First "Deal"???
Ok, hello everyone....First off, Im new here and think this Forum is GREAT!!!! 
I have a few rental properties already and ran across this "deal" looking for another in my area......
Im hoping this is in the right section...
This is a house that is worth ~$95-100k. There is a 1st mortg of about $72k and $7k due on late payments....
This guy who is helping the owner is trying to "sell" this house for them. It has a 2nd mortg on it which he bought at a disc.
He is asking $5k for "him" and I will then only owe on the 1st mortg.. ASSUMING IT FULLY since he (Would be later signed over to me) owns the 2nd.
Does this seem to be a good deal or what? Apparently there is almost NO Closing Costs since I am just transferring the title...Also there are some repairs: Carpet and some paint...Nothing major....
Anyone Please 
Your kinda vague on the deal particulars, so it would be difficult to give you firm advice, but it doesn't sound like a 'deal' to me.
From you figures, you'd be paying close to retail by the time you're done.
Also, who is 'this guy'? You mention that he owns the 2nd lien. How much is it for? Is 'he' trying to sell it to you for $5K or what?
Sounds like he is only trying to protect himself because if this thing goes into foreclosure, he'll be wiped out. Also, if he isn't a real estate agent, he cannot legally help sell the house.
Roger
Thanks for the reply Roger,
Yes he owns the 2nd...Not sure how much it was for since he says it was bought at a disc and he will take 5k for it..Then the 1st mortg will HAVE TO allow me to assume the 1st mrtg since I own the 2nd.
I dont think he is a Realtor, but will find out. Maybe he is not "selling it" but selling his 2nd lien ...
But how would this allow me to take over payments on the 1st
Hope this clears things up enogh.....
It wouldn't allow you to take over payments on the 1st. Also, the 1st doesn't 'have to' let you assume anything.
Again, sounds like he is only trying to cover himself and leave you with a note that's about to be wiped out by the 1st foreclosing.
Roger
It's a misconception to assume that a 2nd would be 'wiped out' at foreclosure. Foreclosure initiated by a senior lienholder places a junior at risk... but doesn't automatically 'extinguish' the juniors.... especially if there is equity.
You're right Short, but from the figures that he has given, there is no real equity in the property. It is also the senior lienholder that is foreclosing so the only way the 2nd has to protect his interest is to overbid the 1st.
This is not a strong area for me, so please correct me if I'm wrong with this.
Roger
Thanks for all the replys..However what would deal this be classified as? A short sale/Pre Foreclosure or what?
And is it a legitamit type of deal? Never delt with this type of deal before....
It would be a preforeclosure sale...IF you got the deed from the OWNER. Buying the 2nd does not give you title. If you are intent on this deal you must purchase the property from the owner...subject to the exsisting first. That gives you title. Don't buy the second of you can't deal with the owner.
Thanks Lloyd....Yea this guy says he was only "helping" the seller so I would say that I should avctually "buy it" from the orig owner
However, now I am looking into whether this is a good deal or not....I have to pay off the back-payments of about $7k and owe $71 on the 1st....Needs about $5k to bring to good condition...Plus give this guy $5k for the 2nd....Advise?
Exit, stage left!