Your Questions About Wholesale Property For Sale
December 13, 2011 · Print This Article
Richard asks…
Need help in answering a Mortgage Lien question?
I put a lien on this guys house for 50K and since then he will lose his house in 9 days. WILL I EVER GET MY MONEY BACK given the situation... Please see detail..... The sellers mortgage lien on the property was $476,000 with America Wholesale Lenders. The property went to the Sheriff Sale in April of 2008. The property was purchased at the Sheriff for $391,500 with MERS (Mortgage Electronic Registar Services). The sellers have a six month redemption period after the Sheriff Sale (end date 10/10/08). If the sellers cannot bring to the table the balance of the mortgage lien within six months, at that point the bank/lender will own the property.
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 70 acre Gold Mining Claim Fiddler Gulch Trib of Josephine Creek Oregon US $3,500.00 |
 PHOENIX AZ TURN KEY CASH FLOW SINGLE FAMILY RENTAL INVESTMENT PROPERTIES US $1.00 |
 Real Estate Investors Complete Turn key US $5,000.00 |
 10 ACRE NEVADA RANCH PARADISE VALLEY MINERAL RIGHTS $195 DOWN $100 MONTH 0 INT US $195.00 |
Landlord Specials answers:
That's the risk of being in second position; if the senior lien defaults, you lose. You will never see it unless you want to pursue a court case. Hire a good attorney, get your paperwork in order and maybe you can win that way. Now collecting is a different matter.
Good luck.
Sandy asks…
Making money in real estate. Short-sales? Wholesaling?
I am a gentleman who has currently invested in about 8-properties of real estate. Not very successfully I might add to this point. For several reasons, mistakes made, learning as I went, bad-timing and bad luck. I could go on and on. My quesion is I still believe I can turn my situation around. Short sales? Wholesaling? Both are something that I need a mentor in. Please help and advise, give me a chance and knowledge to be successful.
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70 acre Gold Mining Claim Fiddler Gulch Trib of Josephine Creek Oregon US $3,500.00 |
PHOENIX AZ TURN KEY CASH FLOW SINGLE FAMILY RENTAL INVESTMENT PROPERTIES US $1.00 |
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Real Estate Investors Complete Turn key US $5,000.00 |
10 ACRE NEVADA RANCH PARADISE VALLEY MINERAL RIGHTS $195 DOWN $100 MONTH 0 INT US $195.00 |
Landlord Specials answers:
First step is to stabilize your cash flow situation with the 8 properties. You may have to refinance and/or increase rental incomes. You may have to dump some of the properties if absolutely necessary.
If you then still want to invest more, work with someone who knows that particular Real Estate Market inside and out and has years of experience. This is a Real Estate cycle that has happened before but this one is going to be rough and long lasting. You need to Know what your doing.
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Josh Dunaway has been a certfied Realtor in the suburban Chicagoland area for over 20 years. Aside from starting his own real estate company, he also owns a mortgage company as well.
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