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boomer
ParticipantIf it is the 1st taking this to sale, the second has the option of either bringing the 1st current, or being completely wiped off – unless the amount of the bid on the 1st leaves $ left over after fully paying off the 1st, that money would spill down to the second. You would still owe property taxes and HOA, and IRS liens may be a problem. Judgements and mechanics liens would be wiped off as well if they were recorded after the 1st.
What’s interesting to me in this case is the speed in which the process took place. I was under the impression that they were not filing NODs for a average of 8 months after payments stopped. Add 3 months under NOD and 3 weeks under NTS and you are pretty close to a year. Was this a private/small bank lender?
ParticipantIf it is the 1st taking this to sale, the second has the option of either bringing the 1st current, or being completely wiped off – unless the amount of the bid on the 1st leaves $ left over after fully paying off the 1st, that money would spill down to the second. You would still owe property taxes and HOA, and IRS liens may be a problem. Judgements and mechanics liens would be wiped off as well if they were recorded after the 1st.
What’s interesting to me in this case is the speed in which the process took place. I was under the impression that they were not filing NODs for a average of 8 months after payments stopped. Add 3 months under NOD and 3 weeks under NTS and you are pretty close to a year. Was this a private/small bank lender?
ParticipantIf it is the 1st taking this to sale, the second has the option of either bringing the 1st current, or being completely wiped off – unless the amount of the bid on the 1st leaves $ left over after fully paying off the 1st, that money would spill down to the second. You would still owe property taxes and HOA, and IRS liens may be a problem. Judgements and mechanics liens would be wiped off as well if they were recorded after the 1st.
What’s interesting to me in this case is the speed in which the process took place. I was under the impression that they were not filing NODs for a average of 8 months after payments stopped. Add 3 months under NOD and 3 weeks under NTS and you are pretty close to a year. Was this a private/small bank lender?
ParticipantIf it is the 1st taking this to sale, the second has the option of either bringing the 1st current, or being completely wiped off – unless the amount of the bid on the 1st leaves $ left over after fully paying off the 1st, that money would spill down to the second. You would still owe property taxes and HOA, and IRS liens may be a problem. Judgements and mechanics liens would be wiped off as well if they were recorded after the 1st.
What’s interesting to me in this case is the speed in which the process took place. I was under the impression that they were not filing NODs for a average of 8 months after payments stopped. Add 3 months under NOD and 3 weeks under NTS and you are pretty close to a year. Was this a private/small bank lender?
ParticipantI stand corrected jpinpb, it was some surfer dude that bought it. I think it is great that he was able to make some $ with this deal. Although I doubt that he made a ton after holding/closing costs.
I agree you probably can’t build condo’s on this lot, although some areas allow 2 units on a lot like this. But they could build a giant house like the one next door.
Property taxes = purchase price * %1.25?
ParticipantI stand corrected jpinpb, it was some surfer dude that bought it. I think it is great that he was able to make some $ with this deal. Although I doubt that he made a ton after holding/closing costs.
I agree you probably can’t build condo’s on this lot, although some areas allow 2 units on a lot like this. But they could build a giant house like the one next door.
Property taxes = purchase price * %1.25?
ParticipantI stand corrected jpinpb, it was some surfer dude that bought it. I think it is great that he was able to make some $ with this deal. Although I doubt that he made a ton after holding/closing costs.
I agree you probably can’t build condo’s on this lot, although some areas allow 2 units on a lot like this. But they could build a giant house like the one next door.
Property taxes = purchase price * %1.25?
ParticipantI stand corrected jpinpb, it was some surfer dude that bought it. I think it is great that he was able to make some $ with this deal. Although I doubt that he made a ton after holding/closing costs.
I agree you probably can’t build condo’s on this lot, although some areas allow 2 units on a lot like this. But they could build a giant house like the one next door.
Property taxes = purchase price * %1.25?
ParticipantI stand corrected jpinpb, it was some surfer dude that bought it. I think it is great that he was able to make some $ with this deal. Although I doubt that he made a ton after holding/closing costs.
I agree you probably can’t build condo’s on this lot, although some areas allow 2 units on a lot like this. But they could build a giant house like the one next door.
Property taxes = purchase price * %1.25?
ParticipantDon’t forget $700 per month in property taxes. That house is crap. I think it was a couple of agents that bought it last June. They have to be thrilled they dumped it. It was an out of town agent that sold it, probably an out of town buyer as well. I wouldn’t be surprised if they are planning to scrape it and build. There is a giant house next door.
ParticipantDon’t forget $700 per month in property taxes. That house is crap. I think it was a couple of agents that bought it last June. They have to be thrilled they dumped it. It was an out of town agent that sold it, probably an out of town buyer as well. I wouldn’t be surprised if they are planning to scrape it and build. There is a giant house next door.
ParticipantDon’t forget $700 per month in property taxes. That house is crap. I think it was a couple of agents that bought it last June. They have to be thrilled they dumped it. It was an out of town agent that sold it, probably an out of town buyer as well. I wouldn’t be surprised if they are planning to scrape it and build. There is a giant house next door.
ParticipantDon’t forget $700 per month in property taxes. That house is crap. I think it was a couple of agents that bought it last June. They have to be thrilled they dumped it. It was an out of town agent that sold it, probably an out of town buyer as well. I wouldn’t be surprised if they are planning to scrape it and build. There is a giant house next door.
ParticipantDon’t forget $700 per month in property taxes. That house is crap. I think it was a couple of agents that bought it last June. They have to be thrilled they dumped it. It was an out of town agent that sold it, probably an out of town buyer as well. I wouldn’t be surprised if they are planning to scrape it and build. There is a giant house next door.
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