Here's a "Good One" - Posted by Jim

Posted by David Krulac on February 10, 2001 at 18:58:52:

I bought a property at the city tax sale, paid all the money to satisfy ALL taxes, etc. The city takes 7 months to process the tax sale funds. In the mean time 5 months after the city sale, the county holds a tax sale for their taxes on the same property. fortunately I made some frantic phone calls and convinced them to remove it from the sale as I had paid the taxes but the city was slow in processing it to them.
David Krulac

Here’s a “Good One” - Posted by Jim

Posted by Jim on February 09, 2001 at 19:26:08:

I run ads in my local newspaper. I run an ad in the local Pennysaver. I put up “Bandit” signs all over the place. (You get the picture)

I’m driving home the other day and happen to spot a house with a for sale sign in the window. The house is vacant and on the sign it says to contact a realtor of my choice if I’m interested in purchasing! I look closer and see that it is a HUD house!!! Recently Foreclosed on!!!

Today, I come home and find a doorknob hanging type flyer that says:

“GOVERNMENT HOME FOR SALE” and the address is just three doors away right across the street!!!

What am I doing wrong? Why aren’t these people calling on my ads signs whatever??? or do some people just refuse to seek help in those situations and stay hidden away until they’re moved out??



It’s gotta be pride… This one beats ALL - Posted by Brandi_TX

Posted by Brandi_TX on February 12, 2001 at 23:20:41:

My own father - fully knowing what I do - allowed his property to be foreclosed on. Didn’t tell me anout it until it was too late.

If you can’t trust your family…

Sheesh - what must that say about me? LOL!


People are funny… - Posted by David Krulac

Posted by David Krulac on February 10, 2001 at 18:54:20:

particularily people in foreclosure. They’ll wait for a miracle until the sheriff is at the door ushering them out. They often times don’t call on ads or even try to sell the property. If its any conselation to you most of the foreclosed properties that actually go through the sale are overloaded with debt. Upside down as they say. There are a few with some equity but most have zero or negative equity. One I just resently looked at was worth $140,000 tops and had $225,000 of debt and needed $20,000 of work. It real hard to buy that property “subject to” or any other way prior to the foreclosure sale, which will wipe out junior lein holders and bring the asking price out of the upper stratosphere.
David Krulac

Re: Here’s a “Good One” - Posted by Mark

Posted by Mark on February 10, 2001 at 13:38:22:

Jim don’t feel like the lone ranger. I bought a repo and was working on it when the guy next door came over and asked about buying the extra lot next to him.I told I would be glad to sell it.Next time I was there at my house someone told me they had bought in another area in town and had put the house next to me up for sale with a agent listing,I checked and couldn’t find out who had listed it and was waiting for a sign to go up.
Went over there last nite and here is a big ol sign on the door and you guessed it REPO.
I’m like you signs every where AND a sign on the house next door to these people where I’m working that says "FOR RENT OR SALE NO CREDIT NO PROBLEM IBUY HOUSES’
Maybe I need a loud speaker,LOL

Re: Another"Good One" - Posted by BillW.

Posted by BillW. on February 10, 2001 at 24:26:22:

An investor I knew bought a very damaged house from an out of state owner (house was damaged by a hurricane). He proceeded to strart repairs and reached the point where he had the drywall in the house ready to install. He showed up the next morning to start work and the entire house was GONE. Not even a foundation. The city had slated it for demolition through code enforcement some months before. They tried to find the original owner, but could not since he moved. (Investor WAS able to find him.) Investor never knew code enforcement had scheduled this house for demo (forgot to check with code enf.- always do this on old damaged houses!)He was left with a lot and a bill for $6K demo charges. City passed an ordinance exempting themselves from lawsuits as long as they attemped to find owner of record, which they did by mailing a cert. letter to original owner at that house.

Re: No consequences… - Posted by Ed Copp (OH)

Posted by Ed Copp (OH) on February 09, 2001 at 20:27:55:

You see it is not necessary to make house payments. It takes a long time to do a forclosure, and then an eviction. So the occupant can save one or two months payments to pay for the bankruptcy, and then in a short time get another house…no problem, no consequences, just a bunch of free rent.

Then the owner will seldom be held responsible for the cost of selling the property. That sale is laced with government waste, things like don’t allow one person to do the job when we can assign six or seven to just select the outside realtor to get the job done in just 18 short months plus or minus a half of a year. Lots of good jobs would go begging if there were consequences, and the flow of repo houses was slowed down. This is big business, your tax dollars at work.

You can not solve a problem for someone who does not have a problem. A simple forclosure is not really a problem for the owner.

Re: Here’s a “Good One” - Posted by B.L.Renfrow

Posted by B.L.Renfrow on February 09, 2001 at 20:15:43:

Well, imagine my chagrin a couple years ago when the house ACROSS THE STREET from me suddenly became vacant, then sported one of those HUD foreclosure signs!

But you’ve got it right: LOTS of people bury their heads, stay hidden and refuse to seek help.

Brian (NY)

I can beat that . . . - Posted by JoeKaiser

Posted by JoeKaiser on February 09, 2001 at 23:30:30:

Imagine my chagrin when a house we bought last month (and paid $10K to bring current) showed up in the legal notices in yesterday’s paper as going to sale next month on an unpaid sewer lien.

Scary. You’d think the title company would have picked up on that one. No redemption, by the way.


Re: Here’s a “Good One” - Posted by Rob FL

Posted by Rob FL on February 09, 2001 at 21:19:30:

I’ll one up you.

About 5 years ago when I was still trying to figure out what the heck I was doing, the house next door to me went into foreclosure. I called the owner to find out what was up and I found out he had a balloon mortgage that came due and he couldn’t pay. I didn’t understand “subject to” back then so I didn’t know how to help him. Anyway someone else bought it at the foreclosure auction, rehabbed it and made a killing.

Then to top that off 2 years ago, the fellow next door to me (new house) died and his widow is there all alone. She moved in with her kids. I told her that if she ever needed to sell, to let me know because I could help her out. 3 months later low and behold its a Saturday morning and I hear this huge crash outside. I walk out front to see what is going on and someone has dropped a roll out dumpster on the driveway. She sold it to some rehabber without even calling me. Unbelievable!

My eyes and ears are a heck of lot more open because of those 2 experiences. I want to bang my head against the wall when I think of those. Oh well live and learn.