All Forum Posts by: Ibrahim Hughes

Originally posted by Christopher W.:

Don't most states have a redemption period after the tax sale? Even if David buys the property after the tax sale, can't he still pay the back taxes and fees to bring it current (as long as it is within the redemption period)?

Depends on the state. A state is either a 'tax deed', 'tax lien' or some sort of hybrid of the two. Furthermore, some states have a redemption period and others don't. Here in NJ we are a tax lien state (no auction - only a strict foreclosure filed by the tax lien holder w/ no chaqnce of a 3rd party intervening without a court order). There's a 2 year redemption after the lien is placed on your property but NO redemption after the property is foreclosed.

Originally posted by Tim Wieneke:

Well, in the Midwest if you don't address the white elephant in the room it can bother some people. They know that you know that they know...etc...and if you pretend it's not there the thoughts go to, "What's your game buddy?" It's a Midwest thing. Just be straightforward. Someone asked me once how to make bandit signs for Midwest motivated sellers and I told him to have the sign say, "You're screwed. Admit it. Call me."

LOL. you know that's funny because I learned that there's DEFINITELY a difference between the manner in which we uppity Northeasterners deal with foreclosure and the straight talking midwesterner or even the straight talkin 'downsouther'. Up/out here, people's self-esteem and value sysrtem are tied to their homes (among other material possessions - no disrespect to my fellow northeasterners. Just calling it how I see it). A 'you're in foreclosure' postcard would embarrass the hell out of us. I'm always amazed how folks in other parts of the country are ok with those postcards.

I respectfully disagree with Uwe. You could lose the deal. Many owners behind in their mortgage and/or taxes will not trust (and therefore won't do business) with someone who approaches them with a "I know you're in trouble" approach. I would approach them instead with a simple interest in buying the property. Their tax delinquent status may come up later but not a good idea to introduce it in the beginning unless a foreclosure is iminent. IMHO

Thanks everyone. I'm going to go with the picture as I agree that it does make your card more memorable. Thanks!

In NJ, the Realtor is not required to check the zoning before listing (tax records doesn't usually list rooms but will instead lists the number of legal units). So the Realtor would only be required to list an illegal 3 family as a 2 family if he/she knows it's a legal 2 family and not a 3. However, if the Realtor has knowledge of the legal status, he/she is required to list it accordingly.

I think most investor-oriented brokers like Exit Realty and Keller Williams simply won't care. But the more 'corporate-minded' ones like Weichert might.

BTW, here in NJ, you need a sponsor to apply for your license, NOT take the exam.

Just signed up with Exit Realty and my Broker suggests that I get a professional looking pic on my business card. As an investor I've always shunned the practice of putting my pic on a biz card. I've gotten plenty of responses from my mailings (as an investor) without the pic. Is it really necessary? Does it really make a difference?

The line I've used for 7 years without ever a problem (except once from an elderly woman who swore, no matter WHAT I told her, that one of her estranged family members gave me her info - She still showed me the house, btw): "Whenever I'm looking for a property owner whose hard to find I give the information to my attorney and he accesses a special database that only attorney's have access to". Again with the exception of that one elderly lady, they have all responded something like "oh, ok I was just curious cause I know my number not's listed. So....you want to buy my house. Well let me tell you....blah....blah...".

Michael wait! Don't use the "my contracts are as honest as I am' line. Contrary to Bill's MISread - LOL - that is NOT one of my lines (notice I didn't put the line in quotes). That's just insider talk that I'm not trying to get over on the seller and have her sign something she'll regret later. Good one Bill. NOT - Lol

Check the county recorder's office for other properties the person may own. Deed or mortgage pointing to his primary residence?