What Do Get When I Buy The Deed Of A House?
Hey, I'm a super newbie and have a simple question:
I saw on this site (banner ad) that there is a house :
worth $210,000
selling for $185,000.
owing $178,000
and the cost to get the deed is $7,500.
Does that mean I take over the mortgage payments?
Does someone probably still live there and make the payments for me?
Would I get the deed then sell the property right away for Cost ($185,000) + Purchase Fee ($7,500) + Intended profit ($5,500) = $198,000.
This would be below market value by $12,000 and should sell quickly.
If that's the case why wouldn't the guy posting this ad do it himself and make more money?
If this were you, what would you do? I'm trying to understand how all of this stuff fits together and I thought this would be a good example.
PS. If you use abbreviations (eg. LTV) could you explain them as well. I only know LTV = Loan to Value, the rest are greek to me. Thank you very much.
Cam 
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