Flip This Wholesaler

Happy Wednesday Blogosphere!

So, I don’t actually have confirmation yet, but it looks like the deal I am working on with my buddy is in a little bit of trouble.  He got an email from the title company yesterday afternoon saying that there is a mortgage still attached to the property. SWEET!!!!

It’s kind of funny, actually (in a non-funny sort of way), because I was just talking to a wholesaler friend of mine over the weekend, and he was telling me about an REO deal that just blew up in his face.  Apparently, the law firm who handled the foreclosure forgot to foreclose on one of the loans and so they had to go back and start all over again. He was supposed to make 18k on the deal (Cha-Ching!), and it just went up in smoke right before his very eyes.  Awesome.

Anyway, the non-funny part is that after he told me the story I said how surprised I was that I’ve never had that happen to me, and then right after the words popped out of my mouth, I mentioned that I should probably shut my big fat trap before I jinxed myself.  Hahahaha.

So anywho, like I said, we don’t know for sure what’s going on yet, but should find out more today. We did however, do some investigating online last night, and it appears that there were some serious shenanigans going on (as opposed to the non-serious variety) when this property was purchased. This house is in the quasi-hood (right on the outskirts of the hood), and the previous owner somehow managed to take out $227,872.05 in loans on the property, even though the purchase price was $83,500. Holy mortgage fraud, Batman!

Hopefully she spent the excess funds on something nice.  Like a plasma TV or a big-ass, gas-guzzling SUV. Or something else that ends with a V…

Alrighty then, gotta run.

10-4, over and out.

P.S.
Red dot count = 11!
Woohoo!

P.P.S.
Flip This REO! eBooks make great Christmas gifts…
Click here to grab yourself a copy!
Hohoho.