All Forum Posts by: Ed Tamayo

I am new in this area. I bought my first house this month without enough knowledge. It seems like I put myself in one of most complicated cases now...

I bought this condo on auction in front of county court house this month. It was a second lien. The bid started at 25K, I bought it for 56k. There was another guy there bidding with me. The first mortgage is 96K after about 10 years of payment, the loan's status is current, it had been paid until Jul. The first lender is Ocwen.

The condo is worth about 150k-160k. The outside of the building looks good. Have not seen the inside. For now I know the paint needs to be done in the condo and AC needs to be replaced.

Now I have several questions,

1. I want to negotiate with Ocwen for a discount on the payoff. In that way, I would not buy it exceeding the market value. But I don't know how to do this. Is there anybody knows about Ocwen, their regulation and how to do this?

2. I talked to an attorney, I was told I was the owner of the condo after I got the Deed. I haven't got the Deed yet. Is there anything I need to do to secure myself as the owner? Somebody told me to let the owner sign a quit claim deed, what is that for?

Hi,

I am in the same circumstances in Georgia. Bought a house at an auction requested by a junior lien holder. There is a first mortgage and (and other liens) on the house. Would you please tell us what you end up doing?

0 Votes

@Nandy B.

I paid 13K for a house at a tax sale auction.

Put 3K of legal work

Sold it for 40K as it was

I have done a couple of other deals like that.

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Originally posted by @Wil Reichard:

I also have had lots of luck using the tax list. People who are delinquent on taxes. Try the county assessor for this list. Hope this helps!

I had very good results with delinquent tax lists of properties that were so late that they were put in the Tax Sale List.

You can find those at https://investum-data.com

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@Brian Crowe

Yes that’s the site https://investum-data.com and I Just tried it and it was working.

Would you try again?

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@Teri Lurie

In Georgia you can sale it and sign a quit claim deed. The only thing you have to be aware of

Is that the owner still has the right to redeem it.

My advice would be that you do mention on the quit claim deed that the owner still has the right to redeem according to law.

1 Vote

@Erin Elam A .DAT file is by definition, a non standard file format.

It might be posible that the file matches the more standard definition of a ,CSV file or that of a .txt file.

My suggestion would be to rename the file so that it ends en .CSV and try to open it with Excel. If that does not work, rename it to end in .TXT and try to read it with notepad.

If all that fails, or to get extremely delinquent tax lists, you can try https://investum-data.com

2 Votes

Originally posted by @Gabriel Medina:

So I found a property that peaks my interest online and while reading the description I see “Property is being sold as is and will be sold with a QUIT CLAIM DEED ..title needs to be quieted”. I sent and email asking for the reason to the quit claim and his response was “The house was originally purchased at the tax sale which is why it needs to be quieted”. Can anyone give me a little clarification and advice on how to peruse this deal?

Help me BP1 Kenobi your my only hope

Thanks a bunch

A tax sale "clouds" or taints the title chain and as a result of that "cloud" title insurance companies will not insure a property bought at a tax sale unless the title is "quieted". The title is "quieted" through the courts and is a process that certifies that the tax sale was done according to law and that the former owner was given the chance to recoup their property as per the laws of the state. Quieting the title removes the cloud and the property can be sold.

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Originally posted by @Irina Belkofer:

Originally posted by @Ed Tamayo:

@James Wise

If PM company keeping late fees is not acceptable for you, you’re free to find the one which is not. In some areas it’s not the case - you read your PM agreement and try to negotiate. If market is 99% onto something, why would any PM do this job for free?

Correct. If somebody were to propose something like that to me. I would move on or find a way to avoid an arrangement like that. As a landlord, I rather collect rent and not impose and collect fees from the renter. A PM that collect the fees will have an incentive to collect a fee and there will be an open door for a conflict of interest between me as a landlord and the PM.

3 Votes

@James Wise

Property managers keeping the late fees would be unacceptable to me as that would expose me to having unhappy renters being charged fees for the benefit of the management company.

I have seen this happening in a HOA. I had a house that I rented and it turned out that the management company for the HOA set the fees, imposed them and got to keep the monies and to top it all, they would not report that income to the HOA. I found out about this as I was selling that house but had I kept it I would have run for the board to restore some sense.

The business model of the management company should not include keeping the fees they impose because people tend to do what benefits them.

1 Vote

All Forum Posts by: Ed Tamayo

Ed Tamayo has started 14 posts and replied 157 times.

Post: Finding Property Sold at Tax Auctions??

Post: Bought a second lien...

Post: What is the cheapest house you ve ever bought?

Post: Listsource/other ways to find off-market leads

Post: List source alternative for South Carolina

Post: Tax Deed Sale Redemption

Post: HELP??!! FTP file for Tax Delinquent list - ID10T error alert

Post: Deep dive into deeds

Post: Property manager pocketing late fees

Post: Property manager pocketing late fees