All Forum Posts by: Roman M.

If you have no experience then you don't have enough time to do your DD before Tuesday. 

You need to order a title search (cost up to $200). You will need to find a title co who can do it for you but I think 2 days is too short. Check on any liens from the city/county. You can order lien search from municipality. 

There is a way to check on those things yourself thru public records but it's a training course by itself. 

No Lender will fund this purchase at auction because you get title at a later time and you can't buy title insurance at foreclosure auction. Not to mention the other things they requested. So it will have to be cash only purchase but maybe you can find a cash partner who is willing to take a plunge with you.

I recommend to find somebody who can teach you buying at foreclosure auction beforehand to avoid costly mistakes. 

Education cost money and if you don't take the time to learn then it could be a really expensive live course.

Flat or capped costs and timelines. For example: 

Phase 1 = $.., & will take up to 3 weeks

Phase 2= $..& will take up to 2 months;

Cap on all the fees (if that is possible). 

Complications: BK, modifications, lack of service; service thru publications; 

I have one in Miami

also FCI loan servicing. I also heard of Peak

buy tax liens 

that note has only some value if it is paid as agreed. Since it's unsecured and technically is in default, it's top value is 10 cents on the dollar but I doubt you can even get that if you put it up for sale. 

Best way is to test the market by putting it up for sale at ********** or thru some other platforms. You will see very little interest in this asset.

Try local credit union.

get a list of buyers/bidders from Maricopa county or lookup who else bidded at the auction and who got what. 

5% is kind of low rate so expect to get beat up on the sale price unless it's a prime real estate.

sell it and invest the money at a higher cap rate. 

High end property values in Miami Beach have soften and there is less demand. 

If you can convert it to a investment property then you can 1031 exchange sold property into replacement investment property and pay zero tax.

Low risk and not loosing money on a deal is the best policy.

You obviously have no good advise to the buyer and to this buyer's luck you are not the seller.