Judgment: The Art Of Profiting in Real Estate with this Judgment Lien.
Hey gang, this is Mike with My Real Estate DOJO and today’s lesson is about judgement and what is a judgement. Judgement is, I am going to give you an example, judgement is when an individual gets sued and that other party wins, therefore the judge is going to award the winning party a judgement against the loser.
Now a judgement is usually what we talk about a general lien, which means that it will attach it to any of your properties, you can attach it to personal goods, for example cars and things of that nature, because it is general and not specific. If you don’t know the different between general and specific, watch my YouTube video of the different types of liens. Simply put a judgement is a lien that is put against your property. If its a general lien then it can attach to any of your property.
One thing to understand is that a judgement does not automatically make the winning party have money. For example, just because the winning party won the judgement they are not going to receive any money. The judgement only allows that party to go after the debtor and collect the money. This means that the winning party has to higher an attorney, do all these flips and flops to eventually get the money if ever get the money. Just because the party won a judgement, it doesn’t mean that you are going to get richer.
You actually have to go through a lot of work to get that money. However, a judgement is a lien and it does clot up the title, so the loser has all the property and what they want to sell for it and it’s going to clot up the title and maybe at that time you are get payed.
As a Real Estate Investor there are a lot of ways to negotiate these judgements. If you come up with a property that has judgements it’s going to actually allow you to negotiate even better for yourself with the home seller and then you go and use some of these strategies that I’ve been talking to about on YouTube with liens and negotiate that judgement away and put pennies on a dollar and do foreclosure. Right two other things I want to tell you is that in a judgement you usually have an interest occurring. If you have a judgement, let’s say for 3 grand and it takes the losing party 4 years to sell the home, you are not going to get 3 grand.
You are going to get 3 grand plus more, so the losing party is actually going to go out and pay you title policy to be able to sell their home to a retail buyer. The second point that I wanted to explain to you is that by rule of thumb is that most judgement holders, they don’t enforce their judgement and foreclose their property and hire an attorney. Just because somebody is a judgement holder they have the power to force the sale, but the majority of the times that doesn’t do it unless they are professional judgement holders. If that makes any sense.
Alright guys, go out there and hustle and bustle. This is America-the grass is so green. Don’t watch me and then watch another guy and then watch another guy. After you watch me, hang up and go take some massive action. Then come back and watch some more of my videos and go again take some massive action and do that over and over until you start learning the business, because you can learn a lot more just by diving in and starting swimming, instead of sitting in the side lines and watching books.
I know fear is a powerful factor to not go and take action, but that is what you’ve got to do. Go out there and hit the road, as they say in America. This is Mike with my Real Estate DOJO, if you like these videos please like, please share.
You can buy some of my digital products and I’ll talk to you the other day.