"House Going Back to Bank". Next Step? - Posted by BC

Posted by Nike on March 27, 2006 at 12:53:17:

You sort-out these issues beforehand. What elephant? You need to know what your attorney charges to bring a petition action and have an idea how long it will take. You factor this in when determining whether you want to do the deal. How a client pays his attorney is between them–most attorneys will want a retainer. I don’t know what you mean by an lawyer’s lien eating equity. Judges do not frequently dismiss partition actions–why would they? Why would you think judges would bar an action? on what basis? You’re thinking too much.

Maybe it’s common in some areas to use an auction house to sell the property–more likely they will list it with a local real estate agent unless one of the parties has a buyer and all parties agree on price.

“House Going Back to Bank”. Next Step? - Posted by BC

Posted by BC on July 22, 2002 at 14:51:40:

I found a vacant, overgrown house with a real estate agent’s name and number on it. Houses on that block–all cookie-cutter alike–sell for about $100K. I was told that the bank is taking the house back and is asking $145K, which seems pretty delusional. I was also told that the bank has an offer of $125K. I researched the property on dataquick; looks like about $135K is owed on the house. The agent would not tell me which bank is involved.
Do I have a next step?

Yes, move on to a better deal - Posted by Nate(DC)

Posted by Nate(DC) on July 22, 2002 at 16:48:07:


Re: Bank REO`s - Posted by Al - So Cal

Posted by Al - So Cal on July 22, 2002 at 15:00:02:

Go out and find a deal!
Why is there always such a time lag between reality
and what used to be.
Years ago Bank REOs could be a good deal but no longer in most places in a Bull market in Real Estate. The Bankers have learned. They fix-up or list properties at market or hire con- tractors to bring them up to market and list them. For the most part forget REOs and Fixer-uppers as
a pipe dream and concentrate on finding deals.

Re: - Posted by brad

Posted by brad on July 22, 2002 at 14:56:06:

county court house and see who holds the morgage. the agent doesn’t own it. or find you an agent who will work with you on a profit share and get him to put in a bid on it for you. bid low your rejection will tell you who you are dealing with.

Re: Buying HALF A HOUSE - PARTIAL OWNERSHIP - Posted by Redline

Posted by Redline on March 27, 2006 at 16:22:15:

Yah Joe!! Like they said What happens next!

You’ve got 1/2 interest and now it’s let’s make a deal. Tell us your favorite game show moves all the way to payday.

I am looking at one of these now, only issue is I have to pay more than a nominal amount because it’s a tax foreclosure. Joe you know about those here in NJ :wink:


Re: Buying HALF A HOUSE - PARTIAL OWNERSHIP - Posted by Bob Smith

Posted by Bob Smith on March 27, 2006 at 07:12:51:

What’s your exit to get full proportionate retail value for your interest? An investor won’t pay that, so I assume you get the other half owner to buy you out (or buy them out at full value and sell the whole house yourself). What brings them to the table, especially since full value to you isn’t a deal for them? If they’re living in or leasing out the property they’re currently getting full use & enjoyment for half price, a sweet situation they have a big incentive to keep.

How Do You Get An Agent To Work - Posted by Curious

Posted by Curious on July 22, 2002 at 16:16:11:

with you on a profit share to put in a bid for you as you suggested on this thread? Details please?

Thanks for responding.


Buying - Posted by Nike

Posted by Nike on March 27, 2006 at 08:46:36:

If they’re living in the home they must pay the mortgage, taxes, insurance etc. If they’re collecting rent they must share profits. You can bring an partition action and move to sell the property.

Re: Buying - Posted by Bob Smith

Posted by Bob Smith on March 27, 2006 at 12:11:16:

If they’re living there or collecting rent doesn’t mean they’re paying all the costs. Even if they were, I don’t see how that helps you profit. A partition action does, but that seems to be the elephant in the room regarding partial interest transactions. As in, how much and how long? Must the defendant pay their legal fees in cash up front (read: pain leading to settlement) or do they get to defer them until sale (read: lawyer’s lien eats up all the equity)? Is there a guarantee of success, as long as you spend the necessary time and money, or do judges frequently dismiss or bar them? Can I bid at the auction for my own action?