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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Need some TKO advice Posted by John Chan on June 03, 2003 at 5:03 PM Ward, Need some advice, can you help? 1. In your experience, what do you think novice/exprience investors are willing to auction up to? I think you mentioned 70% is tops. But with the market as Hot as it is in S. California, do you and have you see bidders bidding up to 80% of market value? I live in an area where houses sell within 1-2wk. 2. I am planning to offer to the auction winner/or if no bidders to the trustee owner a home purchase offer the following same day. But my main concern is who is responsible for getting the live in home owner out of the house? And what about back taxes, mechanic liens, adstracts of judgements? I don't mind some of the hassles like paying off back taxes as part of the deal but not when it involves evicting? I don't have a clue other than hearing stories of hiring lawyers, serving papers with the sheriff and etc.. What do you recommend I offer and with what contingency clauses if any? 3. This is one of those auctions where 1st TD has a balance of 280K, 2nd TD has a balance of 130K and hosue is worth 500K. So if you say most investors will invest up to 70% which is approx 350K, then I plan to offer a quick 400K and seller can profit 50K in 3-4wks(loan processing time). But if I was the investor, I will wait 3 months and makeout 150K less rehab, interim mortgages and etc.. This is for my primary residence and I am simply trying to purchase a less than market price home to cushion myself from the real estate bust, while gaining more home for the price I will have paid if I bought now a 400K home (I short change myself about 1000 sq/ft). Can you send some TKO advice? Thanks a million? Follow Ups: OK, let's take a look Ward-CA- 6:32 PM, 06/04/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Ward, : Need some advice, can you help? : 1. In your experience, what do you think novice/exprience investors are willing to auction up to? I think you mentioned 70% is tops. But with the market as Hot as it is in S. California, do you and have you see bidders bidding up to 80% of market value? I live in an area where houses sell within 1-2wk. : 2. I am planning to offer to the auction winner/or if no bidders to the trustee owner a home purchase offer the following same day. But my main concern is who is responsible for getting the live in home owner out of the house? And what about back taxes, mechanic liens, adstracts of judgements? I don't mind some of the hassles like paying off back taxes as part of the deal but not when it involves evicting? I don't have a clue other than hearing stories of hiring lawyers, serving papers with the sheriff and etc.. What do you recommend I offer and with what contingency clauses if any? : 3. This is one of those auctions where 1st TD has a balance of 280K, 2nd TD has a balance of 130K and hosue is worth 500K. So if you say most investors will invest up to 70% which is approx 350K, then I plan to offer a quick 400K and seller can profit 50K in 3-4wks(loan processing time). But if I was the investor, I will wait 3 months and makeout 150K less rehab, interim mortgages and etc.. : This is for my primary residence and I am simply trying to purchase a less than market price home to cushion myself from the real estate bust, while gaining more home for the price I will have paid if I bought now a 400K home (I short change myself about 1000 sq/ft). : Can you send some TKO advice? Thanks a million? Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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