Court House Details
First of all I would like to THANK everyone who posted questions & answers on the subject of short sales! This forum has really taken care of a lot of questions that I have had & has been of great help! This is really an excellent & informative REI community! I look forward to being able give back information as I learn along my REI journey. This bird is ready to leave the nest for his first deal! I feel comfortable about the steps and the order process in which a short sale occurs but, as I am ready for the first step I realize that I still a little fuzzy about what information I need to collect at the court house for a short sale? Such information as Leins, mortgages, owners address, phone # etc... Any help for a first time poster?
Thanks, Kevin 8-) [ Edited by bigsexy on Date 03/29/2004 ]
You need record nothing at the Court House.... unless you wish to record your Contract with the Seller.
Thank you for catching my error. I should of asked: What information should I look for at the court house such as leins against the property, 1st & 2nd mortgages, owners name, address & phone # etc...
Thanks Kevin
Presumably, you have a method in place that alerts you to pending (pre) foreclosures. Personally, before I spend a nickel's worth of time gathering info on a particular property... I have an (inexpensive) chat with the Homeowner, and basically prequalify them, and their situation for short sale (or any acquisition methodology) potential....
Then, if there is something... I'll order judgement and lien searches.... but only after I've predetermined that a transaction will likely occur.
ShortSalePro:
Along the lines of first contact with the owner: I am curious how you actually initiate the phone call. I tend to be very direct in my approach with people and would worry that a matter-of-fact approach may tend to turn the owner off of the conversation. Can you provide insight as to how or what you actually tell the owner during the initial contact?
Thanks very much!
Kevin,
You are looking for NODs (notice of default) or lis pendens. This is the initial steps of a bank starting the foreclosure process. If you advertise, homeowners can call you before anything legal starts and you will be first in line to help them.
Kelly(WI)[ Edited by knucs on Date 04/03/2004 ]
Thanks, good to hear from an investor in Wisconsin! this past week I hung up sheets at every grocery store and bank that would let me. Each said: Stop foreclosure I can help private investor. My first name and phone# on a tearoff section. I am planning on mailing all Les pendens that I receive from the title company and planning to advertise in some small local papers in my area. Is classified or dislplay better? Do you have any other ideas?
Kevin
Kevin,
Nice gorilla marketing! Wow, in a bank even!!!
I would not go to the expense of a display ad. For the classifieds, just be there consistantly and try to be different than all the other ads - have a hook. It may take a seller a couple of times seeing your ad (helps to find out how to be at the top of the add grouping) Something like "New Dad buys houses" etc.
I would still get those lis pendens and mail, call, or door knock those people(do all of these). Door knocking WILL get you the best results! Most people do not have the guts to do it. People in foreclosure will get several mailings, a few phone calls, and probably only YOU knocking on their door. $$$ Get in the door by telling them that you were at the court house & noticed that they have a problem with the bank & their house and to see if you could help them. Find out what they need and help them out. Let them tell you their story. Sometimes they just need to catch up, work out a forebarence aggreement, short sale, cash them out, take over their payments, equity partnership, or an actual bankruptcy will be the best.
Go get em!
Kelly(WI)[ Edited by knucs on Date 04/07/2004 ]