All Forum Posts by: Rob Tarsio

deutche bank bought our home back in October 2015.   They let the home go in March 2016 on homesearch.com

I don't think you can get anywhere with them.   It's a matter of when they want to get rid of the property.  

welcome Richard! 

I'm out here in Suffolk county and it's very tough and very expensive. 

I watch the market closely out here and see many people flipping or trying to flip.    These flip properties are sitting on the market for almost a year with several price drops so you have to be careful.  

I picked up a property 3 months ago for about 40% of its value.    I am currently doing a complete renovation of this property and plan to move in soon.   I can easily flip this property for a nice profit , but the key is to get in at a low price to invest.    

My advise is to do your homework before bidding.  

Home search will give you some sort of deed like a special warranty deed which covers you from the time they took back the property.    In my case, that was 3 months.   

On my property, the former owner was receiving a veterans credit on taxes and the bank was paying the veterans credit amount after they took back the property.    In the end, there was a $1400 tax bill that I had to pay.    Not a big deal for me as I still wanted the property.  

I've read about major unpaid water bills, homeowner association fees, sewer bills all coming up on REO properties.

Also, I bought my house "site-unseen" as it was an occupied property.  

You need to take all these things into consideration when bidding, so have your highest bid when submitting and I recommend don't get caught up in the bidding process .    They are just trying to get the most money out of the sale. 

And don't forget their "buyers premium" fee.   

@Taylor Ernster

I got the house about 40% off the value in the area and the location was prime.    it really was a steal.  I plan on renovating and moving in later on this year. 

I just closed on a home from homeseach.com and submitted numerous offers pre auction which were declined.   I participated in 8 auctions over 10 months of the property and never met the reserve. 

i Won the final auction which never reached the reserve price.   The auction ended on a Friday and I had an email on Monday morning that my offer was accepted .  

My advice,   Before you participate, do your own searches for liens, unpaid taxes , & unpaid water bills ,etc.   

the contract was so 1 sided and the seller pays for nothing.  

I had the contract in my inbox Monday afternoon and had 24 hours to sign it.   Then48 hours after that, I had to send a deposit. 

Be careful . 

I'm wondering if something comes up on my title search and I threaten to walk away they will pay the lien? 

The bank is giving a special warranty deed which basically means they are guaranteeing a title for the time they have had it in ONLY . ( not for the last 40 years prior to them taking it back) 

I did a lot of searching on my own and it looks good  .....  0 liens on the property .  Zero code violations with town , etc.....   Certificate of occupancy looks good too     

We are in contract now and I'm getting a title search done for myself.  

My attorney says they will keep the deposit if the deal falls apart ....  So I'm taking the risk and going forward . 

The contract does say that if the bank can't guarantee a clear title I get refunded     But if something comes up  On my title search from years ago,  there will be a problem and I might have to walk away   

Hi , 

I've participated in about 8 auctions for 1 occupied property over about 9 months.  

The bank finally accepted my offer with the reserve not met.

I had the contract in my email box the same day.    Contract is very scary.   Attorney says it is extremely 1 sided (understood).  

I wish to get our own title search done as I don't trust theirs .

I don't want to send the emd in fear of losing it if title has issues.   I checked locally and taxes were paid , no c-o issues, property looks ok after a peek.  

Has anyone had a title search done and there were issues and what happened with the emd and auction? 

Thanks!