Buying Seconds Of FSBO's?
has anyone tried to research houses for sale with a 2nd held by a private party and tried to buy it at a discount? Then collect payments while the house is being sold and when house is sold the collect the note for face value?
Happens all the time. You can get your best discount when the owners of the house are facing foreclosure, or there credit takes a big dip. If the secondary note holder knows about the pending sale buying it at a discount could be tough, but anything is possible. The people I have seen do well with that strategy, were in a position to take out the first, should anything happen.
Good Luck,
Kyle
Depending on what you have access to this is a bit of work. You need to find the FSBO's and then find ones that have notes. You can call the FSBO's and let them tell you if there are private 2nds. Is that what you were thinking?
John
looking for a house that is for sale either FSBO or listed, and check to see if there is a privat note as a second held on it. Then try to buy the note at somewhat of a discount and receive payments until the house is sold, and note gets paid off at closing for face value or something close. I was just woundering is if someone on the site here has attempted before with success?
Since FSBO have no centralize database, this is a very difficult venture. You may also consider connecting with a savvy realtor and do title searches on properties on the MLS for private 2nd. (time consuming)
On another note, many MLS Systems now include in the system any and all mortgages that may or may be on a listing. If this be the case, individual title searches may not be necessary as recorded documents may be picked up by that local MLS System.
[ Edited by roboxking on Date 05/01/2004 ]
how about the FSBO's local paper?