By that quote, you seem to have answered your own question. Add to that the prospect of possible second/third mortgages, IRS/state tax liens, and other title complications--which most astute investors research before bidding--and you have your answer.
But if you're still not convinced, you could 1) buy one and see what happens, 2) ask the investors there why they passed (though many are tight-lipped), and/or 3) chose one that seemed to be a gem, take its info to the courthouse--the same info they advice you use for pre-sale research--and do an after the fact research to find out what's wrong. All it will cost is some time, and it will be an investment in understanding the process.
If your'e at the auction, doesn't the lender open the bidding? Either way, wouldn't it be better to contact the lender (after an auction with no bidders) after and make an offer? You offer less and be able to now appraise/inspect the www.property.Lenders are sometimes difficult to contact, but auctions could at least provide a meeting place especially if you don't plan on bidding. Just a newbie thought.......Gee
If your'e at the auction, doesn't the lender open the bidding? Either way, wouldn't it be better to contact the lender (after an auction with no bidders) after and make an offer? You offer less and be able to now appraise/inspect the www.property.Lenders are sometimes difficult to contact, but auctions could at least provide a meeting place especially if you don't plan on bidding. Just a newbie thought.......Gee
Hi -- I'm a newbie and I've been reading through some of the posts. I was wondering if you could give me some pointers how to go about researching 2nd/3rd mortgages, liens and title issues?
Thanks
LCG
Quote:
On 2004-11-19 18:16, loon wrote:
........... the prospect of possible second/third mortgages, IRS/state tax liens, and other title complications--which most astute investors research before bidding..................
Go to the title/escrow company or
hang out at the county recorders office
and see if you can find someone
who may be willing to teach you
how to do title searches.
Maybe because there is no equity in the property.
"BINGO"
By that quote, you seem to have answered your own question. Add to that the prospect of possible second/third mortgages, IRS/state tax liens, and other title complications--which most astute investors research before bidding--and you have your answer.
But if you're still not convinced, you could 1) buy one and see what happens, 2) ask the investors there why they passed (though many are tight-lipped), and/or 3) chose one that seemed to be a gem, take its info to the courthouse--the same info they advice you use for pre-sale research--and do an after the fact research to find out what's wrong. All it will cost is some time, and it will be an investment in understanding the process.
If your'e at the auction, doesn't the lender open the bidding? Either way, wouldn't it be better to contact the lender (after an auction with no bidders) after and make an offer? You offer less and be able to now appraise/inspect the www.property.Lenders are sometimes difficult to contact, but auctions could at least provide a meeting place especially if you don't plan on bidding. Just a newbie thought.......Gee
If your'e at the auction, doesn't the lender open the bidding? Either way, wouldn't it be better to contact the lender (after an auction with no bidders) after and make an offer? You offer less and be able to now appraise/inspect the www.property.Lenders are sometimes difficult to contact, but auctions could at least provide a meeting place especially if you don't plan on bidding. Just a newbie thought.......Gee
no eq. would be the number one reason..........km
Hi -- I'm a newbie and I've been reading through some of the posts. I was wondering if you could give me some pointers how to go about researching 2nd/3rd mortgages, liens and title issues?
Thanks
LCG
Quote:
On 2004-11-19 18:16, loon wrote:
........... the prospect of possible second/third mortgages, IRS/state tax liens, and other title complications--which most astute investors research before bidding..................
Go to the title/escrow company or
hang out at the county recorders office
and see if you can find someone
who may be willing to teach you
how to do title searches.
That is the key.
Good luck!