Last Minute Advice On Foreclosure Advice?

Comments(16)

• 
  BBagnall3rd April, 2006

  Definitely do a drive-by of all properties that you want to bid on. The condition of the outside of the property is usually (not always) a good indication of the condition of the inside.
  
  Good luck!

• 
  playercool3rd April, 2006

  Thanks,
  
  Yah I have driven by and taken pictures of all the properties. I started with about 50 houses and have narrowed the list down to 22 possibilites. It took about 15 hours to drive by and see all these houses.
  
  Have any advice on the actual auction? Good tactics to use? Or just the best way to find the Trustee auctioning the house? Do they read off only the Legal Description Like (L8.C Preston Gables) or do they actually read the address?
  
  Thanks

• 
  playercool4th April, 2006

  Do mechanics liens and abstract of judgements drop off?
  
  Would you stay away from a property that has a federal tax lien on it? One from the irs?
  
  Is the first mortgage always the one that is listed first? Meaning it was the first to file date wise?
  
  Thanks

• 
  hbinc200012th April, 2006

  Great info guys,
  
  Thanks a lot Player & Chris. Arming myself with knowledge is the key to success!
  
  Thanks again,
  HB Inc.

• 
  sirvivor9912th April, 2006

  WOW! 15 day to pay, in my part of Pennsylvania (Allegheny Co.) the auction is on Monday, 10% at sale, the balance before 10AM Friday....effectively giving you 3 days.

• 
  hbinc200012th April, 2006

  Yeah, VA standard is usually 15 days, but I have seen it vary from 10 days to 30 days.
  
  
  HB Inc.

• 
  jfmlv195012th April, 2006

  In Las Vegas it is "cash and carry".
  
  You must pay in full before the next property is even brought to bid.
  
  I have seen amounts as high as 1.3 Million taken out of the winners pocket (cashiers checks) to pay for the property.
  
  Each area has its own rules.
  
  John (LV)

• 
  InActive_Account22nd April, 2006

  bring cash?

• 
  TheShortSalePro15th April, 2006

  I would speak directly to your title insurance company, and ask specifically about the presence of judgments.

• 
  bargain7615th April, 2006

  SS pro is right on. There are many, many forms of liens and judgments that can cloud a property title, even if they are against the owners and do not mention the property.
  
  It pays to have a title search done, with YOU paying for the title search and expecting professional results.
  
  No lender lends against a clouded title, regardless of interest rate.
  [addsig]

• 
  charlotteinvestor21st April, 2006

  If you find out that the property does not have any liens. You should have the owner to put the title into trust. Because if the lien is not recorded now, chances are soon it will be recorded.

• 
  InActive_Account22nd April, 2006

  think reinstate and take over payments. Pull a title search to see which judgements are attached. Request payoffs on all of the judgements. Go for the deal

• 
  vcrindc22nd April, 2006

  I would also contact the lienholders and try and get a discounted payoff.

• 
  bargain7624th April, 2006

  Mike, I handle buying of the note EXACTLY like a short sale. Loss Mit can handle the entire deal.
  
  When the negotiation is over and an agreement is reached as to the the $ amount .... At this point you ask the lender to assign the note to you rather than satisfy the obligation.
  
  When you wire the funds, the lender will assign the note to you and send you the original mortgage documents. This can be done on the 1st or 2nd.
  [addsig]

• 
  mikebuyshouses24th April, 2006

  Have you found more success buying a note rather than short-selling? Thanks for the answer

• 
  InActive_Account24th April, 2006

  Good answer. Eagerly waiting a followup