All Forum Posts by: William Coet

 How do developers partner with developers and operators that are above themselves? What types of collaborations occur?  

Looking for ideas for partnering with existing developers.  Bringing equity/funding is an obvious one, but what about becoming an active participant in the company?  If they want to expand, they may want additional members to work deals or even specific markets. There are likely other areas where a new team member can help an existing developer(s).

What can a person do to network with existing developers and offer value that could lead to a mutually beneficial relationship?

 Thanks for your reply.  It has been listed with an agent for a month.  Will they continue with the agent only, or also with the online auction?

We bid on a property on auction dot com. We won the auction and met the reserve.  At the last minute the seller (fannie mae) decided not to sell.  The auction dot com representative said that the status of the house changed from occupied to vacant, and she thinks this is why the bank decided not to sell.  She said they may relist it.

Is there anything we can do to convince them to follow through with the sale?  We had already provided earnest money deposit and proof of funds.

Thank you

Final update.  First, Thanks for the responses.  We called the person we thought to be the occupant, and they informed us that they had moved out already!  This was a complete surprise.  Now to deal with the stray cats and the fleas....

 Specifically, my question is if a person is the winning bidder and then does not complete the purchase process, is the hold lifted from the deposit or does auction dot com keep it?  I Can't find the info on their website and customer service is closed for the day. I thought I'd try biggerpockets for the answer!

Thank you!

The definition of bid deposit from the auction dot com website is:

A bid deposit is required to bid on a bank-owned property on Auction.com. The deposit is actually a hold on a credit or debit card. The hold doesn’t appear as a charge on your credit card statement and on a debit card, it appears as a pending charge. The hold is typically removed a few days following the auction but check with your financial institution for the exact date that the hold will be removed. You can register for multiple properties with just one deposit, as long as they’re all in the same auction event. If a property will be auctioned in another event, you will need to authorize a separate deposit.

I certainly understand your question.  In this case records show that they took on big debt during the 2007-2008 boom.  I know the person has a very good job and has held it for nearly 15 years.  They have been paying all of the property taxes on time without a single late payment for the last 10 years (from treasurers office).  They appear to live modestly with no fancy cars in driveway and walking to work.

My guess is they got stuck with the big loans and said to heck with it.   Rent will be lower than taxes, mortgage, insurance, maintenance and he is near retirement age.  I'm thinking he has a pile of cash saved and would appreciate the ease of being a renter.   

I will update the post.  I realized the mistake in my title as soon as I posted it.

The property is bank owned.  The occupant is the person who was foreclosed on.  I'm pretty sure they would stay and pay rent.  I want to be able to present them with a lease and secure the situation, rather than wait until closing on the property.

Can I secure a signed lease with the current occupant prior to closing? This will help to avoid a timing problem with leasing the home after closing because fewer people are looking.                                         Thanks in advance!

@Dave Mason.  I'm guessing one of the requirements for tiny homes must be that people are priced out of conventional homes.