All Forum Posts by: Ralph S.

Renting a garage for storage is not the same as renting an apartment for a residence. You evict for a residence, if the property rented is a garage for storage, different laws come into play. Generally, they will cover how long the rent has to go unpaid before the owner can remove and store or sell the contencts to cover the unpaid balance.

You're best bet is to get the guy to agree to let his wife move the stuff out, other than that, study up on the storage laws in your state.

And then there is the supply side. When REOs are taken off the market and there isn't a constant stream coming available? Haven't heard how long this will take to shake out.

I haven't heard about REO sales being frozen. How would anyone explain chosing to default on thousands of contracts for sale?

On the other hand, the freezes on foreclosures are being driven by bad paperwork.

http://www.biggerpockets.com/forums/105/topics/55556-jpmorgan-chase-halts-5-foreclosures

I bought one. They use bozo lawyers. We had two delays. They won't record the foreclosure until just before the sale. In our case, we found out it wasn't done when the title search was done just days before the close. The yo-yos mailed the foreclosure documents and fee to the clerk, and under paid the recording fee by $3. The clerks office called them and offered to record it anyway and would wait for the $3, they said no, don't record and they would pick up the package and resubmit. Weeks went by before someone showed up to pick the package up. More promises and weeks went by while they sat on it. All for $3. We finally got the the package, got the title insurance to view and approve TI without it being recorded, and both were recorded by the lawyers handling the sale (different firm than the one that handled the foreclosure).

Did you hear the one about the Lawyers Genie? Guy walking down the beach finds a bottle and pulls the cork. Out pops a Genie who grants him three wishes, but tells him he's a lawyers genie, so any wish gets granted twice for every lawyer on earth. Guy thinks, okay, and wishes for a million bucks, and bingo, the genie produces a deposit slip for his checking account in the amount of a million bucks, and then declares "and two million for every lawyer on earth." The guy thinks a minute, then says, I've always wanted a red ferarri, and pop, right there on the beach, a red Ferarri, "and two red Ferarri's for every lawyer on earth." The guy thinks for a minute, and the genie reminds him, "you've got but one wish left, better make it a good one." And the guy says, "I've always wanted to donate a kidney."

Come on, Mike. You know better. They find three veggies that look good next to a cactus, and pick one at random.

What a riot. I binged Big Money..... and three of the first four responses were from BP. Two about this thread:
http://www.biggerpockets.com/forums/92/topics/39700-big-money-solutions-fact-or-fraud- complete with the requisite one post wonders, and a third was this thread, itself.
The fourth was a BBB page, giving them a A-, noting that their address is "is a mailbox at a PAC Mail shop in a strip mall. BM Real Estate Solutions receives mail at the box, but a physical address for the company is unknown."

I must be really bored tonight. :roll:

Thanks for the reply. Turns out they just got an offer and was sending the package to the bank today. I'm still waiting on some information. Nuts. Don't know if I want to follow another offer and get into a bidding war.

Ok, SS masters, help me understand. I know some SS's take forever, yet a lot of people seem to gravitate towards them. While I've bought numerous HUD's, a Freddie and REO, I've not ventured into SS territory. I found a house I'm interested in and will be looking at it tonight. It'll be for my personal residence.

I've read many "blast out 20 offers and hope to get one" posts here, but this is not for a flip or investment, it's just got all the bullet points we're looking for.

My biggest concern is time. Does the amount being shorted, the lender involved or other considerations influence the bank's response? Are there any indicators I can watch for that would suggest, at least, whether the lender would get off the bench and do it in a timely manner? Anything I can do, or not do, to influence a timely closing?

Other than that, any good (in general) do's and don'ts would be helpful.

Or, am I just dreaming?

Thanks
Ralph

Oh, ya gotta love this place. Where else could a real estate broker get advice on code violations from someone in Saxonia?

Jerome, violations that actually close a home (yanked occupancy permit and forceful removal of residents) could range from severe structural problems to it having been declared a nuisance property (drug house, etc.). You would certainly want the scoop from the local authorities before talking to the owner.

As far as wholesaling, as long as the owner can pass clear title and someone wants it with all its warts, I don't see any problems. I bought a HUD that was once a drug house where the city had yanked occupancy (all undisclosed - surprise!).

A house under contract doesn't give you the right to do anything on or to the property itself. Under contract isn't bought, although you do have certain rights with regard to the sale.
You aren't specific, but I'll assume it's the 4 sale sign of the listing agency, which they will expect to stay in place until closing. They are still taking calls and may even present offers to the seller who could accept "in the second position" if yours falls through.
Explain your intentions of showing the house and ask that they or the seller agree to taking down the sign.