FL Foreclosure--finality Of It.
There is a house that I want to bid on coming up for auction. I have read that in FL there is no redemption period after the sale, but then I have followed several past sales that got overturned. I would imagine the owners filed last min bk or something. I was wondering if someone who knows like Jaxbargain could comment on the reasons sales get overturned? And secondly, do you get back all the money you pay to the court such as the clerk fees of 1.5% or is that just lost? How long is the $ tied up?
I’m not sure I understand the question. Do you feel this company somehow cheated you when you bought your home? If so, is that why you haven’t been making your payments? Regardless, you should probably contact a lawyer.
There are some factors missing in your formula. Does the house need repairs?
How many days does the same houses sit on the market?
Normal type deal:
ARV: $500,000
70%:350,000
-assignment fee: $23,000
- repairs: 10% or or $50,000.
-realtor fees: 6% or $30,000
-mortgage and upkeep: 5% or $25,000
-Misc. 2% or $10,000.
-selling expenses: 6% or $30,000.
________________________________
your highest asking price: $182,000 or you could use some of the profit to absorb some of the expenses.
Depending on the investor they may want a clear profit, after all reasonable expenses, of at least $75,000 after all is paid.
Or $257,000 could be your highest asking price.
So you have two price ranges to evaluate your deal.
Between $182,000 and $257,000 is the actual as-is value. Less risk to High risk. Your investor may want the deal for a total of $257,000, so your highest asking price should be at or around $224,000.
Oh yeah,
wholesaling is buying or selling at a substantial discount.
assigning is just swapping paper.
thank you for all your responses.
tjc
thank you for your help.
tc
As I recall Nolo Press, and intuit lawyer have software or templates that can be used. There are a couple firms that will sell editable/fill-able PDF forms.
The biggie about the pre-foreclosure in CA is the additional disclaimers that are required by law.
Are they are direct w/ the lender, that is a major home run as opposed to waiting until the property is placed with a broker.
The business is a Consolidated Loan Company
can you afford both the deals?
if you want an easy flip, then youu might go w/ the rented one and not deal w/ all the stuff that happened to the other.
Whoever you have a relationship with and and close on best terms is who I would go with.
in my opinion you should make on offer on the one that you have the largest margin.....well on second thought perhaps the one with the blue curtains and the fenced yard!