1. Home
  2. ⏣ General Metalworking
  3. Real estate auctions
  4. Page 2

Real estate auctions

I know. That's what surprises me. You've always impressed me as the sort of person that plans three or more moves ahead. Given all of the issues forclosures have had with clear title litigation, I'd want to be sure I knew the rules of the game. Some aren't either obvious or intuitive. A real estate firm could quickly and clearly tell you the pitfalls of this sort of purchase. A foreclosure out of a synthetic CDO or CDO squared could prove problematic down the road and a good real estate attorney could cut that off at the pass. Do you intend on purchasing title insurance? That would tell you the entire story.

Reply to
John R. Carroll
Loading thread data ...

5/5/2007
Reply to
Ignoramus4979

As part of the auction contract, seller is supposed to give me clear and insured title. I did read that much.

i
Reply to
Ignoramus4979

That ought to be enough. It would be for me but I still consider professional advice to be cheap insurance. That's all I was saying. That and you have always seemed to be an extremely methodical and pragmatic person. I haven't changed my opinion. You have once again recognized value and excercised your carefully built position to take advantage of it.

Reply to
John R. Carroll

John - any suggestions for identifying a good real estate lawyer?

Hul

John R. Carroll wrote:

Reply to
dbr

Howcome people these days don't bother to tech their kids to NOT EAT THE PAINT OFF THE WALLS!!!!?

Thanks, Rich

Reply to
Rich Grise

How much? It's freaking GORGEOUS!!!!

Maybe you should call the "This Old House" people and actually get paid to let them film their own crews upgrading it! ;-D

Cheers! Rich

Reply to
Rich Grise

Thanks, I also talked to my attorney relative. She said that lead paint is no biggie, just have the buyer or renter sign a disclosure.

i
Reply to
Ignoramus4979

If it was one of those no-questions feed-the-bubble mortgages, you might have issues that weren't disclosed.

Good Luck! Rich

Reply to
Rich Grise

The escrow companies usually know who is who in their geographic area. I'd stay away from realtor's unless you know them personally.

Reply to
John R. Carroll

The problems are not kids eating walls...

One area is window sills, they are usually cool and are just at the right height for a teething child.

Second is chips and dust that get on things that kids put in their mouths, like hands, toys and so on.

The third factor is that lead salts are sweet, so children will seek out painted mouldings once they discover that these are pleasant things to taste.

Reply to
Stuart Wheaton

Somehow, I think that you should not be on top of the list of people giving advice on what substances not to consume!

Reply to
Ignoramus4979

Best regards, Spehro Pefhany

Reply to
Spehro Pefhany

Nice deal. Neighborhood looks like a safe bet too. How many different ones did you bid on before you snagged that deal?

Best regards, Spehro Pefhany

Reply to
Spehro Pefhany

This is in my one-zipcode town (Lisle, IL), it is a very low crime area. The burglars here are visitors from other towns, no murders etc. This house is located near the center of Lisle, in walking distance from the train station, which is nice for commuters.

I stayed away from real estate until now. I throught it was a bad scene. Right now, I expect a modest rise in inflation, and hence wanted to buy some real estate. This was the ideal opportunity, since it is close to my house and is on the way to work. I looked at a lot of properties sold via agents, and did not see really good deals. This house is a distress situation, like I am used to in industrial equipment, and fits my nature better.

This was actually the first RE auction that I ever participated.

I think that a lot of house flippers got burned 2-3 years ago, and so this is a market with not too much competition. Plus, most people expect prices to go down, which makes it a perfect time to buy, in my eyes.

The house itself, as far as I could tell with my inexperienced eye, needs some cosmetic repairs, but is sound structurally and is dry.

i
Reply to
Ignoramus4979

An appraisal uses a couple of different methods which can be averaged to find the price. One is just math, which must account for inflation. The other is to use "comparables" which are similar properties in the same area. If the others are over-priced then so is this one, but it's not a lie. It's just the outcome of using a standard old method.

As long as you get your own title search.

Reply to
Tom Del Rosso

Good long term investment, sounds like you did everything right. The most important thing is you are comfortable with the deal. I have a feeling your investment will outperform the stock market for some time to come. Here in vegas there a lot of houses being bought up by investors that are renting them out as oposed to the flippers we had back in 06-07. The nice thing is your property is unlikley to drop to 0 value like some stocks did during the recent crash. Good luck.

Best Regards Tom.

Reply to
azotic

Looks like a good retreat for you, big shop in the garage, server farm and media room in the house, pistol range in the basement...

Reply to
Pete C.

Do not tell me about it!!!

There is two buildings on the property besides the house: the garage itself, and an old small outbuilding.

I could shore it up and use as my storage, while renting out the house and the garage.

i
Reply to
Ignoramus4979

Thanks. I was gung ho on stocks until a month ago, but not as much any more, due to almost a 2x runup in stock prices. I agree with your assessment than an advantageous real estate purchase would outperform stocks in general.

I will keep my eyes open for another one.

How is the mill conversion going?

i
Reply to
Ignoramus4979

PolyTech Forum website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.