All Forum Posts by: Wayne Brooks

Welcome Jason. What part of Fl, I'm in palm beach county.

Jerry,

I'm in palm beach county and bid forecloures/tax deed auctions. Tax Certificates have never interested me, low yields, no advantage to aquiring the property, etc. Am I missing something?

But, more on topic, there is a wealth of info. and a lot of searches you can do with Full MLS access, that you won't get anywhere else.

I've never heard that either. In Florida, EVEN as a licensed agent, AND as a Realtor member (Local and nat'l) I can NOT join the local MLS unless my broker also belongs to that specific MLS (we have 4 MLS's in Dade, Broward and Palm Beach counties).

Michael, you may have to pay an "application fee" because your lender is actually going to do some work. In addition to your credit report, they will verify your income, verify your employment, expenses, other debts,etc. They will do the full underwriting on YOU, same as if you have a property under contract. In a typical "prequalification letter" they pull your credit report, and "take your word" for the rest.

No, not all REO's are cash. But, what JON is saying is that an all cash offer, quick close, looks more likely to close to the bank/seller than one with a financing contingency. But, no inspection would help, and get a pre-approval(not prequalified) subject ONLY to appraisal/clear title. This may, or may not, cost you a few hundred bucks to get actually approved.

@J Scott,
I thought it used to be that way. But I looked at an auction about a week ago, here in Fl, and it specifically said something like "any liens not wiped out by the foreclosure auction would remain". This was a "first look" auction. Some properties hadn't even been to the foreclosure auction yet. They had a disclaimer that if bank didn't get it back at foreclosure auction, the Aucyion.com auction would be canceled. I found it interesting because that means they were bypassing the traditional REO Listing, and going straight to Auction.com auction.
By the way, Thank You for all the great info/forms you've posted at 123flip.com. You're definitely doing it right.

Usually, to win-you have to pay too much! Reserves are quite high (not that irrelevant starting bid).
Be careful, clear title is not guaranteed. Their language says "any lien not wiped out by the foreclosure, stays with property" ie. property taxes, code violations, etc.

No license require-you're a wholesaler!!!!!!!
You buy/sell/assign for Yourself.
You only need a license if you want to collect a fee/commission to help
Someone Else buy/sell/rent.

@ Beth
Sorry, forgot. Previous posters right, go to the broker and express your concerns. The broker should want to fix the problem.
Also, what types of mistakes?