Absolutely incorrect. The first time you bid a second mortgage and lose all your money when the first forecloses you will wish you would have done a title search. [ Edited by ITBInvestor on Date 08/18/2010 ]
My thought is always...I want to win the race, to do so, I must be in 1st place! If in 2nd or last place, you still lost the race. Would you rather try a football example...would you like to be the Saints last year or one of the other teams?
Too much risk in possibly losing money if I have a 2nd on a property... Remember, there are always more deals coming and different ways to make money, just minimize the risk and maximize the return! Yes, it is possible!
Each state has their own courthouse sale protocols. Here in PA there are 3 different types of sales we bid upon....some convey the existing mortgages and liens, others do not. Get to you courthouse and ask questions...then go see your real estateattorney. You might also want to get a mentor to guide you through this process. Learn from him/her and then go do deals on your own.
There is some great advice here, but without knowing where you are with knowledge and experience any of us should be wary. I for one assume a working knowledge base you may or may not have.
One step at a time....your posts scream "I NEED A MENTOR". Listen, Learn, Do...in that order.
Not sure if things are different in the country of California, but in Wisconsin (where we do the majority of our real estate investing...including buying properties at the sheriff sale at the courthouse) you have to research the property and folks being foreclosed upon.
Unless all junior liens are included in the foreclosure procedings and it is the 1st lien holder doing the foreclosing, you could be in for some nasty surprises.
As with anything...make sure you research what applies in your specific area...and only take advice from people who are actually successfully doing what it is you want to do!
Well it is upto us looking for several things that are necessary and I prefer to go with Tax liens that needs to be taken care of and can even help you further.
Thank you all for the wonderful information.
Investors are putting the underwater homeowners under contract and then negotiating a Short Sale with 2nds and 1st.
Have any of you done so? Please share your experience and results.
Absolutely incorrect. The first time you bid a second mortgage and lose all your money when the first forecloses you will wish you would have done a title search. [ Edited by ITBInvestor on Date 08/18/2010 ]
No upside in this scenario.
There is no upside.
[addsig]
My thought is always...I want to win the race, to do so, I must be in 1st place! If in 2nd or last place, you still lost the race. Would you rather try a football example...would you like to be the Saints last year or one of the other teams?
Too much risk in possibly losing money if I have a 2nd on a property... Remember, there are always more deals coming and different ways to make money, just minimize the risk and maximize the return! Yes, it is possible!
in this case loosing a boat load as the balance is > thann the FMV.
Each state has their own courthouse sale protocols. Here in PA there are 3 different types of sales we bid upon....some convey the existing mortgages and liens, others do not. Get to you courthouse and ask questions...then go see your real estate attorney. You might also want to get a mentor to guide you through this process. Learn from him/her and then go do deals on your own.
There is some great advice here, but without knowing where you are with knowledge and experience any of us should be wary. I for one assume a working knowledge base you may or may not have.
One step at a time....your posts scream "I NEED A MENTOR". Listen, Learn, Do...in that order.
Not sure if things are different in the country of California, but in Wisconsin (where we do the majority of our real estate investing...including buying properties at the sheriff sale at the courthouse) you have to research the property and folks being foreclosed upon.
Unless all junior liens are included in the foreclosure procedings and it is the 1st lien holder doing the foreclosing, you could be in for some nasty surprises.
As with anything...make sure you research what applies in your specific area...and only take advice from people who are actually successfully doing what it is you want to do!
Well it is upto us looking for several things that are necessary and I prefer to go with Tax liens that needs to be taken care of and can even help you further.
I find it hard to believe that no one has even brought up the issue of robo-signing and bogus,
untimely assignments.
Thank you all for the wonderful information.
Investors are putting the underwater homeowners under contract and then negotiating a Short Sale with 2nds and 1st.
Have any of you done so? Please share your experience and results.