How does a Real Estate Agent get the forclosure list before the public? I know of someone who gets the list that way, but of course won’t share the secret, or what seems to be so secret. So if anyone would be willing to give me the information on this it would be greatly appreciated!
Thanks in advance!!!
notice of default (NOD) or “lis pendens” as they are called are filed at the local courthouse where the property information is kept. You can go down there and get it yourself, for free, or better yet your area will have it online (mine doesn’t).
thank you very much!!
Actually, IMMY what would I look under for a website to see if they have NOD’s in my area on the computer?
That I don’t know since I don’t have online access to it myself here but I’ve read postings in this forum where people can do that stuff online; you’ll have to search and see what you can find through these forums.
Sorry!
What state and county do you want notices for?
Lorain County and Cuyahoga County Ohio
The process in Ohio begins with a complaint filed at the court house. The timeline is about 150 days to sale with the requirement of 3 notices published, one each week, for three consecutive weeks prior to sale.
If you want to find them early then go to the courthouse or see if they have a web site with case listings. If you want to wait until near the end then check the legal newspapers.
Once the court decree is recorded, an appraisal is performed by 3 “disinterested freeholders of the county”.
The property cannot be sold for less than 2/3rds the appraised value so if you can get to the owner, by the initial filings, before that recording happens you might be able to get it at a lower price.
There is a right of redemption so if you do buy a property you might not want to do any improvements until the redemption period has expired.
- edit * One clarification, the right of redemption is only if it is sold at auction.
Kawika,
when you say ‘recording’, do you mean before it is entered into MLS/goes into official foreclosure status?
What happens is the case is filed, the judge issues a demand to pay. If the demand is not satisified within a certain number of days, I’m not sure how many but it’s short (in some states it’s 3 days), then the judge instructs the clerk to record and publish a notice of sale. At that point the 2/3rds provision is enforceable. The challenge is that most homeowners are well within the “denial” phase of their cycle and it’s tough to convince them to sell, then you have to come up with the money quickly. I hope that helps.
I’ve found that most of my information on pending foreclosures on the Lawyer’s website. Often the law firms will post the address of the property, last names of the owners, the dates of sale and the opening bid amount.
I find out who the law firm is simply by checking the records at thecourthouse, then going to their website. I bookmark the law firms website and check back often for updates.
I also call the firms when a property is listed but does not have a opening bid in the system. There are about 5 firms here (St. Louis) that have this information readily available.