All Forum Posts by: Paul K. McCoy

Life can pull us in so many directions and I realize that this is just a distraction from achieving the next goal! 

It sure is nice to learn along the way especially when there's others willing to share what they've learned, much appreciated Guys and Gals!

All the best,

Paul

Thank you guys so much for your insight!

I have experienced several hardships like these throughout life and know first hand how this can effect families. As I explained to my attorney if the owner can keep her home then I'm happy for them.

My concern was mainly as to what others thought about the deal and your experiences, per the commissioner with 30+ years experience he had never seen this happen before. 

My plan is to #1 get my money back while attempting to get reimbursed for my expenses and attorneys and whatever else.  Although, I'm not sure how the judge based on the facts I provided could not award me for my time and expenses considering I've done nothing wrong but win the auction. Its primarily the banks fault for accepting payment in this fashion and will be going to them for their faults. 

Thanks again everyone!

Paul

So...I have a court hearing scheduled for March 23rd and am curious as to what everyone's opinion may be on this.

I have been working with my attorney and he feels strongly that I can 1.)keep the home 2.) ask for a buy out of a few thousand above what my winning bid was or 3.) Just ask to have all time and expenses reimbursed and move on to the next deal.

Besides it being an exceptional deal if I choose to fight and keep the home, I feel id struggle to evict the owner under these circumstances. 

Any more thoughts?

Thanks everyone!

Paul

I mainly went to the auction for the whole experience(it was my first time,lol) and it's been a great experience ! @Tom Gimer...From my understanding the owner made a payment the same morning of auction or the day before but who knows for sure. I feel if for some miraculous reason the judge doesn't put aside the sale and it's deeded over to me for other judicial reasons that it would be hard to accept the home knowing the homeowner could keep it, that may be a rare case but just thinking ahead a bit. Thanks for the comments! -Paul

This has defiantly been frustrating. From what I can gather the home owner made a payment directly to the bank at last minute along with paying all other associated court and lawyer fees. My attorney explained that the bank wasn't suppose to accept a payment in that fashion and it should have been negotiated with the foreclosing attorney prior to any payments and thats why the Commisioner never knew anything about a cancellation. So...In theory the home will be mine unless the Judge reverses the sale at the court hearing sometime in a week or so. A motion was filed from foreclosing attorney wanting the sale to be canceled by the judge. My attorney explained that I could fight to keep the home, ask the bank to buy me out plus a percentage or simply ask to be reimbursed for my time and expenses. What do you guys think and what would be the moral and ethical thing to do is kinda where my thinking is on it all? All the best! Paul

Hello to all BP members! So... I have been following a home for quite some time on Auction.com that was due to be auctioned off at the court house. I showed up for the auction with my check book ready to buy. I waited as the Commisioner announced all listings that were postponed before he began the auction. Soon after he finished, the property I was interested in was announced and the bidding started. US Bank placed the first bid. I placed my bid and was awarded the property and met with the banker and Commisioner after the sale. I wrote a check for the full amount and was handed the deed 15 minutes later. It seemed almost too good to be true. Soon after, I stopped by my attorney's office and had the deed search done and from there drove straight to my insurance agent. I thought I had everything covered. I then contacted the owner a couple days after I got the insurance finalized and she informed me that the bank let her make a payment the final day of auction. Commisioner doesn't seem to know a lot about what's going on. I called the bank and they can't give me any info because of privacy but they did tell me it wasn't showing as an REO property. This is almost comical to me at this point! Can someone give some insight on this or ever experienced anything like it? Can anything be done? All the very best, Paul

Angelo C. From what I can gather that seems to be the reason that he's asking. I think we will give what's asked and do our best to portray its value. I appreciate all the comments!

J Scott Yes, it was just a coincidence I'm assuming, would it be possibly to request a different appraiser? He explained he'd just do the appraisal without the expenses if I didn't want to provide them, so I'm not sure what to do.

Hello all BP members, Looking for others experiences and recommendations. We purchased a flip home 8 months ago for $91500 and have completed all work. We currently have the house under contract for $180k I received a call today by the appraiser, 2 hours prior to the scheduled appraisal with him requesting me to provide him the repairs I made, material cost, labor cost, etc. Also, it happens to be the same appraiser that initially appraised the home when I purchased. So, he knows previous condition, price, etc. I have contacted a couple other investors and they explained they have never been asked this question from an appraiser. I feel the info I provide would only hurt myself because my material and labor plus purchase price is not even close to the contract price of $180k. Is this the norm and why would he ask this and what's the purpose of it ? Would love to hear your thoughts and recommendations. All the best, Paul

I appreciate the quick responses, due to other additional charges that would be applied we may opt out of this one. Thanks so much !