09 Sep As mentioned in the case study video, Katie takes the information provided from the foreclosure notice to research the property further. She starts by visiting th
this is the link to the video: https://www.youtube.com/watch?v=yQyEhCck6_E
As mentioned in the case study video, Katie takes the information provided from the foreclosure notice to research the property further. She starts by visiting the registry of deeds to find the history on the property. Her search reveals multiple hits on the property address. She finds documentation verifying property ownership. Research also reveals several liens on the property—some that have been cleared and some that have not been cleared. Currently there is a mechanics lien on the property for a new roof that has not been released. There’s also a history of back taxes on the property, but she cannot find evidence that the taxes have been paid. She finds that the property had a first mortgage and a second mortgage, with the second mortgage having been paid off. The first mortgage holder is the bank currently responsible for auctioning off the property as part of the foreclosure process. This document shows that the property was mortgaged six years ago for a price of $250,000 for a 30-year fixed rate mortgage at 4%. In reading the warranty deed for the property, she finds that the property contains a right of way for neighboring properties. It also includes an easement to the electric company for power lines and to the town for sewer access.
Katie contacts the town offices where the property is located. She finds that there are indeed back taxes on the property, totaling $6,000. She also gains information on what is allowed to be done with the waterfront property. Because of the property’s location on the lake, the property is limited to 10% clearing of trees and shrubbery per year. This limits the amount of work Katie can do to the landscaping of the property as part of her renovation process. She is also required to maintain town access to the property per the deeded easement.
this assignment will be submitted to Turnitin™.Instructions
Based on the information provided in the Week 1 Case Study, the required resources for this module, and your own knowledge and research, address the following areas and questions:
- In your own words, provide a summary of the case. This may serve as your introduction.
- What is the purpose of the research that Katie has done on the property? What would be the downfall to not conducting research?
- How does this information aide with the purchase process?
- Has Katie conducted enough research on the property to feel confident in moving forward with a purchase? Why or why not?
- What additional thoughts, if any, do you have on this case?
- Provide a conclusion to your paper.
Your case analysis must conform to the assignment expectations and is due by 11:59 pm CT on Sunday.
Additional documentation/information provided:
Week 1 & 2 Case Study
Tax Assessor Card
Address
3 Allen Road Some Town, New Mexico
Description of Property
· Type: Waterfront
· Size: 1925 square feet
· Bedrooms: 3
· Bathrooms: 1.5
· Lot Size: 0.25 acres
· Basement: Cement Slab
· Out Buildings: N/A
· Additional Notes: Property includes a deck on back of property towards waterfront.
Image
https://mountain.realestate/mountain-living/angel-fire-new-mexico
Tax Assessment
Total Assessed value: $234,500
Annual taxes: $3,440
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Foreclosure Notice
MORTGAGEE'S NOTICE OF SALE OF REAL PROPERTY
By virtue of a Power of Sale contained in a certain mortgage given by John and Jane Doe ("the Mortgagor(s)") to Fourth National Savings Bank., dated July 23, 2008 and recorded in the Smith County Registry of Deeds in Book 1790, Page 338 (the "Mortgage"), which mortgage is held by Fourth National Savings Bank, the present holder of said Mortgage, pursuant to and in execution of said power and for breach of conditions of said Mortgage and for the purposes of foreclosing the same will sell at: Public Auction on September 17, 2020 at 12:00 PM. Said sale being located on the mortgaged premises and having a present address of 3 Allen Road, Some City, Smith County, New Mexico. The premises are more particularly described in the Mortgage. For mortgagor's(s') title see deed recorded with the Smith County Registry of Deeds in Book 2667, Page 452. NOTICE PURSUANT TO NEW MEXICO RSA, YOU ARE HEREBY NOTIFIED THAT YOU HAVE A RIGHT TO PETITION THE SUPERIOR COURT FOR THE COUNTY IN WHICH THE MORTGAGED PREMISES ARE SITUATED, WITH SERVICE UPON THE MORTGAGEE, AND UPON SUCH BOND AS THE COURT MAY REQUIRE TO ENJOIN THE SCHEDULED FORECLOSURE SALE.
The address of the mortgagee for service of process is 3 Allen Road, Some City, NM and the name of the mortgagee's agent for service of process is Lawyers Incorporating Service. You can contact the New Mexico Department of Banking by e-mail at [email protected]. For information on getting help with housing and foreclosure issues, please call the foreclosure information hotline at 1-800-5555. The hotline is a service of the New Mexico Department of Banking. There is no charge for this call.
The Property will be sold subject to all unpaid real estate taxes and all other liens and encumbrances which may be entitled to precedence over the Mortgage. Notwithstanding any title information contained in this notice, the Mortgagee expressly disclaims any representations as to the state of the title to the Property involved as of the date of the notice of the date of sale. The property to be sold at the sale is "AS IS WHERE IS".
TERMS OF SALE
A deposit of Five Thousand ($5,000.00) Dollars in the form of a certified check or bank treasurer's check or other check satisfactory to Mortgagee's attorney will be required to be delivered at or before the time a bid is offered. The successful bidder(s) will be required to execute a purchase and sale agreement immediately after the close of the bidding. The balance of the purchase price shall be paid within thirty (30) days from the sale date in the form of a certified check, bank treasurer's check or other check satisfactory to Mortgagee's attorney. The Mortgagee reserves the right to bid at the sale, to reject any and all bids, to continue the sale and to amend the terms of the sale by written or oral announcement made before or during the foreclosure sale. The description of the premises contained in said mortgage shall control in the event of an error in this publication.
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Notice of Tax Lien
Town of Some City
LEIN ON REAL PROPERTY
PURSUANT TO RSA FOR
AID GIVEN BY THE TOWN OF SOME CITY
KNOWN BY ALL MEN BY THESE PRESENTS that the Town of Some City, a New Mexico municipal corporation, does hereby file lien against the property owned by John J. Doe and Jane E. Doe of the Town of Some City, Smith County, New Mexico.
Said lien is acquired pursuant to RSA as the Town of Some City expended funds for and on behalf of the above recipients. Subsequent lien is for taxes owed in the amount of $6,000.
DESCRIPTION OF PROPERTY: Land and buildings located at 3 Allen Road, Some City, Smith County, New Mexico, at Tax Map 18 Lot #36.
June 11, 2018 Emily T. Buele
Date Tax Assessor
Mechanic’s Lien
State of New Mexico
County of Smith
Notice is hereby given that this Mechanic’s Lien, as filed in pursuant to RSA, for property located at 3 Allen Road, Some City, Smith County, New Mexico, by United Roofers, Inc (the “Claimant”), claims a construction lien in the amount of $8,250 for labor, services, materials and/or equipment furnished for improvement to certain real property owned by (the “Owner”) John and Jane Doe. The Lien is claimed, separately and severally, as to both the buildings and improvements thereon, and the said land.
The Claimant and the Owner entered into a contract on July 8, 2019 for the purpose of a roof replacement which included services and materials. The first day of work per the contract was on July 10, 2019 and work completed on July 13, 2019.
The Owner has failed to pay the balance due of $8,250 despite demands and requests for payment. Accordingly, the Claimant demands payment in the amount of $8,250.
November 9, 2019 Greg B. Roofer
Date Chief Financial Officer
United Roofers, Inc.
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Warranty Deed
Beginning at an iron rod (set) on the easterly side of Allen Road and on the northeasterly corner of lot #35; Thence running south 70o 38’ 34” East, 78.15 feet to a point.
Thence turning and running North 10o 18’15” West 46.21 feet, to an iron pipe; Thence turning and running 12o 10’ 35” West 28 feet to an iron pipe; Thence turning and running North 12o 14’ 06” West 68 feet to a stone wall;
Thence turning and running along said stone wall North 83o 57’ 22” East, 30.17 feet to a point; Thence turning and running north 79o 41’44” East, 12 feet to a point; Thence turning and running South 90o 34’ 22 East, 75.98 feet to an iron pipe; Thence turning and running along Allen Road, South 06o 11’16” West to an iron rod (set) to the point of beginning.
Subject to a 20 foot right of way as shown on said Plan.
Meaning and intending to describe and convey the same premises as conveyed to the within grantors by Warranty Deed of Bruce M. Sullivan and Jeannette Q. Sullivan, dated December 16, 2014, recorded at the County Registry of Deeds, Book 1295, Page 376.
We, Aaron J. George and Cara C. George hereby release any rights of homestead and any other rights we may have in the within described premises.
This is a non-contractual transfer pursuant to New Mexico RSA.
WITNESS our hands this 6th day of March, 2014.
Witness: Samuel J. Signington
Aaron J. George Cara C. George
Aaron J. George Cara C. George
STATE OF NEW MEXICO
County of New Mexico
Personally appeared before me the above-named Aaron J. George and Cara C. George, known to me (or satisfactorily proven) to be the persons whose names are subscribed to the within instrument and acknowledged that they executed the same for the purposes therein contained.
Before me,
Notary Notaries
Notary Public
