The property is the collateral regardless of who is on the deed. No pay, no stay & both parties will be listed on the foreclosure case. Speak to an attorney about your rights & the lender's rights.... more
If you are referring to Jasmine Park, the HOA dues have been 'temporarily' suspended during pending litigation, but are expected to continue in the future. If you are interested in these units, I would suggest you call the listing agent's office and ask for the phone number of the lawyer who is handling the case. If you decide to purchase, I would recommend you hire a home inspector who can test for mold and asbestos.... more
You should consult with your attorney if you should make the scheduled payment (s) or bring the past due ones current. He will need to order the pay-off amount a few days before closing. The point to keep in mind, payments are not considered late until 30-days past due...unfortunately these late payments will go on your credit history.
I would encourage you to speak with your attorney and your lender.
Best of luck and congratulations on your home sale.
David Jaffe-SRES, CDPE
Realtor-Coldwell Banker... more
I'm not sure about Pensacola, but here in Tulsa, Oklahoma those properties are listed on the County Tax Assessor's website. I would suggest checking the Tax Assessors website for the county you are interested in.... more
I do a lot of foreclosure, college kid purchase deals. You are on the right track, buy something as a second home so you can write it off on your taxes, then rent out to others to get a good roi. Once your daugher is done with college, you can continue to rent it out and make money, or you should do a 10-31 exchange so you don't have to pay Uncle Sam all your profit.
Also, rent is cheaper than dorm rooms!!
I would advise you however not just to look for foreclosures as there are many good deals on the mkt now, rates are cheap, and most people thing foreclosures are a steal, they are not always, so don't limit your options.
I don't work in Pensacola, but know many good, trustworth agents there I can recomment. THIS is an important step in your life, don't do it without professional assistance.... more
Foreclosure reality check.... Seasoned investors who buy foreclosures know the REO manager at the bank and get "off market" deals. They never have to bid or find a place to learn what's available.
FOR ALL OTHERS: The only "sellers market" in america is the foreclosure market. Don't expect any deals from a foreclosure as the bidding process brings 20-30 people to bid on almost every deal. A deal that was already priced at market.
It's easier to get a deal by going to a realtor, asking them to find the oldest property on the market and start dropping discounted offers. In addition, you won't have to wait 30-60 days to hear an answer.... more
Hi Scott: I am a real estate investor and have asked myself this question many times. In my experience, you really just need to research each and every property. Many times, when you read the MLS listing information, the realtor that is representing the seller will write comments such as, "motivated seller" or "bring all offers." Comments such as these often times mean that the sellers are desperate and willing to "give away their real estate properties." You may also want to hire a real estate professional to represent you so that you can stay abreast of the current market and specifically all of the clients that the real estate professional knows and with whom he/she does business. This way, you will most likely be the first person to have contact with the distressed seller. If you would like our firm, Palace Properties International, to assist you in finding a local real estate expert, please feel free to contact us and we would be happy to do so for you. Best,
Mark Palace, CEO/Founder
Palace Properties International, Inc.