The borrower also must pay down the outstanding FHA mortgage (secondary liens do not need to be paid off or paid down) on the present property to a 75 percent or lower loan to value (LTV) ratio.

Outstanding Job on taking the plunge! 

Vacant- 3bd/1ba Balance $63k vacant now but rented for $600 mo (15k repairs)2. 4bd/1ba Balance $38K currently rented $600 mo3. 3bd/1 ba Balance $53k currently rented $575 mo4. 3bd/1 ba Balance $43k currently rented $600 monTotal outstanding balance to bring current with mortgages/taxes $193k and the market value from tax office/assessor $250k Sellers want $7-10kk and will assign contract to new owner if financing cannot be obtained immediately.

There were other properties which were beyond our budget but were outstanding value as a vacation rental. 

As an aside, I've been reading Brandon Hall posts for a few years now, and he is outstanding in providing insight and recommendations.Adam

Make sure to also check if the property is part of an HOA/POA and if any outstanding fees are owing and what the monthly charge is.

To do this, you have to pay off all the other certificates outstanding.  

With outstanding Liens, a title company will not file a Grant Deed until the liens are cleared.A mortgage is always tied to the Deed to which it pertains.When a Mortgage is payed off, there's a Reconveyance filed to show the satisfaction of the debt. 

There is no point in negotiating a seller to sell for $100,000 if they have $200,000 of outstanding mortgages and liens that would have to be paid through closing. 

The outstanding balance on the home is approximately 340k and the ARV is $480 +/- 20k.