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re: Legal help needed. Property with liens. Worth buying?
Posted on 4/20/15 at 8:29 pm to UpToPar
Posted on 4/20/15 at 8:29 pm to UpToPar
quote:
Even still, if the property is worth 100K, you are taking a risk in hoping that you will be able to get it for 60K and won't get outbid.
Oh I know. I was mostly being facetious with my post though I do know a guy that has done that a few times successfully. I wouldn't do it and would try to get in touch with the owner and work it out.
2
Posted on 4/20/15 at 8:31 pm to stout
quote:
Oh I know. I was mostly being facetious with my post though I do know a guy that has done that a few times successfully. I wouldn't do it and would try to get in touch with the owner and work it out.
I've never looked into property sold at sheriff's sales but have heard that you can get some good deals if you know what you are doing. I guess the problem is that I don't know what I'm doing.
Posted on 4/20/15 at 8:36 pm to UpToPar
It used to be easier until all of the "flip this house" shows started then everyone and their momma though they could do it. I have seen people who had no clue get burnt bad because they saw it on TV and thought it was easy.
I have bought some that way but the best way is still hooking up with the realtor in your area that lists all of the REO properties and getting them to give you first crack at them. Sometimes you get a way better deal when it hits the market than what the bank bids it up to at Sheriff sale.
I have bought some that way but the best way is still hooking up with the realtor in your area that lists all of the REO properties and getting them to give you first crack at them. Sometimes you get a way better deal when it hits the market than what the bank bids it up to at Sheriff sale.
Posted on 4/20/15 at 8:43 pm to thejudge
quote:
. Meth head owner
Offer him half of whatever the value is, letting him know that you will withhold the lien costs from the payment he receives. The liens are his and you should not be responsible for paying them for him.
If it is worth 100k, offer him 50k minus the 30k (Or whatever the payoff is) A meth head will see that he gets 20k after all is done. What is a meth head going to do?
Posted on 4/20/15 at 8:55 pm to stout
quote:
I was mostly being facetious with my post though I do know a guy that has done that a few times successfully.
Actually, this can be done successfully. You just need a good attorney to handle it for you.
Posted on 4/20/15 at 8:58 pm to Kim Jong Ir
thanks for all the replies. I might call and see what a lawyer would charge and see the pain in the arse it might be. I can se why the property is still vacant. Who kknows where the hell this guy is now.
Posted on 4/20/15 at 9:22 pm to thejudge
You sure came to the right place...
Posted on 4/20/15 at 9:24 pm to JumpingTheShark
quote:he'll be thejudge
You sure came to the right place
Posted on 4/20/15 at 9:32 pm to Kafka
Remember all is negotiable, liens included. Just because a 25k lien is on the property doesn't mean the lien holder won't settle for less.
Posted on 4/20/15 at 9:44 pm to stout
This interests me.
Quick question.
House is going to auction.
For example:
Writ = 100K (doesn't this usually only cover primary lien holder? (bank)
App =150k
Let's say there is an additional lien on the property for 10K.
If house sells at auction for 101k, doesn't the secondary lienholder just lose out on 9k?
How does the secondary lienholder benefit from the auction going higher? ($)
If the mortgage co. buys the house back at auction for 101k, do they cut a check for 1k to secondary lienholder?
Quick question.
House is going to auction.
For example:
Writ = 100K (doesn't this usually only cover primary lien holder? (bank)
App =150k
Let's say there is an additional lien on the property for 10K.
If house sells at auction for 101k, doesn't the secondary lienholder just lose out on 9k?
How does the secondary lienholder benefit from the auction going higher? ($)
If the mortgage co. buys the house back at auction for 101k, do they cut a check for 1k to secondary lienholder?
This post was edited on 4/20/15 at 9:46 pm
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