 Today's Sherrif Sale Resu (by Ray-N-Pa [PA]) Feb 7, 2025 12:50 PM
 Today's Sherrif Sale Resu (by plenty [MO]) Feb 7, 2025 2:23 PM
Today's Sherrif Sale Resu (by 6x6 [TN]) Feb 7, 2025 3:00 PM
Today's Sherrif Sale Resu (by Bonanza [NC]) Feb 7, 2025 4:10 PM
Today's Sherrif Sale Resu (by Ken [NY]) Feb 7, 2025 5:56 PM
Today's Sherrif Sale Resu (by MikeA [TX]) Feb 7, 2025 9:42 PM
Today's Sherrif Sale Resu (by Ray-N-Pa [PA]) Feb 9, 2025 5:19 PM
Today's Sherrif Sale Resu (by Ken [NY]) Feb 9, 2025 6:02 PM
Today's Sherrif Sale Resu (by Ray-N-Pa [PA]) Feb 10, 2025 6:48 AM
Today's Sherrif Sale Resu (by Ken [NY]) Feb 10, 2025 7:58 AM
Today's Sherrif Sale Resu (by Robin [WI]) Feb 11, 2025 8:31 AM
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Today's Sherrif Sale Resu (by Ray-N-Pa [PA]) Posted on: Feb 7, 2025 12:50 PM
Message:
Class B neighborhood. House has been vacant at least two or three years - not winterized and hasn't had power in two years. ARV can be between 175-250K depending on the amount you spend on repair cost. Place was locked up tight. I would expect them to be about 60-80K
Owner had died without much of an estate plan in place. Daughter was given the duties to take care of the estate and got hit on a bicycle. The next person in line doesn't know how to handle money very well.
Bank was owed only $15,400 on this place. You would need to catch the taxes and sewer bill up additionally. There is also some abandoned property items like a car that will mean there are legal fees ahead.
Based on the how service occurred and to whom bank cheerfully accepted the what they had owed.....a huge red flag that getting title insurance on this will be hard so this purchase will be made with cash only.........and might also be sold only with cash too.
The sale was at 10AM so its over......but I am interested in - Where would you come in on this?
--173.188.x.xxx |
Today's Sherrif Sale Resu (by plenty [MO]) Posted on: Feb 7, 2025 2:23 PM
Message:
If your willing to do the work, ya pay what it cost --172.59.xxx.xxx |
Today's Sherrif Sale Resu (by 6x6 [TN]) Posted on: Feb 7, 2025 3:00 PM
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Did you buy it? --73.19.xxx.xx |
Today's Sherrif Sale Resu (by Bonanza [NC]) Posted on: Feb 7, 2025 4:10 PM
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It's hard to know your market. Beds? Baths? Sq ft?
Maybe $75K to $100K depending on work I thought it needed.
I know it's easy for me to blow through 60K to $100K in reno costs. I am not the smartest flipper / rehabber in the group. --65.188.xxx.xxx |
Today's Sherrif Sale Resu (by Ken [NY]) Posted on: Feb 7, 2025 5:56 PM
Message:
In my state we can make the bank pay the back taxes and sewer costs as part of the foreclosure.Without getting inside you can get a few clues.I would go to about $50000 but only if i could buy a title policy but here that doesnt seem to be any issue to get a title policy.Too bad you werent able to buy it before the auction from the owners. --143.198.xxx.xx |
Today's Sherrif Sale Resu (by MikeA [TX]) Posted on: Feb 7, 2025 9:42 PM
Message:
If it's sight unseen then I'd plan for $20K to replace mechanicals (HVAC, WH, pex water, gas line, etc). Then I'd plan on another $25-30K for interior fit and finish. I can knock that down if I can see things like kitchen cabinets through the windows. Then $30K for exterior upgrades (paint, roof, landscaping) Then profit, holding costs, and resale costs would add another $30K.
So ARV of $175 - Turnover of $110 (hopefully less if you can knock some things off). So worst case, replacing everything $65K offer but I might go as high as mid point o the ARV which would add another $35ish so maybe up to $100K depending on things like location, and other knowledge that may affect it.
I almost always make way more because I end up salvaging something in the existing items I budgeted to replace but that's the prudent thing to do on sight unseen properties.
I used to do deals like this all the time. The competition has been willing to take less profit and more risk than me lately so I haven't done one in a while.
--209.205.xxx.xx |
Today's Sherrif Sale Resu (by Ray-N-Pa [PA]) Posted on: Feb 9, 2025 5:19 PM
Message:
Well I didn't pick the place up.
My highest and best was about 53,000 since I would have to wait a year to get title insurance and free up my cash. In cases like that I think of an option as a exit path --173.188.x.xxx |
Today's Sherrif Sale Resu (by Ken [NY]) Posted on: Feb 9, 2025 6:02 PM
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Ray, any chance you can make some money on the overage rights? --143.198.xxx.xx |
Today's Sherrif Sale Resu (by Ray-N-Pa [PA]) Posted on: Feb 10, 2025 6:48 AM
Message:
I am not sure how you do that. Please share Ken. --173.188.x.xxx |
Today's Sherrif Sale Resu (by Ken [NY]) Posted on: Feb 10, 2025 7:58 AM
Message:
Ray-If they only owed $15000 and it sold for more than $53000 the bank can only keep $15000 plus expenses,in my state it goes from the referee to the county clerk to be held for the owner.If you were to have the owner assign there rights to you for a $2000 or whatever amount then have your attorney apply for the overage.In the spring of 2023 the supreme court voted 9-0 that a MN county had to give back the overage to an old woman who lost a house for non payment of property taxes which got me looking into it because NY had always kept the excess money and we have a lot of tax sales which are selling for crazy money currently.In NY as long as i know overages on mortgage sales have always gone to the county clerk to be held for the owner,probably because after a certain amount of time the govt claims it --104.131.xx.xxx |
Today's Sherrif Sale Resu (by Robin [WI]) Posted on: Feb 11, 2025 8:31 AM
Message:
Way to stand pat and not overpay!
Around here people are still paying crazy prices for 110-year-old houses that are going to need a rewire, repipe, new drain lines, new water lines, etc. in the next ten years. Rents will never cover it. The challenge is to let them go and not be the bigger fool! --104.230.xxx.xxx |
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