Updated about 18 years ago on . Most recent reply
Need help with first deal
Been working with fixer uppers and now trying to move into pre-foreclosures.
Here is my first deal:
1st lien 88k. Second lien 17k. These include penalties, legal fees etc. House is worth between 122k-128k. House needs roof and minor interior work. Est. cost to repair = 6k. Closing cost = 3200. RE agent fee when sold=6200. First question, what are the chances that the second lien holder will take less than what is owned to them? Second question, if I offer the x amount of dollars for the 2nd lien and something else comes up on the house am i still required to buy the second lien?[/u]