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Updated almost 14 years ago, 02/10/2011

Mike Rash's profile image
Mike Rash's profile image
Mike Rash
  • Real Estate Investor
  • from Livingston, NJ
  • Member since Nov 6, 2010
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User Stats

24
Posts
1
Votes
Mike Rash's profile image
Mike Rash's profile image
Mike Rash
  • Real Estate Investor
  • from Livingston, NJ
  • Member since Nov 6, 2010
Connect
Mike Rash
  • Real Estate Investor
  • Livingston, NJ
1
Votes |
24
Posts
Tax Liens & Mortgage Notes

Buy a NOTE to aquire a PROPERTY

Mike Rash
  • Real Estate Investor
  • Livingston, NJ
Posted

I am interested in a property that is going through pre-foreclosure for the past year... Here are the FACTS:

1. Property was purchased in 2006 for 450k.
2. The owner took 3 mortgages: 1st - 350k, 2nd 100k, and 3rd - 150k.

I believe they used a 'straw' buyer and defaulted on all of the LOANS almost immediately...

The property is in a NICE location and I believe is worth about 400k now.

I have 'tracked down' the company (asset manager) that is holding the first mortgage and they want to sell the NOTE. Any advise on how to proceed? What would be the good offer price based on the numbers above?

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