If you are following Trustee Sales, they are only advertised for 3 weeks, so you'll need to go often enough to see the advertisement and work a deal.
Instead of paying for the newspaper (they are expensive) the past few months issues are in the Law Library of your county courthouse or in the Main Public Library in your town.
What county are you in? Go to the County website or office and ask them if you can look at current notices. it is very simple I dont know why everyone asks this ****Must Reach Senior Investor status before posting URL's*** check every day or two.
Perhaps it is more simple in some areas than others......The counties I am looking at, Edgefield for on, list no information on its website that is of any use and if the process is the same as Georgia, there is no notice. My question is not to lead me directly to the info, but more so "What is the actual process in SC". Is there a NOD, do they have the sale on specific days? Is there x number of weeks of notice? and so on...
I really couldn't imagine doing this job by looking through the papers. Find a foreclosure data service that covers your area and subscribe to their DAILY reports for a cheap monthly fee. Not all NOD's and NTS' are published in the same "legal paper", and therefore you're limiting yourself to only those few ones.
CountyRecordsResearch is the best in socal. Dataquick provides data for larger areas. This is a hard question to answer because it differs from region to region. What I'd do if unsure is go to an auction and ask the auctioneer for a NOD/NTS service, he'll point you in the right direction.
Couple this daily service with a computerized tracking program and you're in business. "Foreclosure Websites" usually show old/outdated info, or they are just reselling stuff from the paid services. You can go to each individual bank/lender's website and track theirs, but then you're only seing those deals. See them all by subscribing to a service. -MakoShark
It comes from Ward Hannigan's foreclosureforum website, he's a major player from San Diego. Note that I didn't say he's a "guru". He's a player, and even though he speaks and trains, he does this every day. When I see him speak I go for FREE. There's also a wealth of info on his site for newbies. Check it out.
You'll probably see it on the bank's website, if they have one -- or in the MLS if they've listed the property with a real estate broker to dispose of (sell).
Quote:
On 2003-09-03 06:39, DMAC wrote:
After a foreclosure is auctioned and noone buys it, where can you find it listed? What's the next process?
It "reverts to the beneficiary" meaning the bene was the highest bidder.
(the opening bid amount is always the bene's highest bid before sale, and is set by the bene...although the bene COULD show up at auction and bid higher to recoup more costs... it happens)
It becomes and REO (Real estate Owned...<by the bank> and is assigned to a real estate agent that contracts with the bank to do a BPO (broker's price opinion, like a CMA on steriods) and get the place fixed up and resold FOR FULL MARKET VALUE.
The key in an REO is getting hold of the lender/bene ASAP after the auction. Contact them and make your offer. IF you can get to them BEFORE they assign it out for rehab/resale you MAY be able to purchase it for a discount... <SOMETIMES> less than what they bid/reverted for, sometimes up to $20K over the bid, but no where near FMV. Once they've started a re-hab, forget it. Getting them to stop rehab and undersell it has happened, but is rare.
Also, most bene's will only listen to cash offers. However, if you have your loan on standby, can offer a quick closing, have some cash to offer up as a non-refundable deposit, and sometimes agree to pay $100 per day until it does close (over the amount of days you promised it'd close by)... THEN sometimes, sometimes they'll deal with someone with a loan... even conventionals at 5%.... sometimes...
The easiest way to find it (barring websites) is to call the "foreclosure bid automated sales line", or "trustee's sale info line" that was available in the NTS and used to track postponements... sorry, I was supposed to put this at the TOP of my previous post. -MakoShark
When I get my daily list of NTS', it includes a phone number to an "automated sales line" or "foreclosure bid information" system. It's a voicemail system for the bene's and auctioneers to update guys like us. I call about 10 different main lines a day, and make anywhere from 30-100+ calls a day. When I go on vacation I end up getting backlogged (need an assistant/nerd) and sometimes have to call 200 of them over 2 days.
As I flip through my database, I call the numbers 2-3 days out from the sale, and find out the status. No point in doing property homework before then, because it could be cured, etc. There are serveral options...
Sale scheduled as posted
it's going to go on that original NTS date.
Sale postponed...
Due to Bankruptcy
Due to Mutual Agreement
Between owner & lender, trying to work it out, refi, pay current, cure it
Due to Restraining Order
New one to me this week, I'm assuming a restraining order from a BK to keep the bene from selling
Due to "Operation of Law"
Another new one to me this week, probably a BK.
Sale CANCELLED
Means it cured, was paid off, or went equity buyout or Sub-To
Taken off Calendar
Limbo Land, I usually delete these, they'll repost an NTS if its gonna go
Reinstated
Payed Up
SOLD TO A 3RD PARTY BIDDER
That's me! I win, I win!!
In all of the postponement scenarios they'll give you the new sale date and time (time remains the same usually, just later date, 3 days, one month, whatever)
Here's an exercise for you...
------------------------------------------------------------------
Call CTC R.E. (CountryWide's Foreclosure Division at 1-626-927-4399
Enter # to skip the disclosure
Enter 03-01781 # (as the reference # for a property located at 948 N Del Norte Ave , Ontario CA 91764)
Press # to accept
Listen to the magic update!
------------------------------------------------------------------
Call 916-387-7728 ( a big popular one)
Enter #
Wait until they're done talking about instructions.
Enter 20039058600450 #
Listen to the disclaimers and updates!
This one was Sold to 3rd Party!! for $125K
The opening bid was $66K
The 2nd was $15K
------------------------------------------------------------------
I do this all day long when not at auction. I can do it from home. I do it the day of sale, hours before, right before my final drive-by.
When it "pushes" out a week/month I know ahead of time and skip that one, put it back on calendar for next time. When it's gonna go to sale for sure I do my drive by and also final check at the recorder's office. (Make sure she didn't burn down or have last minute liens recorded)
I know ahead of time what's gonna happen at the auction before I get there. It's amazing, the look on the faces of some holding newspapers, when the auctioneer reads off the TS# and then I say "Reinstated" "Postponed to September 16th" etc, and then the auctioneer says the same thing. They wonder how I know. Hey, data is power, guard it with your life.
The only reason I'm posting this is the aforementioned property in my area is too good of a deal, it will cure before sale, or 200 people will be there to bid it beyond profitability. $96K 1st, $22K 2nd comps over $200K. AND I KNOW that there are a lot of beginners and wallflowers, and there's enough deals out there for all of us.
Enjoy my crash course on tracking foreclosures... REMEMBER!!!! The BEST deals are the ones that push out 2,3,4 times because people forget them. By the time they come up, no one knows WHAT the heck you're bidding on, and they're afraid <rightfully so> to bid on the unknown. TRACK TRACK TRACK That's why I INVESTED in $500 software.
I track 200+ properties IN ONE ZONE in SoCal. Just imagine doing 3 more zones, I'd have to hire an army of kids on laptops. -MakoShark
I had luck finding info by going to various banks web sites and doing a site specific searches in google for real estate for sale; foreclosures; bank owned.
To do a google site search just type your search query followed by:
site:SiteName.com
where SiteName is the bank in question.
Some realtors specialize in REO's if you can get in with them.
ON your county website, there should be a like to the tax assessors office where you can look up property address, owners, etc.
Pick a popular bank in the area, and see what properties com up under their name.
Check the legal paper in your city. They list all the divorces, new businesses, pre-foreclosures,etc... Hope this helps.
Prosperous investing,
td
Thanks for starting this thread.
An extension to this question. What are the biggest 5 "watchouts" in a foreclosure purchase ?
thanks and regards
ag
OCSupertones-
Sorry, no help from me here on that issue. Just had to say I love your name!
One of my favorite bands.
[addsig]
Thanks for the replies..any other ideas? anyone local know anything?
TD is correct!
In California, you need to go to the local county courthouse and find the "legal newspaper".
Everyday, the newspaper will list the Notice of Defaults and the Trustee Sales.
Hope This Helps!
Mrs. Meltzer
Quote: In California, you need to go to the local county courthouse and find the "legal newspaper".
Everyday, the newspaper will list the Notice of Defaults and the Trustee Sales.
Thanks for the advice...do i need to do this daily, or can i get a record of the past week/month?
You can go as often or as little as you want.
If you are following Trustee Sales, they are only advertised for 3 weeks, so you'll need to go often enough to see the advertisement and work a deal.
Instead of paying for the newspaper (they are expensive) the past few months issues are in the Law Library of your county courthouse or in the Main Public Library in your town.
Hope This Helps!
Mrs. Meltzer
Would anyone know how the foreclosure process works in SC? NOD list? Public notice? Any help appreciated!
What county are you in? Go to the County website or office and ask them if you can look at current notices. it is very simple I dont know why everyone asks this ****Must Reach Senior Investor status before posting URL's*** check every day or two.
Perhaps it is more simple in some areas than others......The counties I am looking at, Edgefield for on, list no information on its website that is of any use and if the process is the same as Georgia, there is no notice. My question is not to lead me directly to the info, but more so "What is the actual process in SC". Is there a NOD, do they have the sale on specific days? Is there x number of weeks of notice? and so on...
Just a quick comment guys/gals,
I really couldn't imagine doing this job by looking through the papers. Find a foreclosure data service that covers your area and subscribe to their DAILY reports for a cheap monthly fee. Not all NOD's and NTS' are published in the same "legal paper", and therefore you're limiting yourself to only those few ones.
CountyRecordsResearch is the best in socal. Dataquick provides data for larger areas. This is a hard question to answer because it differs from region to region. What I'd do if unsure is go to an auction and ask the auctioneer for a NOD/NTS service, he'll point you in the right direction.
Couple this daily service with a computerized tracking program and you're in business. "Foreclosure Websites" usually show old/outdated info, or they are just reselling stuff from the paid services. You can go to each individual bank/lender's website and track theirs, but then you're only seing those deals. See them all by subscribing to a service. -MakoShark
I'm posting this to help people from other areas than mine... It is the 50 State foreclosure table, that shows you the process in every state.
dub-dub-dub-dot
foreclosureforum
dotcom
fwdslash
basics
dothtml
It comes from Ward Hannigan's foreclosureforum website, he's a major player from San Diego. Note that I didn't say he's a "guru". He's a player, and even though he speaks and trains, he does this every day. When I see him speak I go for FREE. There's also a wealth of info on his site for newbies. Check it out.
Hope this helps. -MakoShark
In Georgia, the foreclosure are listed once a week in the local newspapers.
There is no "Notice of Default" stage ... it goes directly to the "Trustee Sale" stage.
The inital listing is for 4 consecutive weeks and then BAM the Foreclosure sale.
Hope This Helps,
Mrs. Meltzer
Great advice everyone, i'll check my local library before paying for a service (im still a newbie)
After a foreclosure is auctioned and noone buys it, where can you find it listed? What's the next process?
Thanks for any info!
You'll probably see it on the bank's website, if they have one -- or in the MLS if they've listed the property with a real estate broker to dispose of (sell).
Quote:
On 2003-09-03 06:39, DMAC wrote:
After a foreclosure is auctioned and noone buys it, where can you find it listed? What's the next process?
Thanks for any info!
It "reverts to the beneficiary" meaning the bene was the highest bidder.
and is assigned to a real estate agent that contracts with the bank to do a BPO (broker's price opinion, like a CMA on steriods) and get the place fixed up and resold FOR FULL MARKET VALUE.
(the opening bid amount is always the bene's highest bid before sale, and is set by the bene...although the bene COULD show up at auction and bid higher to recoup more costs... it happens)
It becomes and REO (Real estate Owned...<by the bank>
The key in an REO is getting hold of the lender/bene ASAP after the auction. Contact them and make your offer. IF you can get to them BEFORE they assign it out for rehab/resale you MAY be able to purchase it for a discount... <SOMETIMES> less than what they bid/reverted for, sometimes up to $20K over the bid, but no where near FMV. Once they've started a re-hab, forget it. Getting them to stop rehab and undersell it has happened, but is rare.
Also, most bene's will only listen to cash offers. However, if you have your loan on standby, can offer a quick closing, have some cash to offer up as a non-refundable deposit, and sometimes agree to pay $100 per day until it does close (over the amount of days you promised it'd close by)... THEN sometimes, sometimes they'll deal with someone with a loan... even conventionals at 5%.... sometimes...
Hope this was a slight education. -MakoShark
The easiest way to find it (barring websites) is to call the "foreclosure bid automated sales line", or "trustee's sale info line" that was available in the NTS and used to track postponements... sorry, I was supposed to put this at the TOP of my previous post. -MakoShark
Apex Predator of the Foreclosure Investing Ocean >...\..>>
the rest are just chum
Quote: foreclosure bid automated sales line
Mako, what is that?
Hey Tone-man.
When I get my daily list of NTS', it includes a phone number to an "automated sales line" or "foreclosure bid information" system. It's a voicemail system for the bene's and auctioneers to update guys like us. I call about 10 different main lines a day, and make anywhere from 30-100+ calls a day. When I go on vacation I end up getting backlogged (need an assistant/nerd) and sometimes have to call 200 of them over 2 days.
As I flip through my database, I call the numbers 2-3 days out from the sale, and find out the status. No point in doing property homework before then, because it could be cured, etc. There are serveral options...
Sale scheduled as posted
it's going to go on that original NTS date.
Sale postponed...
Due to Bankruptcy
Due to Mutual Agreement
Between owner & lender, trying to work it out, refi, pay current, cure it
Due to Restraining Order
New one to me this week, I'm assuming a restraining order from a BK to keep the bene from selling
Due to "Operation of Law"
Another new one to me this week, probably a BK.
Sale CANCELLED
Means it cured, was paid off, or went equity buyout or Sub-To
Taken off Calendar
Limbo Land, I usually delete these, they'll repost an NTS if its gonna go
Reinstated
Payed Up
SOLD TO A 3RD PARTY BIDDER
That's me! I win, I win!!
In all of the postponement scenarios they'll give you the new sale date and time (time remains the same usually, just later date, 3 days, one month, whatever)
Here's an exercise for you...
------------------------------------------------------------------
Call CTC R.E. (CountryWide's Foreclosure Division at 1-626-927-4399
Enter # to skip the disclosure
Enter 03-01781 # (as the reference # for a property located at 948 N Del Norte Ave , Ontario CA 91764)
Press # to accept
Listen to the magic update!
------------------------------------------------------------------
Call 916-387-7728 ( a big popular one)
Enter #
Wait until they're done talking about instructions.
Enter 20039058600450 #
Listen to the disclaimers and updates!
This one was Sold to 3rd Party!! for $125K
The opening bid was $66K
The 2nd was $15K
------------------------------------------------------------------
I do this all day long when not at auction. I can do it from home. I do it the day of sale, hours before, right before my final drive-by.
When it "pushes" out a week/month I know ahead of time and skip that one, put it back on calendar for next time. When it's gonna go to sale for sure I do my drive by and also final check at the recorder's office. (Make sure she didn't burn down or have last minute liens recorded)
I know ahead of time what's gonna happen at the auction before I get there. It's amazing, the look on the faces of some holding newspapers, when the auctioneer reads off the TS# and then I say "Reinstated" "Postponed to September 16th" etc, and then the auctioneer says the same thing. They wonder how I know. Hey, data is power, guard it with your life.
The only reason I'm posting this is the aforementioned property in my area is too good of a deal, it will cure before sale, or 200 people will be there to bid it beyond profitability. $96K 1st, $22K 2nd comps over $200K. AND I KNOW that there are a lot of beginners and wallflowers, and there's enough deals out there for all of us.
Enjoy my crash course on tracking foreclosures... REMEMBER!!!! The BEST deals are the ones that push out 2,3,4 times because people forget them. By the time they come up, no one knows WHAT the heck you're bidding on, and they're afraid <rightfully so> to bid on the unknown. TRACK TRACK TRACK That's why I INVESTED in $500 software.
I track 200+ properties IN ONE ZONE in SoCal. Just imagine doing 3 more zones, I'd have to hire an army of kids on laptops. -MakoShark
Apex Predator of the Foreclosure Investing Ocean >...\..>>
ps, You oughtta see my speed-dial setup!
Awesome post mako, I'm defnitely keeping this one around for future reference.
I had luck finding info by going to various banks web sites and doing a site specific searches in google for real estate for sale; foreclosures; bank owned.
To do a google site search just type your search query followed by:
site:SiteName.com
where SiteName is the bank in question.
Thanks,
Rick.
Some realtors specialize in REO's if you can get in with them.
ON your county website, there should be a like to the tax assessors office where you can look up property address, owners, etc.
Pick a popular bank in the area, and see what properties com up under their name.
I tried a few banks in my area that have websites:
www
uboc
com
and also
www
bankofamerica
com
neither turned up anything in the way of bank owned/foreclousures
any supplemental advice?
?Also check out your local investor clubs in your area.. They can be a really big help on alot of things you need to know