Wholsaling Newbie
Greetings Guys:
I just relocated to Southern Maryland and will be attending a real estate boot camp in March. Since I work full time I feel I won't be able to access lis pendens information unless I take a day off. Do any of you know how I can gain access to this information through a website or can I pay for some software where I can do this research from home. I already understand that my focus should be on the "distressed owner" more than the property itself so I feel this is where I should begin my search.
Also, I really don't understand what it means when I hear that the owner will "carry back" a mortgage. Could a few of you get to me on that. I'll probably need a few versions. If anyone out there is in the Southern Maryland area please e-me and keep in touch so we can help each. Thank you.
Owner/Seller Carryback means that the seller will finance a portion of a loan. Ex. on $100K purchase:
Bank finances 90% or $90K
Owner carryback or finances 5% or $5K
Buyer puts down 5% or $5K
Combined $100K or 100%
You the buyer pay the owner carryback with whatever terms you negotiate with the seller such as $100/mo. for 2 years at 5% interest etc. or just until you can refinance.
Owner carrybacks are a way for the buyer to purchase with little or no money down however banks may limit the amount that a seller can carryback.
I don't use it but I have heard that "sharkbait" software is along the lines of what your looking for.
http://www.google.com/search?hl=en&ie=UTF-8&oe=UTF-8&q=sharkbait+software
That may help.
Thank you for the speedy replies. I appreciate it.
Now, Lis Pendens, gimme what you got on resources.
Thank you in advance.
Hey Guys:
Hope all is well with everyone. Is anyone out there from Southern Maryland, Virginia or Washington, D.C.?
As a wholesaler how much money (give me a range) would I have to put up to put a house under contract? Do I put the house under contract Before or after my buyer has seen it.?
Thanx in advance for your help.