Secrets to Foreclosure Auctions and Tax Deed Sales
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- Опубліковано 23 сер 2024
- Discover what to do (and what NOT to do) when buying real estate at Foreclosure Auctions and Tax Deed Sales (also known as Tax Foreclosures). Although there are many pitfalls, this video shows you how to steer clear of them as well as make wise decisions when bidding. This is a must watch for anyone considering bidding on a property at a foreclosure auction or tax deed sale (tax foreclosure).
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You’re a good person, truly handing out knowledge. No game
What an awesome, unselfish presentation. You will continue to be blessed for teaching others who are willing to learn and grow in this exciting and often fun game. Totally worth buying a book or two in my opinion. Thank you.
fuck your games im in the middle of one and found all this out now am going to do all i can to fuck it up for the spectator who is using me as a sport
@@ireyreyiii7023 What do you mean?
@@ireyreyiii7023 ?!! What in the world are you talking about?
Eu não tenho ideia de que horas ❤❤❤❤ e ❤❤❤❤❤❤❤❤
man this is great. i have bought around 300 properties at foreclosure auctions over the past 12 years. i have learned some very expensive lessons. while there are a lot more pitfalls and details, this is a good primer. and when i get outbid, it just means that somebody was willing to pay too much. good to keep that in mind.
Eric Pinter how can I get my foot in the door with little money??
Can’t buck up and find ways to save no shortcuts
@@bloodcuz6199 you can find property or deals for others. A broker essentially, but not needing to be licensed. You flip the paper. Find buyers, then find property. If you have legitimate letters of intent and signed contracts, you can get funding privately or through lending institutions. You're just collecting a finders fee. That's the no skin in the game way to get started. Plenty of other videos about this. Kris Krohn shows you this and other ways to buy and hold it with no $ down as well. Good luck and have fun!!
This video has saved me from a disaster before me getting my self into a disaster! I planning to buy an auctioned fourplex worth 800,000 and priced at 500,000 and knowing none of the rules. I guess the lesson I learned is it is better to be patience and reduce risk rather than rush into a deal without knowing the rules.
That is definitely the lesson. I'm thrilled you were saved from a complete disaster.
Found the open window?
Cheers for the Video! Excuse me for butting in, I would appreciate your initial thoughts. Have you researched - Ponillian Intellective Position (probably on Google)? It is a smashing one of a kind product for finding government auctions near you without the headache. Ive heard some interesting things about it and my close friend Aubrey finally got cool success with it.
@@freedom_mentor How do bidders win the auction if the final bid is below the judgment amount? Does this mean it gets put back to auction? Thank you
Cant stop watching the guy, He's Great. Im in for 8 hrs n not stopping. Thanks Phil
This video is packed with valuable information. No fillers. I thought I knew all about foreclosures until I watched this video. You are a great teacher.
his energy and personality got me real pump and ready to BID NOW lol!!
Your real estate information presentation is the first I've been able to understand. I've listened to other people, (legends in real estate investing), and came away more confused. I hope to watch and learn.
Thanks.
Thank you so much for sharing your knowledge with us. There are so many jerks out there who give a tiny bit of info and the rest of the video is all about selling their products to us, in order to get more info. You are truly awesome for sharing so much info, enabling and encouraging even the poorest of us to do something to better our lives.i have no money but am encouraged to somehow try to save up enough to buy at least a tax lien as the first move. I will be watching your videos regularly and use them to get out of my situation, get ahead, and go beyond that. Thank you again
3:53 was so motivational! Thank you, attending my first auction tomorrow!!!
I was once a Home Owner and had Income Property I helped out a Friend who I thought was a friend but really wasn't with a Loan dealing with real estate and lost a lot because of it. The information I learned today could have saved me my Properties.
I Thank You for your educational courses on Real Estate I have learned so much in a short period of time may God truly Bless you and your Family for sharing this Awesome Information two all of us who were once lacking in thia area of knowledge.
This was great! I'm 25 and only recently learned about mortgages, so I've been deep diving internet research about everything else. I haven't bought a home yet, but I really want to know how to swim before jumping in the waters! You're a great teacher, thanks!
Even though this is an older video I just became a subscriber because you are still making videos and helping people out.
For that I say thank you.
Thanks Phil for the wealth of information. Knowledge is power!
I’ve been under contract for 18 months on a property where probate wasn’t filed however the attorney is handling it. The reason I have hung on for so long is the equitable position. I’m contracted at $40k and it was previously listed for $625k. I’m plan to hold and leave it out for income for now.
First of all thank you for the sound of the video!
Thank you Phil for the "signal" in giving all these wonderful white board lectures, it is greatly appreciated!
Hey Phil, Signed up to my first auction, great tips especially the one" KNOW YOUR MAX BID " going in with added knowledge. Thank you.
John Supervita did you have to put up your own funds or you jv with another investor??
@@haeaneuhila4618 using my own capital.
Thanks for the info. I planing on going to my first Judicial Sale with 20,000. Trying to do enough research before I go.
FINALLY: Someone who has time and will to explain every single phrase - word and situation !! THANK YOU !!
This is some very clear and easy understandable information. Thanks for sharing.
I want to purchase my first home this way.Free and Clear.
Many times I will knock on the neighbors door introduce myself and ask a lot of questions...Neighbors are a wealth of information.
I also go the city building dept and request permits in the last 5 years...hot water tanks, HVAC system, additions, roofs,,, helps understand the age and condition.
Secret to your success is your sharp personality. Look at your eagle eyes lol and the head movements that is mark of a confident successful man
There are many components to running a cleaning business. One resource I found which succeeds in merging these is the Agelmar Closure Clear (check it out on google) without a doubt the most helpful guide that I have ever seen. look at the great info.
Cheers for this, been searching for "bank of america owned real estate" for a while now, and I think this has helped. Have you ever come across - Qenten Forecloseify Discovery - (do a google search ) ? Ive heard some extraordinary things about it and my buddy got amazing results with it.
Woww, thank so much for guide us , save us time, $ and Headaches. You are great!
Buying a townhouse or condo is like renting a apartment🥴🤦♀️😩💰Thank you
Kinda, but you get more than your deposit back when you move and sell. How come you say that?
Calculate Judgement amount plus auction fees and any subordinate liens that will get passed onto you when bidding If superior lien is foreclosing subordinate liens may not survive on the property but they still exist and you will have to satisfy them for a clean title if you want to sell in future or don't want them foreclosing on you. Thats my understanding. Perhaps someone could shed some light :)
Great video! Lots of good info . Thank you!
Agreed...Another incredible video. Right of redemption shocked me. Never factored that into my plans for tax deeds.
Bookmarked, great overview with lots of info without the fluff. I'm tired of the You Tubes with 45 seconds of fancy intro graphics and music (do they get paid more for that?). You properly mentioned importance of due diligence, but only briefly mentioned HOA. I'm just looking into this, but I'm going to stay away from those creeps - I'd rather the risk of a mold infested, roof wasted, crack house, than some HOA Nazis telling me I'm not allowed to paint, repair, modify, plant flowers..they are scumbags.
Amen! You'll love this video too: ua-cam.com/video/F62gBeB_Pd4/v-deo.html
Still relevant high-quality advice. Thanks Phil.
Thanks for watching!
Thank you as a 1st time home buyer I'm trying to weigh all my options.
Thnks for the knowledge, brother, this is exactly what I'm doing biznes in now.. Even tho what your saying confirms what I already knew.. I also pickd up a lot More jewels you mentioned.... I will be buying your books as well, jus bcuz of your personality and willingness to share valuable info.. 🤙👍
This a great video. I especially liked the explanation of what to do in the first 7-hours.
Phil you are so funny! I love how you are passionate about this! So informative and helpful. Thank you!
hey phil,...nice mohawk..ha. great video,im trying to fiqure out my bid. its a tax deed propertie. i missed the last one i bid on by 2ooo.. . im retired and a very good rehabber,this thing is a real pig.. i mean diamond in the rough. i hope i can get it. thanks again
I am in Canada and I am interested in doing this so I am very thankful for your video. Awesome information. More power to you!
man i just found your channel, i will start watching some more of your vids. i like the way you explain things and narrate stuff, you got me juiced for the bidding wars!
MVP... Most valuable Phil 💯
There is a foreclosure in my area that I'm interested in (70461). $79900 is owed on it + it needs light repairs could run around $15k max. The value of the home is between $133k-$140k (which is too close to the asking price). I will have to put a septic tank in (which is $2k & was added to repair cost) I Iike the house but I'm annoyed because the lender won't negotiate price. Its a double & can rent for $825 per unit. Thanks for the video by the way! You're awesome.
Wonderful info, thank you for doing what you do. You save more ppl than you may realize. Much appreciated
Great video! Straight to the point, easy to follow. Thank you!
my goodness this was some great information. you see im the home owner and me and my wife are going thru a divorce. im a college grad so i dipped my toes in finance and real estate and was held in contempt during the case but they let me out and i still had the house. weeve been back to court 3 times for the house and i felt it that they were going to hold me in contempt again. so the secret warrents didnt stick and then i found the sec file number and started to fallow the story. i found out everything they did and the video game company they made and all the investers doing there 7 hour thing on me.. ive been going pro se this whole time and from man to man father to tather if you have a kid.. well i havent seen my baby girl in since october and its april already and with the prejudgment intrest my wife got i cant see my baby because they where expecting to lock me up . well they put it on the paperwork and passed it as valid because i didnt show up to the hold me in contempt at 4pm court hearing yea right who goes to court at 4pm and they have only what the minicple advisers told them under the table and made there judgement, now im free but in jail because i cant see my baby. what you investers dont understand is you get a surety and the guys job is to make sure im doing what im not suppose to be doing. yea its my choice i dont have to but hey your kids no where in site so its like a vacation you just lost your job because the first contempt so what the heck indulge a little they are your friends they care about you . yall are commiting crimes together doing favors for eachother the whole 9 yards of a freindship turns out hes the bond guy who your wife hired to get you out of the house. wait a minute its the new property owner getting the warrent. he buys it for cheap because my ex wife sold something that wasnt all hers. just recently the title company changed and when i asked how long they owned the title she took a while to say "that info you can just log in and find it online.. well i was ORDERED to sell the house in 30 but that was a year ago. now all of a sudden the 2nd realtor the court had to give us because the first guy quit. (what can i say im no pushover and i love my daughter so this aint no game to me) man they got my mom involved and everyone is listening to what the bond municpal informants said about me. but they need to realize they had to entrap me or otherwise i would not have been doing what they said i was. if i had my baby in my life i would not have been doing what they said i was. i was saying no and they were saying yes bacause thats what they were hired to do. now that i doged one bullet somebody still has my house and wants me out but i know i can proove they shouldnt have my house and possibly live in it for the rest of my life and give it to my daughter for free!! now that my wife has sold it illegaly. i need to prove it can you help my man. atleats email me and ill tell you the video game tag. very interesting to say the least.. reperez40 at yahoo cokm 2102698252 text are ok.. please i need your help. im trying to use the house as leverage so she can let me see my daughter. because the judgement was totally unfair. i cant loose my house and not be able to see my daughter!!
Yeah I would like to add, just that it would be worthwhile to buy one of your books and check it out. You're doing a great job and a service in my opinion. Thank you.
Thank you! Were you able to read the book yet?
great information ... so glad I found you .. have my deposit and I was getting ready to start bidding here in a couple days .. I was wondering about the right of redemption and a lot of things you talk about
this video was a great recomfirmation for me, and I learned some new things we always had questions on (Judicial vs Non-Judicial minimal bid) Thanks!
Just subscribed. Gonna play at auctions until note buying comes back around!
"This was a long time ago". lol. Thanks for the info.
Excellent information - Thank you Phil.
Thought maybe you would cover eviction if the property you won happens to be occupied.
This type of eviction(as are most evictions) is state specific so he may have skipped it for this reason.
Love it already ..And I wish you the best of luck and may many good things come your way !
Phil thank you for such informative video. I look forward to viewing your other videos.
The best in the game! Thank you for what you do Phil.
Appreciate that!
Well I had my eye on a property and I did some digging found out that the house was sold about 10 years ago and it was never resold it's not up for auction it's not behind on any taxes yet the property is empty what else can I do to get more information on this? place cuz I really want to purchase it possibly personally for me or just an investment property I don't know yet.
Vic,
Sometimes you have to be creative and be your own detective. I wanted to purchase a lot adjacent to my property. First place I looked up was the property tax office(on line). It gave me the name and address of the current owners. I sent a certified letter to the address listed on the tax records, notifying the current owners of my intent, but the letter came back undeliverable. My next stop was the good ole Facebook. I looked up the owners (more like trolled) and learned that they live outside the US and owned a business. Since their Facebook was set to private I wasn't able to contact them that way. I successfully contacted the lot owners via their email address listed on their business website. The rest is history.
Think outside the box. You'd be surprised how much of a foot print we leave all over the world wide web and social media.....kinda scary if you really think about it😳
Superb informative video my man !
Thanks for sharing !!
Please also give the viewers heads up when buying a prop. when the HOA owes money or it has a credit line which will turn into a loan resulting Into the same thing, HOA owes money therefore you (new home owner) owes thousands $$$ money overnight
I have a whole video on that topic: ua-cam.com/video/F62gBeB_Pd4/v-deo.html
Very good excellent info Phil!thank you!
just AWESOME I am 19 planning to get a house by the end of this year
What should the percentage be between the opening bid and the value/condition? In your example you did a 100% markup.
Offer an amount that might knock out others who want to start ultra low.
VERY helpful information. Gracias! Good to know exactly how to sharpen the axe.
You are a real good teacher bro 💯
Great video! I have a question: I have 20 properties that go to auction 2 days from now that I might be interested in. I already deposited 5% with the county and I am ready to bid.
1) Do I really do a title search for all 20 properties? Isn't that a waste of money? Is there a better more efficient way of doing a title search that doesn't cost me 100 bucks per property that I might not even win?
2) One of the properties judgement amount is $2,100. A quick search revealed the property is worth $270,000. How is that possible? Is there a debt that makes the price go down like that? What's the catch? Will they have an inside bidder that will raise the amount to close to 270k? Is that legal? In that case, why do they put the starting bid so low?
Thanks!
(1) If you are 100% confident that the title searches you do yourself are as good or better than a professional title researcher; then that's one way to save a few bucks.
(2) That might be a second or third mortgage that is foreclosing rather than a first mortgage.
blown away with each of your videos! Thanks again
Phil, Your video is so helpful, thank You for posting that video
No one talks about this stuff!! Thanks
AMAZING INFO...I really Appreciate all of your knowledge phil
Phil, how do I do my own Title Search? I would like to do my own and hire an attorney to do the actual one? I loved your video and I shall continue to learn and grow. Thank you from Kelly Syracuse NY
Watch this video: ua-cam.com/video/6p5opEuswPg/v-deo.html
GREAT PRESENTATION, WILL KEEP WATCHING YOU! THINKING OF GETTING INTO IT!
Phil, Thank you so much for this intro, but you had me dying at 12:46. 😂😂😂 You look so irritated! Thank you for sharing your knowledge.
Thanks alooooot for sharing this Million Doallar information..... espacially those personal experiences... Thank you.
I see your ploy, scare away the competition! But seriously great info and very honest I can tell you really love this stuff.
I bought 2 houses at Auction back in 2008 One I bid on and the other I had a broker get for me. Opening bid $1 and won both. First property vacant land came with back HOA dues and the other a burnt out house came with $3700 in back taxes due. So I understand the need to do research before buying, About me I am a low end buyer if it is under $10k I am interested.. Just buying mainly in Central PA so a depressed area but decent rental market.
Mr Charles you're not so far from me! ! Are u in the Scranton area??
Blood Cuz yes i am closer to Hazleton but have a place in Lake Ariel also
Mr Charles how much are you paying for the properties?? I'm thinking in the $10k range for fixer uppers
Blood Cuz yes if you have cash and can afford the deposit you can bid on the tax sales. I have someone i have been buying from. Those houses are not for novice buyers though. Maybe $5000 can get you a true fixer upper in Schuylkill county. Be careful whete you are because a lot of cheap homes are condemned.
Mr Charles oh wow that's interesting... I'm a newbie and am looking to buy some fixer uppers and then rent them out within 3 years from buying them
Wonderful, thank you!
Dam this makes house buying sound so complicated.
POPJack1717 ii
lol my head is spinning!!
@@powerprofitsuniversity7847 lol shameless plug
Thanks for a good information.
Great video, thanks for the info.
Amazing video, thank you Phil.
Hi Phil thanks for the video, and I appreciate all the knowledge you pass on through to all of your viewers. So I want to purchase a property thru a tax deed sale, I see how you and everyone on the internet advise to get a title search on the property. The problem is that the property goes to auction the 4.19.17 which is 2 days from now, and all title companies seem to take 3-4 business to get you results. What would you advise for someone in my situation (btw this will be my first auction sale)?
Don't buy it without a title search.
very informative. Thank you
Loved this vid. Will be watching more
Love these sales but do your homework. In Texas if they redeem they have to pay you 25% over your purchase price. Had this happen twice. Now own 5,700 acres. I don't do homes. Best deal was 2 acres at $10K, sold it in 2 years for over $400K. Generally, on the tax sales here they have 6 months to redeem so if you win keep your mouth shut until this period is over. A lot of these that go to sale are some secretary, absent minded out of townowner, or inheritance beneficiary forgot to pay taxes so say nothing (even if they continue mowing-not your fault, someone was going to buy it if you didn't). Another tip that works for me is don't be timid, bid first, throws a lot of the others off and you might not get any counter bids. Because once they start bidding they feel like they need to win, or at least push it up some to look respectable.
Question: so buying foreclosures are for people with cash, not a conventional loan? New to this, great video.
Thank you for the video I found it very helpful!
Great advise
Our county tax deed sales are “free and clear”… From everything I can see ALL liens, mortgages, judgements and taxes are nullified at purchase. Is there something else I should be looking for. It seems a little too good to be true, but I don’t know what else to look for.
Very informative video. Thank you! subbed
Hi Phil! I'm about a third of the way through your UA-cam videos (and will buy your books--after the free videos, of course, haha!). Your lessons are really top-notch, and I'm surprised at how much I'm learning, even after having read several books on real estate investing.
Like Aziz mentioned below about buying condos in Malaysia, a lot of markets out there are 'really tough.' A lot of us live in areas where cap rates stink and the prices are sky-high (thus requiring huge down payments). What's worse, in a lot of these tough markets, these high prices just seem to persist for decades even.
So I wonder if one day you might be willing to do a video that's dedicated entirely to 'how to survive in tough markets.' Some of us just aren't able to make the move to more affordable areas. Is there any way for us to get into the game without taking huge risks? Is there any hope for us?
Thanks Phil! I hope you keep making these videos forever.
I like this type of explanation
Thank you
You're welcome!
Thank you for sharing all these great information.
You are just a great and awesome HERO. THANK YOU.
great video... i always learn something from your posts.
Thank you for sharing.
Great Video! When buying a foreclosure, when do I first try to get insurance on the property. Will I have to wait until I have possession of the property?
Yes.
Great presentation of the information. Thanks!
I have purchased and rehabbed 10 houses and have bid on Hubzu three times but never won. Then I see the same houses that someone else "won" that still show up as foreclosures. So they never really sold. Just were bid up by someone. Also, looking at houses on Auction.com and I am concerned about hidden liens. I use a well know title company to check the title but they warned me about hidden liens that don't show up on their search. Also say a lien could be slapped on a title right before it goes to auction.
You make great videos. Thank you very much.
Great video took notes!!!
Phil!!! You are awesome!!!
Thanks, great video- very inspiring! Do you have any other creative ways to acquire houses for cheap other than these types of sales?
Absolutely! We are the world's greatest at finding great deals that no one else knows about. Here's a video explaining why I don't tell people that information for free on UA-cam: ua-cam.com/video/Ja_aWvu4HVI/v-deo.html
@@freedom_mentor How to know what mortgage 1st or 2nd Lien is being Auctioned at Courthouse step?
AWESOME... thank you!!
Thanks Phil, awesome vid.
Hey there, i have to call you Professor, you are a great teacher.