how do you go about wholesaling a property that has a lien?
What sort of lien are you talking about? A mortgage is a lien. So can you elaborate?
How much equity is in the home?
also tax lien
Back to my question, with all liens combined, how much equity is in the home. And how high is the tax lien?
Look man, if you could fully answer my question with a full response, I can help you. Is there $5k equity, or a $5k tax lien? Please elaborate using a long response.
I apologize. The property has a tax lien of $5,000.
As long as the property is worth more than 5k then you could make money on it. Depends on what you get it under contract for. Here are your steps:
1. You get it under contract with the seller (most important, you don't have anything if you don't get it in writing. This gives you "equitable interest" in the property)
2. Pull up title to make sure that the seller actually owns it, and here is where you will find out all of the liens. These liens are not your responsibility, but most of the time the seller won't want to come to closing with a check.(depends on if you are an attorney or title company state as to who will help you with this).
3. Find your buyer and either double close or assign the contract for a fee.
4. Rinse, repeat.
Okay, and how much does he owe on the mortgage still and what is the current FMV on the home?
@ Andy M. Thanks
@ Casey... I have to go back and do some more research. I will get back to you.
Oh my! I am not sure you need help. If you do, then you must be upcoming and tell us all about the situation. Giving information in pieces will not help. You need to tell us :
1. What is the FMV of the property, 2. How much is owed on the property, (mortgage, tax and all other liens) 3. How much work is needed on the property, if any, 4. recent comps in the area within 1 mile radius.
With the above information, one would be able to guide you.
@Fednel Vilcant did you ever get the rest of the info so people can offer some help to you? What's the deal look like? Value? Total of all liens? Sale price to the end buyer etc.? Where are you on this deal?
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