Comments on: Sign of the Times http://www.123flip.com/sign-of-the-times Education for the Serious House Flipper Fri, 10 Feb 2012 04:32:24 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: J Scott http://www.123flip.com/sign-of-the-times/comment-page-1#comment-3119 J Scott Sat, 30 Jan 2010 22:03:50 +0000 http://www.123flip.com/sign-of-the-times#comment-3119 Mark - It's an excellent, excellent point, and I did gloss over it way too quickly... For all you up-and-coming investors out there who are considering jumping into foreclosure auctions, please re-read Mark's comment a couple times...it's VERY important... Mark -

It’s an excellent, excellent point, and I did gloss over it way too quickly…

For all you up-and-coming investors out there who are considering jumping into foreclosure auctions, please re-read Mark’s comment a couple times…it’s VERY important…

]]> By: Mark http://www.123flip.com/sign-of-the-times/comment-page-1#comment-3118 Mark Sat, 30 Jan 2010 12:57:57 +0000 http://www.123flip.com/sign-of-the-times#comment-3118 My point is simply to warn of the dangers to others. Someone like J Scott may head in this direction, analyze it very carefuly and find some great deals, but others may not do all their homework and get burned. We've seen new guys come out to the sale and bid on foreclosure sales on a second mortgages thinking it was the first or buying a property that has multiple code enforcement liens, etc. I've been buying foreclosures for awhile but I'm going to get MLS access. There have been some fantastic deals I've seen lately in the MLS that rival the deals we've seen at the foreclosure sales with much less risk. The problem with the foreclosure sales is that one never knows what is going to get cancelled or sold. In other words, it's a lot of work. I have to make a list every night of the properties coming up for sale, do title work, rush out to see them in the morning, then attend the sale. Then when I buy, I may have termites behind the drywall, mold, a cracked slab... My point is simply to warn of the dangers to others. Someone like J Scott may head in this direction, analyze it very carefuly and find some great deals, but others may not do all their homework and get burned.

We’ve seen new guys come out to the sale and bid on foreclosure sales on a second mortgages thinking it was the first or buying a property that has multiple code enforcement liens, etc.

I’ve been buying foreclosures for awhile but I’m going to get MLS access. There have been some fantastic deals I’ve seen lately in the MLS that rival the deals we’ve seen at the foreclosure sales with much less risk.

The problem with the foreclosure sales is that one never knows what is going to get cancelled or sold. In other words, it’s a lot of work. I have to make a list every night of the properties coming up for sale, do title work, rush out to see them in the morning, then attend the sale. Then when I buy, I may have termites behind the drywall, mold, a cracked slab…

]]> By: Mark http://www.123flip.com/sign-of-the-times/comment-page-1#comment-3117 Mark Sat, 30 Jan 2010 12:34:18 +0000 http://www.123flip.com/sign-of-the-times#comment-3117 I agree somewhat and that's where I buy my properties although I've seen great deals from the MLS. As you know, a title company spreads their risk over thousands of properties where we may have just a few. If we miss a lien or the clerk misindexed for instance something the risk is not spread out and we take a serious hit. I agree somewhat and that’s where I buy my properties although I’ve seen great deals from the MLS.

As you know, a title company spreads their risk over thousands of properties where we may have just a few. If we miss a lien or the clerk misindexed for instance something the risk is not spread out and we take a serious hit.

]]> By: J Scott http://www.123flip.com/sign-of-the-times/comment-page-1#comment-3116 J Scott Sat, 30 Jan 2010 04:57:32 +0000 http://www.123flip.com/sign-of-the-times#comment-3116 Mark - Certainly there is more due diligence involved when purchasing from auction, but if you're diligent and careful, there's no reason why you can't mitigate the most serious of risks. Mark -

Certainly there is more due diligence involved when purchasing from auction, but if you’re diligent and careful, there’s no reason why you can’t mitigate the most serious of risks.

]]> By: Mark http://www.123flip.com/sign-of-the-times/comment-page-1#comment-3114 Mark Sat, 30 Jan 2010 04:35:12 +0000 http://www.123flip.com/sign-of-the-times#comment-3114 When one buys from a bank they're able to purchase title insurance. Buying at auction requires not only having cash, but also having done your due diligence on the title work and condition of the property. As to the title, one is essentially insuring their own title - a dangerous game if there ever was one. When one buys from a bank they’re able to purchase title insurance. Buying at auction requires not only having cash, but also having done your due diligence on the title work and condition of the property.

As to the title, one is essentially insuring their own title – a dangerous game if there ever was one.

]]> By: J Scott http://www.123flip.com/sign-of-the-times/comment-page-1#comment-605 J Scott Sat, 10 Jan 2009 05:45:18 +0000 http://www.123flip.com/sign-of-the-times#comment-605 I can't find a clip of the original, so this parody will have to do: http://ca.youtube.com/watch?v=1ktrr6zaiPg I think we're the only ones in the world who actually remember this!!! I can’t find a clip of the original, so this parody will have to do:

http://ca.youtube.com/watch?v=1ktrr6zaiPg

I think we’re the only ones in the world who actually remember this!!!

]]> By: ezra http://www.123flip.com/sign-of-the-times/comment-page-1#comment-604 ezra Sat, 10 Jan 2009 04:37:13 +0000 http://www.123flip.com/sign-of-the-times#comment-604 Auction should be fun. "Every hand that goes, every call that comes in... SOLD 57 SOLD 29!" Auction should be fun. “Every hand that goes, every call that comes in… SOLD 57 SOLD 29!”

]]>