Lis Pendens Question?
i have access to lis pendens in my county. there are over 4000. i do have the option to search by date. my question is what time frame should i use to minimize my results and maximize the chances of reaching someone that is motivated to sell? when it comes to pre-foreclosue is it better to market to 0-30 days 30-60 days or 60-90 days or more.
any feedback will be greatly appreciated.
A good marketing campaign will mail out one as soon as the LP comes out, another one in a few weeks, and keep remailing until it gets sold in the court house or gets canceled. And always, be mindful of state law and local rules as to when and how you can contact the defendants.
Some state laws place special restrictions upon the investor who attempts to negotiate the purchase of property within 60 days of the scheduled foreclosure sale.
Check your state law to see if that might have an impact upon your marketing strategy.
In addition to the above.... I think you want to minimize your search list to reach someone motivated to sell, right? As distress says, the answer depends on your goals. This post is in the tax lien forum, so what exactly are you attempting to do?
I analyze hundreds of filings a month (in NC) out of a total sample of thousands. Kind of like what you refer to in the 4000 records. But my goal is foreclosure investing, not tax liens. Is search by date the only method you have? Is this a courthouse search or a service? Once we have a better understanding of what you are trying to do, we can post appropriately. [ Edited by ITBInvestor on Date 11/06/2010 ]
If you can, search for LP type of foreclosure rather than say mechanics lien.
There are many reasons for an LP to be filed.
As I stated before, my husband did not understand what he was getting into when he bid for this house. Only after he presented it to me and I started investigating did he realize. He thought he was getting a house at foreclosure not aware that the title was “subject toâ€.
The market value is 215,000.00 (according to the tax website). The closing in the area have been from 185,000 to 335,000. The realtor we had to run the comps came back with 179,000.
Is this the same property we discussed earlier?
http://www.thecreativeinvestor.com/ViewTopic67016-18.html
John (LV)
Interesting question... my thought is you would be reimbursed for all the actions you took, so did you do a title search? sent notice to the owner to pay? etc. presume it was done by the county too and they are reimbursed by the owner based on when it is accomplished, so therefore you would just get interest... looks like a gray area of overlap where actions were possibly required by both parties...
Quote:
On 2011-06-13 08:27, ddstew wrote:
Interesting question... my thought is you would be reimbursed for all the actions you took, so did you do a title search? sent notice to the owner to pay? etc. presume it was done by the county too and they are reimbursed by the owner based on when it is accomplished, so therefore you would just get interest... looks like a gray area of overlap where actions were possibly required by both parties...
I did all that was required. Have been doing this for several yrs so am somewhat familiar with what needs done. Just they changed the law and many collectors are doing what law says and a few are reverting back to the old law.
At this point, the only option/s would seem to be: survey counties and see if their is a difference as the law is applied, then get a state ruling, if not possibly then it may be worth a few investors going in on a lawyer to settle it. Best of luck, please let us know the outcome...
Quote:
On 2011-06-13 18:18, ddstew wrote:
At this point, the only option/s would seem to be: survey counties and see if their is a difference as the law is applied, then get a state ruling, if not possibly then it may be worth a few investors going in on a lawyer to settle it. Best of luck, please let us know the outcome...
see if their is a difference as the law is applied
Yes there is a difference of how the law is applied. Each colloctor does it how they want
then get a state ruling
you got me stumped. How is this done?
then it may be worth a few investors going in on a lawyer to settle it
Good luck with this one. Its not worth it to most tax sale buyers in this county. They only buy one, maybe two properties and so the money is not of much concern. I on the other hand usually buy 20 or so a year and it is worth it to me.
Will start off by contacting Attorney general and see if I can get an opinion. Then it’s fist city. haha
Best of luck, please let us know the outcome...
OK but may be a few months
State Department of Revenue should be able to answer how the law is applied. Another option would be to check with county board of supervisors, county attorney, or state elected official.
Tedo-101
Thank you for the response.
In regards to taking the reimbursement for the title search to a higher level I think I am just going to suck it up and let it pass. Title search was about $175 (but I didn’t have just one title search) and I could spend that much in money or time trying to collect. What burns me is that by reading the statute I get the feeling that if I didn’t do what was passed Aug 2010 (a few days after the tax sale) I could find myself trying to defend for properties I thought I had followed the rules on (2008 and 2009 statutes) and owners, lawyers, judges, collectors etc looking at the new statutes and saying I didn’t comply with the requirements. That’s why everybody has opinions on the laws. It is not clear, cut and dried.
Again Thank you for your response.
I will give you time to read this and then next week I will give you a call and chat about tax sales or anything else.
Bump.
Anyone have some input or experience in this?
Thank you.
JS.
Check with another title company. Or get the tax loan holder to release and re-instate after the closing.
Title company wants to have the property clean and without liens. Pay off the tax lien at closing with a loan from a relative or from a friend or even a hard money lender, get it rented and within 6 months you can re-fi. If the tax lien balance is that small anyway, paying 15-18% to the tax lien holders or 15-18% to hard money is really about the same.