The Trick to Getting a Property Closed If The 2nd Mortgage Requires More Than The 1st Will Allow!
Posted by Patrick Precourt in Business, Investment, Preforeclosure, Real EstateJun 12th, 2009 | 4 responses
Second Mortgages are more often requiring more money than a 1st mortgage will allow when dealing with a short sale! With that being said, I go over how to legally get paid when a buyer is willing to pay the difference. This video will also cover whether or not it is better to have separate LLC’s if you buy and sell over 5 properties per month, what the exact verbiage to use on your purchase & sale agreements that would make it just as effective as an option contract (if any), how to tie up a property so another investor doesn’t mess up your deal, and much more… visit www.FridayCoffeeBreak.com for more real estate specific videos and to ask real estate specific questions!
4 Responses to “The Trick to Getting a Property Closed If The 2nd Mortgage Requires More Than The 1st Will Allow!”
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I’m going to have to listen to you again to make sure I got it (alright, I’m a newbie, so my frame of reference is limited) but the technique of getting the money that the second lien-holder wants was great. Thanks for the meaty content.
Nice to see Bob & Chris’s faces…nice change of pace from only seeing Pat’s :0)
You know I am teasing. Great advice!
It is really helpful when you just want to strangle the loss mitigator you are trying to reason with…
Sorry, this comment was for the weekly pre-foreclosure video Bob & Chris did…I clicked back.
Love you Pat, though!
Another info packed video. I actually look
forward to hearing and seeing you both every week…keeps me going through all the ups & downs of this business.
It’s been a good week though. Title company wired me an additional $7902.81 & $6935 (into Brian’s bank account) for 2 short sale deals we just closed.
This was the extra money I negotiated into the transactions, above the profit spread.
We actually bought and sold the second one for 69900 on both the A to B and B to C. I am perfectly happy with a 10% return (6935) on a deal like that… :0)
Sharon (and Brian too)
Great video Patrick. Love the ranting at the end! Fully agree.