i have been contacted by a friend that is going through foreclosure, auction date set for aug 1st. Back taxes are around 20k, and mortgages 1st, 180k, 2nd 45k… not really a preforeclosure guy, especially in Texas… so hoping someone out there could let me know where i should seek funding for a short sale, and little repair. The property assessed value of the home is 142,210, but listed as 194,000… wouldn’t mind sharing this deal that is more aware of the Texas area and does short sales there. Still waiting on comps, hopefully receive them tomorrow, as well as the CMA…
Are the 1st and 2nd lender the same? If not I would start working on the 2nd for a discount and go from there.
What city/county in Texas is this property located?
Dallas area is the best for preforeclosure almost in the U.S. what do you mean in texas??lol
Anyways never work with the second lien. Make 0 sense to … if the first forecloses you get screwed…haha…think about it … short the 1st and settle the 2nd after the first agree’s to a short sale. make sense?
ok,
The first always have the rights to property. You always start with the second. Why? Because if they are in pre foreclosure already more than likely the first put them there. And if thats the case, When they do a trust Auction guess who doesn’t ge to be apart of the deal! The second mortgage. So on a 40k mortgage in the 2nd you make them an offer of 2500 first and explain that mr. guy in foreclosure will not be able to stop foreclosure and the first mortgage will close soon and its better to get something better than nothing. If the 2nd likes your deal. Guess what! You just made 37500 dollars in equity. Therefor why waste time with the first, take the house for 182500 and walk. And if you have time to do 1st mortgage than you don’t have to be so desperate for a deal.