All Forum Posts by: Ronald Rohde

@Ronald Rohde resident is not a tenant was the owners boyfriend and he refuses to leave not getting any money  no lease 6 weeks lost in time and money

@Michael Randle

#1...chances are if there is a loan on the property it won't go to auction.  Most people escrow taxes so lender pays them. 

#2...occasionally you might see one go to sale....then a couple of things happen from what I see....either #1 they pay a day or two before the auction or morning of the auction and the property does not get sold at auction.   #2 what I imagine happens is if it does get sold at auction, then the bank/lender sees the deed change and challenges the sale and will load you up with lawyer talk forcing the sale to be cancelled.  You get your money back, but don't get the house or the big % you thought.

In Texas you don't want to make repairs until the redemption period is up....as you may not get that money back.  So that could be 6months-2years depending on the status of the house.  Sorry don't know about CO specifically.

The gov guarantee here is virtually non-existant..... Yea..they tell you and in theory you get 25% or 50% redemption premium...but that is only if someone redeems.  No redemption, no %....I've heard something like 10% get redeemed, but from what I see at the sales, I'm surprised if much of anything gets redeemed.  

Think of it this way.....if you got notice after notice after notice that your taxes are due and you are getting ready to loose your property....then you get served by the sheriff for the court date....the lawyers come visit you in person and you still don't pay....it is probably not all that common that after the sale you have that +25% or +50% to get your property back.

Typically what we see go to sale here is vacant land, often crappy land....you know the 5ft by 1000ft strip beside a railroad track....landlocked land you can't access...and older houses...houses that are paid off and abandoned after death or kids couldn't pay the taxes, or people moved away.  Occasionally you'll find a gem....and there are of course all kinds of exceptions.

There is money to be made, but it takes a fair amount of time, effort, and there is of course risk.

@Juan Bustos

Before you acquire a property in the future you should know if the property is occupied by tenants and acquire a copy of the lease from the seller.

 How long is left on the lease for the resident that is still in the house?

 I didn't mean THIS forum - if my comment was unclear, apologies.  This is the first forum where someone actually gave me some concrete info which related to my question. ALL I heard from EVERYWHERE else is that I must be wrong and it couldn't possibly be a Judicial Foreclosure.  (It is, just like Jerel described)