All Forum Posts by: Wayne Brooks

Correct  

@Alex Goldenshtein

It depends…..

-is it a mtg foreclosure, and is it a 1st or 2nd mtg foreclosing?

-is it a Property Tax foreclosure?

Each have their own laws and resulting consequences. 

@Lisa Sluss  No, there are no extra costs to tou, just an extra document or two….doesn’t affect you at all. 

@Daniel Loane “Closing cost” should be better defined but it definitively won’t include any lender related fees.  

@Wencheur Antoin Nope, that’s 5 units. 

#1 sounds like a lender specific overlay. 
#2 sounds reasonable/legitimate

The “2 addresses” is not an issue….it only matters that they are both on one parcel/tax id no. As long  as the current zoning allows 4 units, it should qualify. 

@Neil Bacon You’ll Net the most, and sell quicker, if you just get it on the mls with an agent. You’ll be expised to at least 10 times the number of Real investors/flippers. 

@Nicholas J Mancini Yes, it can be a personally owned property, no need for it to be in an LLC.

There are strict steps to follow though. You must use a Qualified Intermediary (QI).

@Dave Foster is a knowledgeable one, has a good published book on it and can guide you through it. 

@Telle Cherish

So you know, no matter what you see or read on the internet….a POF is for a Cash purchae, not a finaned one and (a "soft" POF is just a BS made up term) is Proof that You already have the cash in an account in Your name already….period.
Anything else (private lenders, etc) is a Financed offer, not a Cash offer.