All Forum Posts by: Sean Dougherty

Quote from @Wayne Brooks:

Quote from @Sean Dougherty:

Quote from @Wayne Brooks:

@Sean Dougherty Is your a short sale offer, less than the amount owed? If so, the PR/estate gets no value from it so no need for them to go through the process.

Yes this would be a shortsale offer. I do not see how allowing the home to sit vacant for year or years before it is foreclosed, brings value to the estate. But I do inderstand shortsale would not be a financially profitable option either. 

So is it pointless to make short sale offer to special administrators or PRs?

Yeah, they get no value from it, so why bother.

 I appreciate your input Wayne. You've answered many of my questions here on BP. 

Recently a special administrator advised me to make short sale offer directly to the bank and if the bank was interested, they would petition court for a sale and then special admin would be willing to sign off.

I have loan numbers of loans and believe I could get 3rd party authorization from special administrator as well. 

What are your thoughts on this?

Quote from @Wayne Brooks:

@Sean Dougherty Is your a short sale offer, less than the amount owed? If so, the PR/estate gets no value from it so no need for them to go through the process.

Yes this would be a shortsale offer. I do not see how allowing the home to sit vacant for year or years before it is foreclosed, brings value to the estate. But I do inderstand shortsale would not be a financially profitable option either. 

So is it pointless to make short sale offer to special administrators or PRs?

Probate property in foreclosure. PR is a court appointed special administrator. Special admin will not submit my purchase offer to lender or for court approval. They have no other offers and alternative is foreclosure. 

When I pushed the matter, the special admin informed me I could reach out directly to the lender with my offer and the lander could then petition the court for a sale if they liked the offer.

Will lender even look at an offer from an unauthorized 3rd party? I don't think so. 

Any experiences? 

Need some ideas/suggestions. I recently JV'd on a project with a homeowner with intent to sell upon completion.

I financed the remaining 30% of a new build. Plan was to have my contractor take over the building permit thus avoiding the 1 year sale restriction for Owner Builder.

Just found out that the current permits were pulled over 3 years ago. Local regulations provide up to 3 years for contractors to final their builds. Owner builders have 5 years to complete. Sticking with Owner builder permits is my only option.

Is there any creative way around this sale restriction?

Quote from @Loren Cota:

Quote from @Chris Piel:

I would also love to hear from anyone wholesaling in HI county. However to date I'm not aware of anyone operating here. --Local active investor. 

 Hi, are you an investor on Big Island? If so,  how are you currrently getting your deals? 

 Hi,

I am on B.I. I am currently investing in the local market. Feel free to contact me. I'd be happy to go over what I have presently, or help get what you want. 

Seller has 2 mortgages foreclosing.

Senior lien has been in foreclosure since 2012.

Both liens are around $350k each.

CMV $950k

Seller has financial difficulty and seems to think we can negotiate for a partial settlement from junior lien holder.

Can either payoff amount be negotiated considering there is equity in the property?

If so, which is better to start negotiations with?

Seller has 2 mortgages foreclosing. Senior lien has been in foreclosure since 2012.

Both liens are around $350k each.

CMV $950k

Seller has financial difficulty and seems to think we can negotiate for a partial settlement from junior lien holder.

Can either payoff amount be negotiated considering there is equity in the property?

If so, which is better to start negotiations with?

Quote from @Chris Seveney:

Quote from @Sean Dougherty:

Not sure I am posting this in correct forum.

I am buyer in this situation:

My seller just went through a divorce and husband is not cooperating. Both names on title. Wife now has court approved authority to sell without husband's signature. 

Did prelim title report. Junior lien popped up in husband's name. It was a personal loan from local bank. It is not a mortgage or home equity lien, but it is somehow attached to house. Title is telling me this lien must be paid in order for home to sell. With that lien attached there is no equity in home. 

How does a personal loan become attached to real-estate? Is there a way to detach this loan from the home?

 Bank can record a lien in the county of the property to attach it to the property. There is no way to detach it unless the bank and the ex-husband agree to attach it to another asset or pay it off. Why do you care if there is no equity in the property, it just means the seller is not getting any money from the closing.

 If the junior lien can be detached or negotiated down then there could be equity in the home. If not I would get it as a short sale. In which case, still the senior lien holder will not payoff this junior lien. 

That's why I care. 

Not sure I am posting this in correct forum.

I am buyer in this situation:

My seller just went through a divorce and husband is not cooperating. Both names on title. Wife now has court approved authority to sell without husband's signature.

Did prelim title report. Junior lien popped up in husband's name. It was a personal loan from local bank. It is not a mortgage or home equity lien, but it is somehow attached to house. Title is telling me this lien must be paid in order for home to sell. With that lien attached there is no equity in home.

How does a personal loan become attached to real-estate? Is there a way to detach this loan from the home?

Not sure I am posting this in correct forum.

I am buyer in this situation:

My seller just went through a divorce and husband is not cooperating. Both names on title. Wife now has court approved authority to sell without husband's signature. 

Did prelim title report. Junior lien popped up in husband's name. It was a personal loan from local bank. It is not a mortgage or home equity lien, but it is somehow attached to house. Title is telling me this lien must be paid in order for home to sell. With that lien attached there is no equity in home. 

How does a personal loan become attached to real-estate? Is there a way to detach this loan from the home?