Overbids
at a trust deed sale the property is bid up . the 1st is selling what happens to the overbid funds?
at a trust deed sale the property is bid up . the 1st is selling what happens to the overbid funds?
The surplus funds go to the next lienholder(s) in line and or back to the borrower(s) or their successor(s) in interest.
The surplus funds will go to the most senior lienholder or mortgageholder that asks for them. If there are no other encumbrances on the property, the funds go to the defendent homeowner.
[addsig]
Focus on the properties in the market area you are farming. If you only want SFR, then eliminate all commercial property, all vacant land, and all mobile homes.
Also, you could look for and target the foreclosues with higher equity.... amount owed vs assessed value.
[addsig]
Check this thread out....
http://www.thecreativeinvestor.com/residential/modules.php?op=modload&name=Forum&file=viewtopic&mode=viewtopic&topic=53595&forum=30&start=0
Jim
O I apologize. I guess I should have read a little more. Thanks Jim....
Jim,
I have read the post you mentioned but I still have the same questions I placed on second post.
Kim,
A solidly established RE investor will not go through a trouble of buying and selling a property to earn only petty $5,000 then give you the entire balance of the profit. The proposal you have in your hands in my opinion sounds rather like an unethical ploy with an end game twist, so high level caution is advised.
To protect your interest, you may want to consider getting a “no-circumventing, referral fee agreement”, which spells out the agreed terms.
Depends on the property values in your aria and the scope of the work/tasks your investor want you to perform to earn commission, birddog referral fee or commission may vary form $500.00 up to 10% of what the investor makes in the end. “Birddogs” I am working with occasionally make even 15% fee (of my profit) if the seller they bring to my office is ready to sign my offer, consisting of favorable price and terms. To an ambitious, persistent and productive birddogs who considers carrier in RE, I provide ongoing support, leads and even minimal salary advances, which goes against future earnings. If you have any additional question, please do not hesitate to ask.
[ Edited by REOCON on Date 07/11/2006 ]
REOCON
I am looking to work with bird dogs, but I have no idea what to do.
Would you be kind enough to answer some questions without trying to sell me a program?
I am not interested in selling you a course… If you are a beginner with an objective is to learn the trade without investing in education, starting as birddog might be your best bet.
Look for a local investment club/s in your aria. Attend their meeting/s, make the effort to meet experienced investors and humbly ask how you can help.
If you are willing to invest considerable effort, your knowledge should expend in time. [ Edited by REOCON on Date 07/19/2006 ]