All Forum Posts by: Troy Brown

Any recommendations for a good Cincinnati area fix and flip lender?  I would prefer someone local, but if not, at least someone you have had good experience with.  Thanks in advance.

There is nothing that says a foreclosure cannot be sold FHA. But, as a practical matter, its very unlikely. The house has to meet HUDs minimum property standards, and all utilities must be on for the appraisal. Those two items alone will kick out most foreclosures. Also, with the amount of cash buyers competing for "deals" currently the banks or asset managers are not likely to mess with an FHA buyer. Best bet is to look for something on the market or off market with a more traditional seller who will work with you.

If you buy a property at Sheriff's auction do the delinquent HOA obligations become your responsibility? I don't believe there is an HOA lien, but if a person is not paying their house payment to the point of foreclosure it seems safe to assume they are not paying the HOA and haven't been for some time.

Ask the landlord for help.  It was a problem with the house that caused the huge water bill.  Although, you may have contributed to it by not noticing the problem sooner and notifying the landlord.  The landlord will not want your water shut off.  Maybe he/she will help with the bill and/or by contacting the provider to explain the situation.  As someone else said, if it is a combined water and sewer bill you should not be charged the sewer portion because the water did not go into the sewer.

Disclose you are a licensed real estate agent representing yourself only in the transaction.  The other party is either unrepresented or can choose an agent to represent them.

@Joshua Janus @Joe Martella  Thanks for the input.  I agree with both of you regarding a property tax lien.  It takes first position over any other lien.  This is a state income tax lien.  I don't have access to my attorney today and I don't remember seeing this issue before.

In this case the foreclosing mortgage was originated in 2014 and the the certified judgements were from later years, so the mortgage was filed prior to the tax lien.  I just found out about this and the title company I use is closed on Saturday.  A google search didn't help much.  Thanks!

I know it would be extinguished if it were a mechanics lien, medical bill, etc because it was filed after the mortgage and is therefore subordinate, but I don't know about state income tax liens.

@Bryce V.  A quit claim deed is no quicker than a general warranty deed.  I'm not an attorney and can't give legal advice but you need a reputable local title company or attorney to help you on this.  Most title companies can do a title search and closing in a week if needed.

Agreed.  I misunderstood your goals.  It may very well make sense with your goals in mind.  I was thinking of a flip and its to skinny for that.  Best wishes for a successful project!

Why are you getting a quit claim deed?  A General Warranty Deed would be much better.