I have a question about Realtytrac.com. I know that alot of the stuff listed on that site is out of date, but there is something listed there in preforeclosure as of May 23, 2005 that I am interested in pursuing. If Realtytrac has not moved it into the Bank Owned section or Auction section of their site does that mean it is sctually still in preforclosure or does that likely mean that Realtytrac just has not updated the latest info on the property. Or could it possibly mean that is has been sold by the owner while still in preforeclosure? I checked county records and the last thing listed in regard to that owner was the property was Lis Pendens which as I understand it means in preforeclosure. Is this right? According to the clerk records i researched they owe $144000 on the mortgage. Realtytrac shows an estimated market value of $495000 which given the location here in NY is probably a fair estimate. Nothing in the town where it is goes for less then 350-400k. That I know for sure. There are no other records listed after that on the owner. No deed transfer, no new mortgage, nothing. Looking at the land records for other homes I have researched I have seen where on a certain date the mortgage is lis pedens and then a record is recorded a week later or a month later showing a new mortgage to the same owner on the same property which I guess means that they worked it out and the home was taken out of foreclosure. So in this case I’m guessing that the house is still in that owners possession but still in lis pendens because there is no record of a new mortgage after that. I guess what I am asking is do you think its worth contacting the listed owner as of the preforclosure entry date if the date is a few months behind to try and work a deal or is it likely that I missed it. Or should I contact the listed trustee. What do you guys think?
Of all you talk to, only a few owners will sell you a bargain. Of all you don’t talk to, even fewer will.
I do considerable research before talking to an owner and about 12% respond positively. Of those, only about a fourth cooperate through closing.
Pursuing leads is almost never a waste of time, although I’m not sure about Realtytrac.
So what your basically saying that it couldn’t hurt to contact them. Worst that happens is nothing happens. Should I mail them a postcard or letter or should I actually call? I mean what else besides county land records can I use to confirm the house is still in preforclosure? Is it possible the county clerk has not updated their website information?. Maybe I should go there and physically check.
I would recommend you go directly and check records. Visit the property, talk to the people, send out you post card, flyer, contact info. etc. If it turns out that its not available, at least you will know and you will be able to clear all doubts “what if???”
If it is available, then good for you. You must do due deligence. I am looking forward to hearing what happened.
I am also looking forward to they replys about Realtytrac. I have just purchased it myself. (I too noticed some of the leads were outdated and yet some were early).
lis pendens -
(lease pen-dense) n. Latin for “a suit pending,” a written notice that a lawsuit has been filed which concerns the title to real property or some interest in that real property. http://dictionary.law.com for future ref.
Call them up and ask them the status. Be polite and curtious, and don’t use the F word (not the 4 letter one, though thats probably wise to avoid too). They may be in bankruptcy for all you know, slowing down the foreclosure and making a deal with you unfeasable.
People get get themselves into some jacked up situations, you won’t know unless you ask. On the bright side, if an opportunity were to show itself, you already know its got a clean title