OfflineMy cousin & his father are trying to sell there Multi-Family Property and it has a sewer/water liens on it and i wanted to put it under contract. But was wondering if this is something i should go after? Who would be responsible to pay they liens? or can you even do a wholesale on this? Im a novice, so please help!!
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"Private Commercial RE Lender"
Nathan Capital Group
Web:www.nathancapitalgroup.net
Email:info@nathancapitalgroup.net
Liens do not necessarily have to be a problem. You can work with them, but they do come with the property. You get the property-you get the lien.
In your negotiations, just make sure you deduct them in your offer.
Sometimes, they can actually work to your advantage. After your offer is accepted with the reduction amt of the liens, you can often go to the lien holder and negotiate them down. Approach them and tell them you are wanting to purchase the property but with the lien on it, it would not make the deal worth it. Tell them that the property owner is not in a position to pay it and if you cannot buy the property, they may not ever get their money and would they be willing to take ___? Very often they will decide that a portion is better than nothing. So you just negotiated yourself a bigger profit since you already reduced the offer price by the full amount.
Often, this will give you an upper hand over other investors because they don't realize you can do this. They see a lien, they get scared and back away.
Make sense?
Good luck!
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Thank you Karen!
"Private Commercial RE Lender"
Nathan Capital Group
Web:www.nathancapitalgroup.net
Email:info@nathancapitalgroup.net
Thank you Karen and it totally makes sense. I had wondered this myself, so now I know. Tammy
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
In your negotiations, just make sure you deduct them in your offer.
Sometimes, they can actually work to your advantage. After your offer is accepted with the reduction amt of the liens, you can often go to the lien holder and negotiate them down. Approach them and tell them you are wanting to purchase the property but with the lien on it, it would not make the deal worth it. Tell them that the property owner is not in a position to pay it and if you cannot buy the property, they may not ever get their money and would they be willing to take ___? Very often they will decide that a portion is better than nothing. So you just negotiated yourself a bigger profit since you already reduced the offer price by the full amount.
Often, this will give you an upper hand over other investors because they don't realize you can do this. They see a lien, they get scared and back away.
Make sense?
Good luck!
Karen
GREAT answer Karen!!!
WOW, who said you were just the "Queen of L/O" ?
I see 7 figures in your acc't...
Mike
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
These type of utility liens are usually not a deal breaker. Depending on the local law, the seller may have to pay the bills before he sells or the lien may come with the property. Either way NEGOTIATE the deal that will be best for you in getting the property. Educate yourself by calling the county. They will usually give you good info to move forward.
Keep up the good work.
Roy Voeks
Official RE Coach
In your negotiations, just make sure you deduct them in your offer.
Sometimes, they can actually work to your advantage. After your offer is accepted with the reduction amt of the liens, you can often go to the lien holder and negotiate them down. Approach them and tell them you are wanting to purchase the property but with the lien on it, it would not make the deal worth it. Tell them that the property owner is not in a position to pay it and if you cannot buy the property, they may not ever get their money and would they be willing to take ___? Very often they will decide that a portion is better than nothing. So you just negotiated yourself a bigger profit since you already reduced the offer price by the full amount.
Often, this will give you an upper hand over other investors because they don't realize you can do this. They see a lien, they get scared and back away.
Make sense?
Good luck!
Karen
GREAT answer Karen!!!
WOW, who said you were just the "Queen of L/O" ?
I see 7 figures in your acc't...
Mike
I respect your opinions very much, so I am greatly flattered.
L/Os were just my first step of specialization. I am now working diligently on becoming a master of wholesaling. And I am doing it in Southern California! I am finding out that it is not quite the bear that we have been led to believe.
Seven figures would we a wonderful position to find myself in. I will keep visualizing that...But only as the next step. Then, I'll be shooting for EIGHT!!!
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"