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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Mortgage/Foreclosure companies, can be real winners! Posted by Ward-CA- on July 31, 2001 at 6:25 PM In Reply to: Re: Mortgage/Foreclosure companies, can be real winners! posted by Ken on July 26, 2001 at 1:16 PM : : : I've been reading some of the messages out there and is there such a thing as buying someone's home for a discount through foreclosure of say 20% and then flipping it? : : It seems kind of confusing. : : Ken -Wa =•=•=•=•=•=•=•=•=•=•=•=•= Ken, when a property is foreclosed upon via a senior lien, the auction sale will expunge the foreclosing lien and wipe off the title of the property almost all other junior liens and interests that may exist. So yes, a foreclosure of a senior lien can easily wipe off the title of a property 20% or more in indebtedness in the form of wiped out junior liens. A 20% discount is actually not enough to make much money if you’re going to flip it right away due to the expense of rehabbing and reselling. You really need a discount of about 30% to make it worthwhile. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : : : I've been reading some of the messages out there and is there such a thing as buying someone's home for a discount through foreclosure of say 20% and then flipping it? : : : It seems kind of confusing. : : : Ken -Wa : =•=•=•=•=•=•=•=•=•=•=•=•= : Ken, when a property is foreclosed upon via a senior lien, the auction sale will expunge the foreclosing lien and wipe off the title of the property almost all other junior liens and interests that may exist. : So yes, a foreclosure of a senior lien can easily wipe off the title of a property 20% or more in indebtedness in the form of wiped out junior liens. : A 20% discount is actually not enough to make much money if you’re going to flip it right away due to the expense of rehabbing and reselling. You really need a discount of about 30% to make it worthwhile. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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