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Hardcore Eviction Crew


Parlett316

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I purchased a foreclosed house and after a few months, got the chance to enter my new home.

The mess was amazing, the smell even worse. I cannot, in text, tell you how terrible it was walking in that house for the first time.

Fortunately we live in a society that I can broadcast the images of the house to you via internet superhighway digitally.

Enjoy.

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I have always been curious about foreclosures and how that worked. Did you get an amazing deal? What's the deal with all of that stuff? Is it yours to toss or pillage? Any worries about the original owners coming back for stuff?

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It is a shame you don't live in NC. I am part owner of a flooring store and would love to give you a good deal on the material. Anyway, PM me when you get ready to put down flooring(carpet, vinyl, ceramic)and I'll at least be able to tell you if you're getting a good deal or not if you're interested. Congrats and good luck.....

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i used to work for a construction/renovation company in richmond. my boss would buy houses that looked like this all the time and me and a couple friends would always get stuck cleaning them up. though for the most part it sucked, occassionally we would score some pretty cool stuff. the list included:over $80 in change at one house, numerous bongs, porn, old baseball cards,original nintendo and games, classic rock records, etc.

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Wow, I unfortunately know how much of a ***** that will be to clean up.

I spent a summer on a "painting crew". Well, it turned out to be cleaning up the damn places before painting too. I've seen houses exactly like that and we had to clean the whole damn place out. You may be amazed what you find!

Good luck getting it together....I hope it turns out to be worth it!

EDIT: Funny, jwpanic....it was amazing how many bongs and old porn we found!!

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I have always been curious about foreclosures and how that worked. Did you get an amazing deal? What's the deal with all of that stuff? Is it yours to toss or pillage? Any worries about the original owners coming back for stuff?

The deal was pretty good, I basically lucked out at the auction. I had good information on the house, not CIA level info but enough.

The original owners took what they wanted and left the **** they didn't want. If they want to get sue happy and sue me, I have four witnesses saying that they were going to take their stuff and whatever they left is mine to do with as I saw fit.

To answer how to buy a foreclosure, this is what I did. Remember i'm in Maryland so your milage may vary, always check county laws.

In my county newspaper they list real estate auctions, it gives the address and the deposit you need at the auction. Find the house you like and then venture to the courthouse on the day of the auction. The auction takes place outside on the steps.

When you win the auction, a judge has to ratify the auction legally. After that you can settle with whatever firm is holding the house.

Also, everyday after you won the auction, you are getting billed with the unpaid interest on the house, I ended up oweing $32 a day and didn't know until settlement, that was a kick in the ass.

If I could do it over again, I probably would have gotten a real estate lawyer to help me out.

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Parlett, good buy. It must have been a real pain to get that house cleaned out, but looks like a good potential rental property. Is this the first home you've bought or first auction house? I've been following the auction market, in Maryland Mont co., for over a year and it's tough to win a house with a realistic bid. It may be different in PG?

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I've been following the auction market, in Maryland Mont co., for over a year and it's tough to win a house with a realistic bid. It may be different in PG?

What do you mean by "realistic bid"? Aren't foreclosures cheaper?

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What do you mean by "realistic bid"? Aren't foreclosures cheaper?

Well, you're bidding against other people. If you don't do your homework on the house you could potentially pay more than it's actually worth. In Parlett's case, he had a h3ll of a time with eviction and clean up. That makes one aspect of the deal costly. There are a lot of other factors to consider also.

I went to a couple of these auctions at the Rockville courthouse to educate myself before jumping in. I witnessed people bidding prices up to market value on a house you can't even look at before buying it. I'm in the industry and have a real good idea as to what's a good deal and what isn't. Personally, I wouldn't buy a house at auction unless I could buy it for under 70% (at least) of it's worth. I know some people have gotten lucky, but it takes a lot of time and energy to gather all the facts on a auction house, and then get lucky against the other bidders.

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Someone mentioned rental property, is that the plan for this place or are you fixing it up to live in yourself?

I don't know if I could buy a place I couldn't see first. Having just bought a house I think that would have been such a huge risk unless you aren't picky about the condition.

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Someone mentioned rental property, is that the plan for this place or are you fixing it up to live in yourself?

I don't know if I could buy a place I couldn't see first. Having just bought a house I think that would have been such a huge risk unless you aren't picky about the condition.

No matter what you do with the property, you have to make sure you don't bid over your preset dollar or % of value limit. And, unfortunately, you cannot inspect the house. You can drive by it or knock on the front door, but that's it. There's a certain amount of risk, that's why I say you need to make sure your winning bid is at least 30% below actual market value. And, you have to pay all the real estate taxes at purchase time.

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No matter what you do with the property, you have to make sure you don't bid over your preset dollar or % of value limit. And, unfortunately, you cannot inspect the house. You can drive by it or knock on the front door, but that's it. There's a certain amount of risk, that's why I say you need to make sure your winning bid is at least 30% below actual market value. And, you have to pay all the real estate taxes at purchase time.

I understand not to bid over the current property value, doing that will give you big problems getting a mortgage. Taxes from the day you put in the bid or taxes the old owner didn't pay? Pretty big risk, from the looks and size of this house, depending on the deal it looks like a good risk.

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It's risky, but at the same time I had good info on the house so that's why I took the risk.

My biggest fear wasn't the mess, it was the squatters pouring cement down the sink and ripping out copper pipes, which thank God they didn't.

I had an appraiser come out but he couldn't do anything without raising red flags so I have to get the rolloff out of the driveway and flooring down, after that i'm looking at the house jumping value by almost 50%. I'm stoked.

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1. Do a check of the courts to ensure there are no 2nd, 3rd, 4th liens, you are responsible if they "Appear"..

2. Companies are willing to take houses to approx. 70-80% of retail because they deal in bulk....

3. Now is a tough time if you only have "just enough" cash as you still have to get the occupants out and get it ready and rent/sell it in a tough market... each month is a payment... + the 10% down payment most charge at the auction.

4. 80% of the houses have been cancelled due to one reason or another... so dont get stuck on just one...

I've done 2 houses and decided to try and go the get with the owner route before foreclosure... its harder... their in total denial, but its worth a try...

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