New to REI, Need Mentor. Please.
I seem to have hit a brick wall. I would like to buy forclosed property but am having some difficulty locating them. I am not very legal savey and may need a push of self confidence with this. I have lots of goals, but need to get my feet wet. It's something I realy want to do. Can anyone help?
Hi Ldbruder,
If you are interested in buying foreclosures, there are many people here at TCI that will be happy to answer your questions as you move forward. You might check out some of the education products on this site that will accelerate your learning curve! Best of Success
BAMZ
What do you think of those forclosure listings you can buy on-line? I've been told they are not kept up to date. Where can i find a listing for my area? Palm Beach county.
I have never used the online foreclosure list, I prefer to go to the Recorders office and get the freshest list of Foreclosures.
You will need to go to the Palm Beach County Recorders office and tell them that you would like to review the files of the 15 most recent foreclosures (lis pendis, or Notice of Defaults). Hope this helps!
Best of Success!
BAMZ
Great! I did that and came home with a Business daily Paper that has a listing. They also have them listed and when the sale date is at the courthouse. I think I'm just going to sit in on one next week and see what it's all about. How can I find out how much equity is in these properties? They give you and assesed value and a final judgement $ but I'm not sure what that all means....
Thank you so much for your help. I'm so glad I found this website!
In my opinion, being first in line when it comes to contacting recipients of LP via letters or telephone isn't the most advantageous. Just because the the 'freshest' info may place you in front of the line... it's the last person that the Homeowner speaks with that makes the deal.
Historically (25+ years) the Homeowners are most likely to consider unconventional alternatives when they've already learned that conventional options/alternatives are not available. I suppose it's OK to get fresh info and be the first (of 50 or 60) in their mailbox, but don't forget to reletter after 90 days.
An educated consumer will be your best customer.
Well I had my first lesson in that very same subject today. I spoke to a lady who's home is funder forclosure. The property goes up for auction on Thursday. She's reluctant to sell it because she thinks she can make a buck at the last minute. So she may lose it or sell it to me. I guess taking over her mortgage would be the best bet for me? But if I have to go to auction, do I have to have ALL the money that day? How does that work?
It depends on the county, each one is different. You will eventually need ALL of the money, either from a lender or investor who will fund or from your money. Sometimes they take a percentage the day of the auction and the rest is due later. You should line up your financing prior to going to the foreclosure auction.
Tanya
Thanks Tanya,
I went to an auction today just to check it out. It was bit intimidating. Lots of testosterone. I will talk to my broker tomorrow to see what he has to say about lending me the rest of the money for this bid. Wish me luck!