Need Some Advice
Hi all...
This is my first post in the forums, but I have been reading your posts for quite some time now.
I am in the process now for the past 5 months of trying to find foreclosures or distressed properties in the Chicago sububs. It is not going very well for me seeing that by the time I get to see the homes or if I put a bid on the property there is already MULTIPLE offers already in. I am getting very discouraged in this process since i cannot even obtain one property to even start my REI endeavor.
I get the listings from my agent/broker daily and will get out to see the properties usually the same day or later in the evening and if it is worthy we submit the offer the same day or the following morning.
Does anyone have any advice for me on how I can get a jump start on being one of the first ones informed of these properties so I can atleast have a shot.
I also am considering a pre-construction condo or possibly buying land and building a home, refi it once built, pulling out the equity and living in it for a couple then sell it and do it again. Does any of this sound smart?
Any help or advice would greatly be appreciated.
Thanks,
Dan [ Edited by Drummerboy69 on Date 04/12/2005 ]
Play in the foreclosure market is similar here in CA.
In silicon valley, the stats are as follows:
auctions 226
REO 9
Sold at auction 38
so only ~17% of the defaulted properties went to sale which when you have 10 people on the court steps is pretty thin.
What I am trying to do, is find some under served segment(s) of the market and focus there. So far it seems to have been like to find the righ place at the right time, or a property that "ugly" in someone (like needing 300K of site improvement work)
Hope this is some help.
Intrepid,
Can you share a basic escalation clause?
Thanks,
Ron
A good article on this subject can be found at: http://realtytimes.com/rtcpages/20010402_escalate.htm
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Judicial Foreclosure
Generally, in judicial foreclosure, a court decrees the amount of the borrowers debt and gives him or her a short time to pay.
If the borrower fails to pay within that time, the clerk of the court then advertises the property for sale. Once the process begins, a foreclosure notice must be:
1) posted in the county office of the county where the property is located;
2) posted on the property in foreclosure; and
3) published in two (2) newspapers in the county.
4) The lender must also notify the borrower at least ten (10) days prior to the foreclosure sale.
It is possible for the lender to obtain a deficiency judgment and borrowers have a right to redemption and/or objection within ten (10) days after the sale.
If the lender obtained a deficiency judgment, they can exercise lien rights.
A foreclosure does not necessarily satisfy a lender until the debt is settled!
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OK, so if prudential filed a deficiancy judgement is there a statue of limitations on how long they can collect on this account?
The norm is 10 years
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was the vacant lot pledged as collateral on the 4-plex note?
what do you mean by "foreclosed on"?
There was an auction?
Or there was a court hearing?
So what was the outcome of this case?
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