mailed it into the county, however they screwed that up, and after my flip, I found out the house was still in the OLD owners name.. the bank never sent in ANY of the paperwork... it took me some time and yelling to fix, but it was covered by the title insurance and did not effect my sale, but it was a headache that I did not need.

The other thought (though conspiracy theories have their merit) is that the 170 bid knows more (or thinks they do) about the property then you do, perhaps a neighbor or relative, and thinks they can make money at 170....

The bank already hired the Re Agent, they are not going to go around the agent and the fees. Not only does the bank not have the people to show it to you, but there is no financial gain to talk to the bank about the house.

Two things going on here...

1) I always thought (and was told by lawyers) that you inherent the tenant;s lease when you buy a building.

2) Putting rent in an escrow is not paying rent to you.

You should (or have a lawyer) read the existing lease. find a way that she broke it or that you can get out of it (actually not paying rent might be the thing) and make that lease void, by her actions or yours. THEN.. she will be a month to month tenant, and then you can say.. sign the new lease or move out in 30 days (BTW: late fees on day 2 is harsh)

If you want to end this "nice-nice" you should just make an addendum to the existing lease.. it probably has a notice to quit clause, and just put what you are adding.

Yep, they can't. You really don't know what the situation is with BOA's paperwork also, they may be not auctioning it off or listing it because they do not have their ducks in a row. Perhaps there was an estate involved or other liens which need to be sorted out, or they are missing a signature from their many, may levels of bureaucracy that they need signatures from. They are going to go at their own pace, and though we all know that every day that property goes vacant more and more problems could happen, they are not going to speed up their pace for you.... sorry.

There was a 2 br house, next to mine that was vacant, I talked to the tax guy, talked to the bank, I talked to the guy who was cutting the grass once a week, they all said they would send my name up the list... nothing happened. I hired a lawyer to "pound through" the BS.. he found out that it was owned by a woman who had a mortgage, she died in 2009 (or so), but in 2003 she changed the title of the house to her and her friend... the bank should have stopped that but they did not. So the bank sold the mortgage and now the mortgage was unpaid since 2009, the new mortgage holder has to pay the taxes and the maintenance since it is under foreclosure, but the bank can never foreclose on it since the mortgage does not list BOTH homeowners. The "Friend" moved away, the only way to legally solve this is that if the friend pays off the mortgage, but she does not care and the house will sit in limbo until it gets condemned by the county.

My experience is that you can ask, and they will tell you to pay to turn it on, and it will have to be in your name.. I talked to an electrician who said they could hook up a generator to the panel, but he wanted way too much,