Wholsaling Newbie

cool grin
Greetings Guys:
I just relocated to Southern Maryland and will be attending a real estate boot camp in March. Since I work full time I feel I won't be able to access lis pendens information unless I take a day off. Do any of you know how I can gain access to this information through a website or can I pay for some software where I can do this research from home. I already understand that my focus should be on the "distressed owner" more than the property itself so I feel this is where I should begin my search.
Also, I really don't understand what it means when I hear that the owner will "carry back" a mortgage. Could a few of you get to me on that. I'll probably need a few versions. If anyone out there is in the Southern Maryland area please e-me and keep in touch so we can help each. Thank you.

Comments(5)

  • fmmp24th February, 2004

    Owner/Seller Carryback means that the seller will finance a portion of a loan. Ex. on $100K purchase:

    Bank finances 90% or $90K
    Owner carryback or finances 5% or $5K
    Buyer puts down 5% or $5K

    Combined $100K or 100%

    You the buyer pay the owner carryback with whatever terms you negotiate with the seller such as $100/mo. for 2 years at 5% interest etc. or just until you can refinance.

    Owner carrybacks are a way for the buyer to purchase with little or no money down however banks may limit the amount that a seller can carryback.

  • Stockpro9924th February, 2004

    I don't use it but I have heard that "sharkbait" software is along the lines of what your looking for.

  • fmmp24th February, 2004

    http://www.google.com/search?hl=en&ie=UTF-8&oe=UTF-8&q=sharkbait+software

    That may help.

  • Tybotica24th February, 2004

    Thank you for the speedy replies. I appreciate it.
    Now, Lis Pendens, gimme what you got on resources.
    Thank you in advance.

  • Tybotica24th February, 2004

    Hey Guys:

    Hope all is well with everyone. Is anyone out there from Southern Maryland, Virginia or Washington, D.C.?
    As a wholesaler how much money (give me a range) would I have to put up to put a house under contract? Do I put the house under contract Before or after my buyer has seen it.?
    Thanx in advance for your help.

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