Understanding Lien Priority in Foreclosed Properties скачать в хорошем качестве

Understanding Lien Priority in Foreclosed Properties

When you’re buying properties at a foreclosure auction, you have to make sure you understand lien priority. The last thing you’d want to do is buy a junior lien and spend more on the property than you planned to! Watch this video to learn more about lien priority and why it’s not ideal to buy secondary or junior liens at foreclosure auctions! Key Talking Points of the Episode [00:00] Introduction [00:15] What should you be looking for in foreclosures? [00:47] What is lien priority? [01:46] How can you learn to read debt stacks? [02:25] How do seasoned investors buy at auctions? [04:33] What happens when you buy a junior lien? Quotables “As the crier is crying the property, they’re going to mention that the property is sold subject to all liens and encumbrances, meaning if there is something that is a senior debt to the loan that you’re bidding on, you could end up owning that lien.” “This is really simple – lien priority is always trumped by date.” “It’s always the oldest dated lien is the first lien, so you always check dates. In foreclosure auctions and lien priority, dates are everything.” “When you guys buy at an auction, you have to remit all of the funds at the auction and you can’t get out of it.” “Trivia: when you buy a junior lien at a foreclosure auction, do you own the property? Yes, you own the property, subject to paying off the second, paying off the first, and any other senior liens that are there.” “If you think education is expensive, you should try ignorance. That was ignorance and it cost him $25K. He could’ve attended this class and saved himself a fortune.” “Biggest rookie mistake – bidding on second liens or junior liens when you don’t know what you’re doing.” _____________________________________ Subscribe, Like, and Comment! ▪️ leearnoldsystem.com ▪️ facebook:   / leearnoldsystem   ▪️ instagram:   / leearnoldsystem   #realestate #realestateinvestment #investment #invest #education #wealth