All Forum Posts by: Craig Smith

If it goes into foreclosure, the property will be sold at the sheriff's sale, the sale's price is set via bidding. Who ever is first debt position gets paid first from the proceeds of the sale. Left overs go to the second lien holder ( if anything is left), then third lien holder ect. till the money is gone. All other lien holders are SOL. Any one not paid loses all rights (providing the foreclosure was done correctly). If he holds the second lien and you are foreclosed on, at the sale, if the bidding doesn't go high enough to cover the first and second lien, he will need to bid up to the the first lien holders position plus his. Thus he will be paying off the first lien holder, then he owns the home. 

You could designate him the primary lien holder, but the hard money lender who is provide way more $ would have to agree to that. 

Any house built/renovated before the 80's is likely filled with it in the wierdest places. From tiles (floor, ceiling, walls) to insulation, to paint, cement, siding  and sheetrock/plaster to name a few. They put it in vinyl floor tiles for some reason. The main problem is it going airborne. If you paint it (encapsulate it) and it's solid you should be ok. If you need to work on any old stuff treat it all as having lead / asbestos. You need to evaluate how much your going to disturb. Painting old tiles should be fine. It's when you need to remove them for some reason you need to be cautious.

Always wonder why you don't see old houses encapsulated as they are being demolished. Considering how much is in those old homes and the dust it kicks up.

P.S. It still finds its way into modern houses - Got a glass stove top? Dynamic Earth or whatever name they use today. It's in there!

I charge for clogged pipes and toilets. I'll come fix it the first time for free, but (especially if i find the cause) I tell them if it happens again it's $50 charge. Otherwise general wear and tear maintenance issues I just fix. 

Things wear down, it on me. If they break it, its on them. 

Another issue with short sales is there is really no contract. The bank can yank the deal at anytime if a better offer comes along.