All Forum Posts by: Roman M.

if you have the deed how can you be not the owner. Threaten them with the State complaint. If doesn't work call an attorney to assist you in putting them in a right place. 

You should pay it unless there is a State Statute that wipes out condo fees in mortgage foreclosure

Note buyers looking for IRR north of 10% so you can do the math. Also 30 yr is too long. You should do 10yr balloon notes

it is beautiful in non judicial foreclosure state. Can't same the same in judicial state. 

there is no way around it.

It's not a voluntary sale and is kind of buyer beware situation.

It is only for experts and what you do is ask for title search to see if there is any other liens and to make sure you are bidding on a first mortgage . Run a liens search in municipality so well for any code and building violations.

If you have never done this then better stay away because if you did not do your own due diligence you will either lose money or be very lucky. 

Selling price will fluctuate on a note buyers appetite for internal rate of return and time. You probably looking at a selling price of around $65,000. The note will need to be couple of months seasoned for compliance purpose. 

There are other factors at play. State, borrowers credit, value of the home, etc.

You can sell it to another investor or just wait and hope that someone else applies.

Which county are they in and what is the rate?

I have bought some before from other investors but it depends on the location.

just get pre-approval from your mortgage broker first. If you mortgage broker won't give you one without condo questionnare and master policy then change your mortgage broker. 

You get the rest of condo info when you have a signed contract. You will need to get condo questionnaire and master policy from the management co or condo assoc and seller will.have to provide you the budget, condo financials and condo docs as required by the state. 

I suggest you talk to the lawyer that knows about probate and see if your cousin's brother can assign his interest in inheritance to you. 

Other option that you might want to consider is adverse possession. Consult with the lawyer on this but from what I remember if you openly in possession of the property (live there) and pay real estate taxes for 7 years then you can claim the title.

1. go to tax collector.website for the county where property is

2. Find the oldest tax bill that is owed. It will show who owns tax lien cert and their address.

3. Send them a letter telling them you want to buy their certificate. 

4. Get a cert transfer form from tax collector.

5. Assuming they want to sell, negotiate a deal. They will probably sell for full redemption value. 

6. Negotiate how you going to handle the transfer. If seller is in town then you can meet at tax collector office to do the exchange. Otherwise its kind of trust based as you will have to pay before you get the signed transfer form back. 

7. Assuming certificate is more then 2 years old, you can apply for a tax deed. 

8. After about 6 to 9 months it will go for auction and if no one bids which is unlikely if there is equity, you get the house.

So it's a process that doesn't guarantee you get the title.