All Forum Posts by: Wayne Brooks

Florida just passed a new law to quickly deal with squatters, using the police to remove them……Actual squatters who just illegally move in, not holdover non paying tenants who some people like to call squatters.

Looks like 2 units total is the cap. I didn’t read your links.

Well, whenever you sign a purchase agreement, you are “now in escrow”….just sounds like a semantics thing. If you want to do a 1031 exchange you want have as much time as you can get before “closing” to start finding your replacement property, and hopefully have it under contract.

You’ll a Qualified Intermediary like @Dave Foster to handle the 1031 part, he can chime in with suggestions.

@Evan Gater
1-no,surplus does not go to the hoa debt…it only goes to 1) any debts junior to the debt foreclosing or 2) the owner

2-yes, the first can be paid off up until the 1st foreclosure auction. It could take a month to get them paid off.

3-no, you are a “debtor in possession” and by law they must give a pay off, and accept it.

4- no. You can guess at it. The foreclosure file may show when the last payment was made, but it was at least 120 days before the filing. You then estimate accrued interest, add some more for fees, a few thousand for foreclosure fees, a few thousand for force placed insurance,check to see if the lender paid taxes, etc.

5- the hoa fees can be hard to estimate also. There doesn’t have to be a lien filed, but if it is, it should detail when the non payment started. Then, the same as for the first….total amount of hoa fees owed, a few thousand for attorney fees.

Understand that very few of these will have any equity and if there is, the pros that analyze and bid at these auctions Every Day, know how to do the math too. There is no strategy they don’t already know.

@Morgan Chan If the 1st mtg holder signed a subordination agreement to the second lien holder (not common but it does happen) and the second lien holder forecloses….then yes, the “former” first lien holder gets wiped. I would read the Actual subordination agreement online myself though. The property taxes stay with the property and neither lender would be responsible for them, the new owner would.

No, you just have to move in within 60 days of purchase and occupy for at least a year. 

@Kasim Rashid This “title search” doesn’t really tell you anything important.

The only documents pertaining to this property are 2 assignments of A mortgage, this year. It doesn’t even show the mtg foreclosure being filed.

It doesn’t even show When this mortgage was originated, or any other mtgs that may have been recorded, before or after the mtg being foreclosed on.

This is Not a complete title search, by any means.

As mentioned by @Tom Gimer, this property could have been Quit Claimed to the names searched recently, and the foreclosure is for a mtg obtained by the previous owner, with who knows how many liens/mtgs they may have had against them. Since the foreclosure, along with no recorded mtgs showed up supposedly by searching their names, I suspect this may be the case.

@Amelia Gull @Dave Foster can answer about any non arms length issues…he’s our expert.

@Paul Scavello The trucking companies will know where the sources for fill are, Allied trucking is one of the larger ones there.

Dickerson in Fort Pierce is one of the largest site contractors there, and own pits. Most decent sized site contractors will be bidding from the same sources. Lots of sand and shellrock there.

The location of the fill is the most critical to price, the trucking will likely cost more than the fill.