All Forum Posts by: Markeilsha R.

I just went to actually see a home I found online and got under contract in order to get pictures for marketing at the request of a potential buyer. When I arrive I see that the home had been condemned and upon speaking with two neighbors I found out the the owners are all dead and the home has been vacant for 20yrs. The roof had caves in and there "may" be asbestos issue. I planned to wholesale this, but now I can't, in good conscious pass this issue on to another buyer. The only two good things I can see is that the home actually occupies two lots, and it's in a good neighborhood. I guess I need good advice on what I can actually do. Is it possible to try to sale this for the price of the land, to a land developer? What are the typical costs of demolishing a home w/ asbestos? HELP!!! PLEASE!!!

Hi! I was going to ask this question too. I am finally getting one done, but it is with a family member who already trusts me. I was wondering if it would be pertinent to give a sort of brochure to potential buyers--either in print or electronic form. Something I compile myself along with laws and popular websites that they can go explore on their own for comfort. My biggest worry is the time it may take to actually secure the deal. I suppose it could be used only if the want to sit and think on it, rather than sign right away. I also may post some feeds on my new website so people who visit can have a heads up. Those were my thoughts.

@Wayne Brooks I looked up the seller, they commonly do business with the local counties in New York (bulk purchases). They have some agreement to bid and buy properties for pennies on the dollar as a part of a community revitalization project.

The problem with my understanding is that they are offering a referees deed issued immediately upon close. Doesn't that mean that I'm purchasing a home that they as tax deed holder has foreclosed upon? If so, does that deed become issued with my title search so I can pass on a free and clear title?

That's gonna really suck if I just unwittingly purchased worthless "rights"... I'll lose $1200 in earnest money for backing out. :-(

Okay...I have definitely been on a strong learning curve these past few weeks, and I'm feeling just a tad overwhelmed.

Ok, I acquired two contracts on homes that are out of the area through a seller who usually does REO's and tax sale. Actually the we page I looked on was marked "REO properties for sale", so I assumed they were REO's and I'd have to do a double closing. Upon further review of the contract I read that it was in fact an assignment of bid. But I'm kind of confused about what that means exactly. What I think it means is that they acquired it through a tax deed sale (NY), and are now assigning that successful bid to a third party buyer for profit. Is this a sort of note sale? The contract says that I'll get a referee's deed.

Originally I was just going to close using a title company in my own area, but I decided to go with a law firm instead. I know that each property has between 2k-5k in taxes owed for this year, with no redemption from the past owner. The local law firm advised me to find a firm in the area of the property, which I did, but that was done his past Friday, so hopefully I'll get some peace of mind tomorrow.

Now I'm confused on how to go about this if everything is good with the language of the contract. Am I able to assign this to a buyer instead of double close? The purchase is not in an LLC, it will be in my personal name, so I can't just sell a company with the property as an asset. My closing date is set for the 16th.

I just wanted to ask this question for clarification. I've had two contracts and I'm working on a third. The first two searches are being conducted by a law firm I engaged to help me with the close after I became a bit nervous about actually signing contacts with a REO. Anyhow, now the title search gets done by the law firm but I'm wondering how the seasoned investor look at properties and get these done BEFORE getting into a contract without incurring costs. When doing the background research on potential properties has prior to making offers, how do you go about vetting the property enough to have the confidence to establish an asking price on the home?? Is there a site you use or have confidence in for numbers to get started, or is it mostly a quick check on taxes and the owners?

I am looking for recommendations, any useful advice will be greatly appreciated.

@Steve Sanchez it did give me a little bit of ease when searching my properties, but I'm anxious to know if it will match closely what my title search will return. If it does, it'll be well worth the $30. I'll keep you posted.

Has anyone ever used searchq.com? Is it even somewhat reliable?

@Wayne Brooks

Thanks! That crossed my mind as well. I was thinking to try to ask for $160K so I can work down to $155K.

I contacted a few "Buy Now with Cash" buyers via Craiglsist last night about a home in Yonkers that I finally got under contract. In the morning my email has seven buyers asking me about the home, asking price etc. I pretty much asked them all to make me an offer since the home is located out of my area, distressed and boarded up. So far I've got an offer for $145K. With that I will make a profit albeit tiny since the home including closing cost will cost me about $143K. I havent looked at the property and the buyer gave the reason behind their offer as being related to the rehab. Of course as a newbie I'm thrilled but I wanted to make a bit more.

My question is this: How do I tactfully and professionally counter?

@Manny Cirino there isn't any seasoning requirments for this deal. The REO agent knows that I am an investor--I'm working with her on another property after this one closes.