Confused About Pre Foreclosures
I am confused about where to find candidates for a short sale. I thought that NOD's would be listed in my counties legal newspaper that comes out but I can't find any. There are a lot of sales that are coming up in the next three weeks. There is a Lis Pendens section but that doesn't have any person vs mortgage co.? Am I looking in the wrong place? I'm in Macomb County, Michigan. Thanks for help
How about calling your clerk of the court and telling them what you want and how is the best way to find it? A trip to the county recording department might also prove very informative.
Brenda
I don't think you should limit your search to short sale candidates. They are generally troublesome, and require scads more work that would a conventional preforeclosure or REO sale. Explore any number of different opportunities in real estate... and short sales will find you. Just be ready for them when they do rear their ugly heads.
[addsig]
There is no guarentee that a bank will accept a short sale. You can get a list of homes marked for next auction from a title company if you have one that you are working with or are friendly with. The home owner is going to have to be willing to get nothing for his house and you will probably have to pay most if not all of their closing costs. The bank is going to want to see that the homeowner is not going to make any profit from the sale if they are going to take a short sale. You can get a good deal sometimes, but a lot of banks want their money.
Steve :-D
Steve wrote, "but a lot of banks want their money"
I don't know of any bank that doesn't want what's contractually entitled to them... or, at the very least, every penny available.
SS Pro-can you clarify exactly when is a property still pre forecluse. Is it before the sheriff sale or can it also be after the sheriff sale (no one bought it) but before the bank gets it back? Please help.
I would consider pre-foreclosure someone who misses one payment and there is no way they are going to catch up. The earliest you can find THEM is when "foreclosure"(varies per area, 4-8 missed payments) is filed against them. Which in that case they are in foreclosure. Eventually 6-9 months after foreclosure is filed(in my state) they goto "sheriff/trustee sale". After that, unless you have a redemption period, the home is no longer in possession of the homeowner.
Quote:
On 2004-11-16 10:10, iamhappy wrote:
SS Pro-can you clarify exactly when is a property still pre forecluse. Is it before the sheriff sale or can it also be after the sheriff sale (no one bought it) but before the bank gets it back? Please help.