Comments for REO Properties Listings

Comment on Buy Foreclosure Properties at Auction! by JP

JP — Tue, 02 Mar 2010 07:48:59 +0000

If there was ever a judgment on you, the LLC would protect you under such entity or partnership. That’s about its only advantage, but it is substantial. It could also go the other way, if someone was ever to be hurt on your property, you wouldn’t be personally responsible and it would be the LLC that would be in trouble.

See the book below for more information.
References :
Complete Guide to Real Estate Tax Liens and Foreclosure Deeds: Learn in 7 Days

Comment on Buy Foreclosure Properties at Auction! by Ed Atun

Ed Atun — Tue, 02 Mar 2010 07:46:59 +0000

It is probably a waste of $1,000 for you to form an LLC. Just own the house and sell it when you are ready to flip.

You have to pay capital gains tax to the IRS. There is not much else to worry about. Protect yourself by selling the house "as is" as long as you understand that "as is" does not protect you from charges of fraud. Don’t promise that the AC will last for 10 years unless you personally installed it.
References :

Comment on Buy Foreclosure Properties at Auction! by kemperk

kemperk — Tue, 02 Mar 2010 07:44:59 +0000

do not flip. buy and keep and put into an REIT that you form.

after you get 5 props, put them into the LLC and it into a REIT
References :
RE broker

Comment on Buy Foreclosure Properties at Auction! by nexus851@sbcglobal.net

nexus851@sbcglobal.net — Tue, 02 Mar 2010 02:42:12 +0000

When buying properties from an foreclosure auction, is it better (tax advantage and safer) to form an LLC?
I want to pickup some auction properties for flipping them over, however i want to know if forming an LLC or not would be the best way to go about this.. in terms of tax advantage and liability (if there even would be a concern since im not renting it out)

Comment on Foreclosures Open Up New Market by mamitasbc

mamitasbc — Sun, 28 Feb 2010 10:21:59 +0000

The law varies within states, and you should read at the rental contract, if you did not agree to open the door to strangers or receive phone calls you dont have to do it. If you did not sign anything you are simply being allowed to stay.

Regardless of paperwork or laws… you should talk to him and see how you can help and get advantage of the sale.

- Tell him or the realtor that you will help him sell it for 3% of the sale (without doing any paperwork, just showing the house) and 3 month rental paid to you as indemnization.
- And if they dont like it you wont open the door for anyone.

And if they agree.. make sure they do it in writing by the realtor and the owner.
References :
Real estate advisor.

Comment on Foreclosures Open Up New Market by bdancer222

bdancer222 — Sun, 28 Feb 2010 10:19:59 +0000

It is reasonable for the landlord or his real estate agent to give you 24 hour advance notice before sending people to tour your home. You have the right to turn away away strangers that show up on your door step.

Under no circumstances would I allow one of those real estate lockboxes. This would let anyone come and go when they pleased. There are a lot of keys to those lockboxes floating around.

I strongly suggest that you start cleaning out closets in preparation for a move. If the landlord sells the house, the new owner has to abide by your lease. However, if the mortgage is foreclosed, you may get evicted.
References :

Comment on Foreclosures Open Up New Market by Landlord

Landlord — Sun, 28 Feb 2010 10:17:59 +0000

You can restrict them to normal business hours, that is about it. If you are uncooperative you can not only be evicted but sued for obstructing the sale.
References :

Comment on Foreclosures Open Up New Market by loanmasterone

loanmasterone — Sun, 28 Feb 2010 10:15:59 +0000

There is no simply answer to your question. Both you and your landlord have use common sense and be courtesy to each other in this matter.

Both of you were sensible enough to make a contract to lease and rent the property, the both of you should be able to make this situation work for each other.

In answer to your question I do not know the law in New Mexico about tenant rights.

You can make it difficult for you landlord by making a stink or being difficult for the realtors to show the property.

You can decide to cooperate with the landlord and set limitations on when you are willing to allow the house to be shown.

You might consider a lock box place on your door by the listing realtor. This way they can just go in anytime they have a client. Whom ever come by will knock first before entering thus allowing you little or no time.

The way I solved this problem long ago, I told my landlord I would cooperate if he gave me a break in my monthly rent until the property was sold or I moved which ever came first. He cut my rent in half.

I allowed a realtor to enter provided I was given a half hour notice that someone was coming by. No one was allowed at din din time or before 9AM.

It is really up to you to decide which avenue you will take, the house will be sold with or without your cooperation or help

I hope this will be of some use to you, good luck.

"FIGHT ON"
References :

Comment on Foreclosures Open Up New Market by wartz

wartz — Sun, 28 Feb 2010 10:13:59 +0000

You have the rights you have under the rental agreement. That normally allows the landlord reasonable access to make sure his property is being taken care of. It does not necessarily mean that strangers can come on tours through your home at their convenience. Unless the landlord makes some concessions to you for your inconvenience, don’t open the door for strangers.

If potential buyers are not interested in being landlords, you should insist on being released from any lease without penalty.
References :

Comment on Foreclosures Open Up New Market by frustratedinNM

frustratedinNM — Sun, 28 Feb 2010 05:11:04 +0000

What would be my rights, as a tenant, when house is for sale on open market in New Mexico?
Our landlord has place our house up for sale (which we found out when his realtor knocked on our door to make appt to take pictures.). He was forced to do so to avoid foreclosure (which we found out by another knock at the door when WE were served the foreclosure notice.). The realor has since given my cell number (without my knowledge) for showing appointments. So that anyone wanting to view the home calls me to schedule the appointment. While I was out Christmas shopping, I had forgotten my phone and came home to find a realtor with a perspective buyer wanting to come in and view the home. When confronted about the notice she says she called but there was no answer. DUH! I didn’t have my phone. Anyway, she had only called 30 minutes prior to her arrival and left no message. In the showing situation, do we as tenants under New Mexico law have any rights as to when they can and can’t enter? Do we have any control in this situation? Please help.