the fastest way is to call a title company and ask them IF they can
spare a title trail report (they may charge a fee unless you know a
title officer or someone who works in the company) for related info
about a property (ie. you gotta do your homework and "drive
around/drive-by" which property(ies) you feel might be under the
foreclosure process.
also, you can ask the title company (customer service department) and
request for a "property profile" (although they normally don't give
this out unless you're working with the company sales rep OR unless
you're a realtor who "talks the walk and walk the talk", hehe).
btw, the property profile shall show who the current owner is and who
is the lender. it'll also show IF the house is behind in payments,
then you can contact the lender.
Normally, the lender may not work with you IF the property's NOT yet
theirs (meaning not yet foreclosed). the shortcut here is to directly
knock on the door and ask the owner if they're interested to negotiate
with you by you "buying them out" (you gotta be bold enough and ready
for whatever consequences in dealing with a private and irate
dont'-wanna-be disturbed problematic owner coz for all you know they
may be in the middle of divorce, death, health crisis or whatever
situation).
besides, if the owners owe MORE than what it's worth, then you'll have
to resort to a "short sale pay-off", that is IF the lender is willing
to "forgive" the amount owed versus what the real current value of the
property.
Finally, a great source of foreclosures is the county recorder's
office. Usually WHEN the owner fails to pay (ie. for 3 consecutive
months), then the lender shall file a "notice of default" announcing
to the open public that "Joe Metro" hasn't paid his bills and that the
lender is starting its foreclosure proceedings through such public
notice.
Thereafter, you can follow and chase a lead as to whether or not the
owner will continue to pay the back dues OR let it go eventually. Of
course you have to consider that the owner may have to file bankruptcy
and tie up the said property in the bankruptcy court just to buy time.
Be diligent then to "follow the sequence" whether the property shall
eventually be foreclosed OR redeemed by the owner in due time. Only
when it's foreclosed that you can bid during the "notice of sale"
which is supposed to be in public records and must be advertised in
public newspapers.
Of course, it's normally the lender that normally wins coz they have
more to lose that's why they bid higher (usually the loan amount plus
their compounded interests earned), that's why there's hardly NOT a
lot of private investors that win UNLESS of course the property has
dramatically increased its value in an increasing crazy market.
but of course if that's the case then WHY would the owner get the
property foreclosed IF it's gone up in value already and they can
still get some equity money once they sell it to a private party
(unless they're stupid enough and have not gotten an advice or unless
it's a divorce situation wherein both or one of the spouses wanna hurt
each other's credit rating)?
ultimately, you'll have to use a real2or as your main source of
first-hand help, does that make sense???
Amen! |
