The state I live in (MI) has a Forclosure by Advertisement. The forclosure sale must be published once a week for 4 weeks in the newspaper of general circulation in the county where the land is situated. Once the 1st ad is placed, is that when I should be getting in contact for potiential buys (letters,phone calls, etc)? Also I want to sell the property right after, so I want to try and line up a buyer. What is the best way to line up buyers? Are most of the short sales done with not much equity in the property? Any help would be deeply appreciated. 8)
You need to start at the earliest possible time. There should be a ‘notice of default’ or ‘notice of election and demand’ filed at the court house, which actually starts the process. This tells the county to schedule the sale and to publish it. I personally visit the homeowner, instead of letters, etc.
As for buyers, I would research and network in any local REI Clubs. If you get good enough deals, you’ll have no problem finding buyers. But, remember, not every foreclosure is a good deal.
For short sales, each one is different. Equity, market conditions, lender inventory, time of the month or year…and on and on and on…all determine the motivation level of the lender.
Thanks - bw1411ii
Once a 'Notice Of Default" or “Notice Of Election and Demand” goes to the court, I take it that is now public record and anyone can view it? I know that every state might be different, is this recorded with the Register of Deeds?
Yea, it should be public record. It’s recorded with the ‘county clerk and recorder’, in Colorado.