All Forum Posts by: Account Closed

 Probably not, if it's related to Coronavirus. However, I've seen loans pulled at the last minute when the bank found out one of the borrowers had lost their job, or the couple went out and bought a household of furniture on credit before closing, things like that.

Your comment: "The sale date was in mid February. On 03/06/2020 my bid on the home was accepted by the bank."

If the sale has already occurred, there is no reinstatement. Is the REO Bank offering the financing? That would be very rare.

It is very confusing why they think you have to declare the home as your primary residence unless you are using a loan that requires it, something like FHA. But, I'm not aware that FHA allows financing for bidding on a home. They wold require an appraisal and inspection and 7 days is way too short of time for FHA. I've not done it that way.

If it is an FHA loan or a bank that requires you to make it your primary home, then yes, that would be a requirement or it is likely fraud.

On the other hand, if your financing doesn't require you to occupy the property, it would be an "arm's length transaction" since you are buying it from the bank, not from your friend, there are no restrictions on what you do with the property after you buy it.

Your friend has no say in the matter any longer. He is no longer the owner, since the auction has already happened. He can't have a valid reason to have you say you will be the occupant.

The reason the sheriff told him to contact their office before he removes anything is because he is actually trespassing now that he no longer owns the property. They don't want the new owner "defending" his property from a previous owner. Sometimes an altercation occurs and they want to avoid that.

Find something you are good at and do it to your heart's content. At 18 (I wish I had started at your age) I'd look for someone investing in properties and go to work for them. After a year or two you'll have a functioning idea of what part of real estate you want to be involved in. Just put "real estate" in Youtube and get an education.

Profit is determined by closing costs and commissions subtracted from ARV. ARV is imaginary anyway, a property is worth what a person will pay for it. But, ARV itself, is not affected by closing costs, profit is.

A loaf of bread costs $3.50 and is taxed at 8% does that then mean the loaf of bread is worth $3.22? Clearly not. It's circular thinking.

 I think you and your friend totally misunderstand the foreclosure process. They haven't lost the house until the foreclosure sale occurs. Just because the bank set a sale date doesn't mean they've lost the property. They, as owners, still can sell the property up until the sale, it's perfectly legal. A sale can also be postponed if the bank allows it.

Why they think you'd have to say you are going to live there is beyond me. Anybody who bids on properties at sale, winds up owning the property and can do with it as they please. The bank is well aware of how much the amount is they are potentially losing. They choose to go to sale as a business decision. You don't need to feel sorry for a bank, I can assure you. They don't feel sorry for your or your friend. That is your pastor's job not the bank's.

You want to have your friend:

1. call the bank and ask when the sale date is to occur

2. and while talking to them ask how much the reinstatement amount is.

I need that information and the state the property is in to let you know the options.

If we look at last year's deaths

and compare what we now have 

"The announcement raises the U.S. death toll from the coronavirus strain
to at least 16, including 13 in the state of Washington and one in
California, with at least 253 confirmed cases across the country."

I'm not ready to dive into my bolt hole just yet.

@Jack B. Relax.
I was affirming his idea. He's obviously new and needs it spelled out. He didn't ask if it was a good idea, or if it was fair or if it will rain tomorrow. He asked an honest question and you went ballistic. No need for that here. People should feel welcome to ask their questions without your hostile answers. 

 You can set it up so that your partner puts up the cash, you put up the work, and you both split the profits 50/50.

 Just bring your can of Lysol along. ;-)

I had a 1,532 sq ft single story rewired and it was about $15,000 as I recall. The fastest way to rewire includes punching holes in some of the walls in order to get the wires where they need to be. Also, depending on when the panel was installed it may need to be upgraded so that it accepts AFCI which is now required in all bedrooms and smoke alarms as well per NEC2017.

But, I got wildly different quotes when I set it out to bid. Getting an electrician to show up is the important thing and lowest bids don't always show up in a timely fashion.

 Here is alink to play with the numbers:
https://homeguide.com/costs/co...