All Forum Posts by: Rich Baer

@Sebastian Taylor

For your colleagues who don't know what a value based loan is I will present an example. The retail value of the house is $200,000. You get a great deal and buy it for $80,000. Repairs will be $50,000. I am sure it will be an easy one to approve.

It is a value based loan. If the value is there the rehab costs can be included. I am sure the rehab money will be in draws based on the progress of the repairs. But you can discuss all that with the Lender.

For anyone needing funding I have a new unlimited source. The best thing is the deal is based on the property value and not the borrower's credit or income. In most cases the rate will be in the 10-12 percent neighborhood and 2 points. I have been asked to gather the loan info and forward it to the lender. The lender, who is local, will then contact the borrower with any questions and offer a quick answer. PM me with any questions. Thank you.

@Scott N.

I would recommend upon wakening to meditate for that 30 minutes. Reflect on your past and your future goals in an uplifting and positive manner.

@Andrew Senesac

Quit Claim deed means: I am selling you whatever interest I have in the property, if any. No warranty. No recourse. It was good that you picked this up as a red flag. However, some Bank owned subsidiaries always convey by quit-claim deed. But a title search will uncover any issues.

@Alex Wong

I have a guy at a local Bank you can speak with. PM me and I will share his info.

@Ben S.

I am now working with a commercial mortgage broker. If you PM me I will share his contact info with you.

@Joe Ebanks

The price you bid does go to cover the debt of the judicial judgment. You are still subject to any mortgages and other judicial liens. So unless the Auctioneer or the Trustee announces if there other liens on the property you should not bid. Do not try to do your own title search. That is a recipe for disaster. Even if you somehow found all the info you needed to know you would not know how to interpret it. In conclusion, if you must buy this property pay an Attorney to do the search in advance of the sale or find out if the lien amounts will be announced at the sale.

@Bart Modzelewski

In Baltimore City  you are never safe unless you make your rental lead free and register it with the MDE. I make all my rentals lead free as opposed to the lead safe standard which requires future inspections.

@Alexander Timberlake

All of your questions have been discussed many times previously. You can research previous discussions on this site and find tons of useful info on your inquiry.