All Forum Posts by: Rich Baer

"Up and coming". That's a good one. Pigtown has been up and coming for 20 years. In the mid-2000's we bought shells for $15,000 and sold the shells for $90,000. All renovations to the area stopped during the recession and prices for shells collapsed to $20,000. They have risen to about $35,000 now. Prices for 2 story completed renovations can be found for $95,000 to $150,000. It remains a difficult area to rent.

@Loren Thomas

Greetings. This question is about a hardwired smoke detector. It started to do the annoying slow beeps (1 every minute or so). I immediately changed the battery (it was overdue) but it continued to beep. I took out the battery and it continued to beep. I eventually had to cut the 3 wires (I couldn't disconnect the wires in the back) as it was driving everyone crazy. I threw it in the trash and it still was beeping. I had an electrician come and reattach a new one. He said he had never encountered such a thing and that it must have become defective. What do you think?

@Russell Brazil@Jason Genovese

Thanks for the prompt Russell. I have run into this situation many times. The way it works is that the foreclosed owner can not take title to the property in his own name. The reason is that the mortgage and any liens would reattach. The Buyer needs to take title in a different entity or have a family member put it in their name.

@Vic Vega

Try Bay Bank, Peoples Bank or Revere Bank. Their guidelines change frequently but I would start with them.

@James Hayes

While it is a good idea to learn about title issues, as a Buyer on Auction.com you are simply trying to be the high bidder over the set reserve price. If you win, you are supposedly getting a title free and clear of all liens. Take your winning contract to your local Attorney/title company for settlement and they will review the title for you as part of the settlement. Just let Auction.com know in your contract that your representative will be handling the closing.

@Devin Mann

Set 3 alarm clocks around your room and go to bed earlier. Or meet a nice girl and meet her for coffee everyday at 6:00 AM.

No real difference. However, the title company may give it low priority since it is not a current settlement for them. So if you have an Attorney you work with it would be better to use him/her.

@Russell Brazil

Under the circumstances you present, I would have the same thoughts about not paying for it. If many units have already been sold odds are strongly in your favor as you know.

@Nancy Bachety

Yes. The buyer assumes all prior mortgages and judicial judgments. I would recommend calling the foreclosure Trustees to see if they would share lien info. If that fails and you have enough time, engage a title company or real estate lawyer to do a title search. It is important to be forewarned as you don't want to buy and find out you overbid due to prior encumbrances. I have seen it happen many times.

@Russell Brazil

Russell, happy New Year to you. If you are really seeking to shave a few dollars off of your settlement costs by avoiding the purchase of title insurance, I would consider its location. If it is in a well established subdivision and you are buying from a seller/builder who has sold many lots from it you should be OK. If this is something other than that situation I would buy it. I am assuming you will be living there. If you are not living there I would buy it as there could be an unreleased Builder mortgage that could hold up your resale.