Posted by JoeS on March 19, 2002 at 12:43:14:
Hopefully, but not guaranteed! I always tell my students to “order a new abstract if necessary, and a Title Policy BEFORE you close!” There will be a fee, and well worth it. Your contract to purchase should have the following; “this offer contingent upon the BUYER receiving a Title Policy showing good and marketable Title, free and clear of all liens and encumberances” Uasally a bank will not pay for an update, but you need to get one done BEFORE you close. Hope this helps.
Bank Accepted my Offer!!! - Posted by Mich_Mike
Posted by Mich_Mike on March 19, 2002 at 10:41:31:
Well, I have been at it for 5 months now. I finally got a deal and I am scared to DEATH!!!
This is a post-sherriff sale, deal with the bank type deal:
Money to Seller for Deed - 1,500
Payoff to Bank - 61,600
Repairs - 20,000
Of course, since this is my first deal, the repairs are my best guess. I truly hope that I am not underestimating them. My sister is putting up the money to the lender, so there will be no payments while fixing her up. I am going to put up the money to rehab and pay off the seller.
I believe that my sister and I will both pocket 10K minimum from this deal. That is barring any unforeseen costs (of which I am sure there are many that I missed).
I am proud of myself for dealing with the bank and the seller to get the price down (original asking was 97K).
My sincere and heartfelt thanks go out to everyone on this board. You have been like a shining light for me, keeping me focused and on track when the shadows of self doubt crawled up on me.
Sorry for the long post. I had a short term goal of getting a deal prior to the convention. Now I will have something to talk about in Atlanta.
Wish me luck!!
Please tell me… - Posted by Ben (NJ)
Posted by Ben (NJ) on March 19, 2002 at 10:54:04:
you checked for any outstanding property taxes/tax liens. As a large buyer of tax liens, I can’t tell you how many times I have surprised a sheriff sale buyer with my intention to foreclose letter based on unpaid
taxes which were NOT extinguished by the sheriff’s sale. It sounds like a mere $ 20,000 oversight like this could wipe out your profits.
tax liens? - Posted by John
Posted by John on March 19, 2002 at 15:09:02:
Where do I find out how to buy tax liens??
Re: Please tell me… - Posted by Mich_Mike
Posted by Mich_Mike on March 19, 2002 at 11:00:40:
The bank paid the back taxes when they bought the mortgage at Sherriff sale. Won’t a title search show tax liens?
“The 16% Solution”… - Posted by Ben (NJ)
Posted by Ben (NJ) on March 19, 2002 at 15:30:28:
by Joel Moskowitz is the premiere book on the industry.
Also check out taxsales.com, taxlien.com and John Beck’s materials.