All Forum Posts by: Benjamin Haberman

@Justin Summers i asked the person that won it this same question.

She won it at $95 but the upset was $36.

I asked if the difference would go towards the first lien (which was announced at the sale) which was $43.

What kind of attorney would i look for that would know this like the back of their hand. I’m hungry to learn this.

If they really did only pay around $95. It was a deal. I just didn’t thoroughly understand how it worked, so i bailed. To me it wasn’t worth $95 k + $43k (first)

I did not win. I bailed at $47 k because i didn’t know if the difference paid off the first lien. Anything (total cost ) over a $100 k wasn’t worth it to me. I wanted to sell it as is.

@Justin Summers is there anything wrong with reaching to the owner that’s losing their house in the sheriffs sale and offering them a premium to let me clear off debts and save their credit prior to sheriffs sale?

Also- update.

Upset on second was $36 k as advertised today on minimum bid on website.

First was announced at $43 k.

Second went for $95 k.

I was curious to know if the difference of final bid ($95 k) and upset ($36 k) would automatically clear up the first. But the lady that won it said no. Her $95 goes to second bank. And then another $43 to first bank.

@Justin Summers oh sorry. It’s tomorrow. I called the sheriffs office. They post min bid between 10 and 11 am. So I’m tuned in, ready to go.

@Justin Summers court house in cape may county. Are you from jersey?

@Justin Summers i called sheriffs office. The first called in a notice of consideration and the amount of the first ($43k). So it will be interesting to find the amount announced tomorrow of the second. From what i understand, it won’t always be the judgement price that’s announced. Come to think of it, I’m going to call back and see if the judgement has changed on the second.

@Justin Summers second filed lis pendens in January. First just filed in august. No mention of amount owed in file. However, both have a contact on the lis pendens for maintenance, security, and upkeep of the property.

Because second is filing first, does that protect their interest for when the first gets sold? Or not necessarily?

@Sol Romand curious to know how they are doing this while making it a legit business expense. I’m assuming one llc invests into another (that buys the real estate)

@Justin Summers thanks guys. There are no other docs filed with county clerk between the two mortgages and the lis pendens. So I don’t see any loan modifications. Do attorneys/title companies ever drop the ball and not record docs like that?

My goal is to owner finance my portfolio to my kids. Once they are ready to take on the properties and manage them.