All Forum Posts by: Wayne Brooks

Properties are routinely released from bankruptcy, within 30 days, and then back to auction schedule. Again, I don't buy these HOA foreclosures, but I follow the foreclosures in general.

In florida you wouldn't have to go through normal eviction process, after buying at auction. You can get a Writ of Possession, and have sheriff "evict". 21-days total, no arguing in court.

Then, I'd say it's bedroom #3!
But, the lender on the short slae will be looking for approx. 90% of FMV. Kind of tough to get a real steal, these days, with a short sale. You can get a fair deal, but generally not a great deal. But, I'm negotiating one now where the buyer is doing well because the property is very damaged and has $ 57,000 in code viloations, that he knows he can negotiate down to abiut $7,000.

Was the permit closed out/passed inspection? If so, I see no issue. The permit as "an addition" might explain the bedroom count being off on the county site, but that doesn't explain it not being on the real estate listing. Does it have a window and a closet (a requirement here for it be a "bedroom")? Ask the listing agent.

@gwalden
Care to share "a different strategy" on HOA/COA? I'm in PB county. I've seen some guys buying these because they thought it would put them in a better position to deal with the bank. It doesn't work.

As to have peed off homeowner. More than half of HOA foreclosures are already vacant, from the owners walking away.

Yep,
I do short sales as a realtor and as a 3rd party negotiator. I have one client that had an LP in DEC 2011 and has a summary jud. hearing scheduled. Also, there are quite a few 2012 cases going to auction daily, that are not HOA's.

Tim,
I'm in south S Florida and thisstrategy is very common here, and I assume in Jax. as well. These days it's too competitive and they bid too much for "the right to rent til the bank comes knocking". A couple of clarifications:
--If the mortgage contains an "assignment of rents" (most don't) it WILL apply to you as it applies to the subject proiperty, not the note guarantor. But, I've never seen the bank bother to come after it.
--The back log of foreclosures is not what it used to be. This was due in part to Robo signing, David Stern implosion, etc. Foreclosure cases in Palm Beach county are getting to a Summary Judgement hearing in 8 to 9 months now.
--research recent HOA foreclosure sales there and see the prices. Also, you need look at the underlying mortgage foreclosure case activity. This will give you an idea at what stage the bank foreclosure is in.
--The bank foreclosing does NOT have to notify you, if the foreclosure is already initiated, since there was a Lis Pendin filed, putting you and everyone else on notice, before you bought at HOA foreclosure auction.
Hope this helps

Brandon, Carlos-I'm in palm beach county. I do a little fix and flip and wholesale some. I also work as an agent and short sale negotiator. There are a couple of RE clubs I go to. I do a few houses in Golfview-between the airport and westgate.
We'll talk "off the air".

Lisa,
I think your "guesstimations" are off. $114,000 original balance.
After 2 years 113,000
1 year accrued int.
forced ins/tax approx. 12,000

Total approx. 125,000
Sale price of 110,000 nets the bank approx. $100k