Can anyone post a trustee sale process? Iknow I saw a post like it many months ago but can’t find it. It might have been on the foreclosure process.
The process I am refering to is something like this:
Joseph
Hey,
Each state is different so there is not a one=size-fits-all approach.
Go to foreclosureassistance.com to learn about yours.
Peace,
Richard
Howdy Joseph:
It is kind of an all at once process. You do not want to spend money doing the title search until you know if you can buy it. Like you said’ get the list and pick out some in the location you want where the deed is old enough to have equity. You should get familiar with each area of town and know what the comps are pretty much already. It also depends on if you find the owner as to what step is next. You may just be able to meet the owner and get a deed and then do the research and see if you even want to record the deed and actually take ownership. The most important aspect is to zone in on the one(s) that you want to buy. I only buy junk as an example so I do not even look at expensive parts of town. Hope this helps some and I will be glad to help some more.
I think you interpretted my question wrong. Tedjr has the right concept.
Ted,
What do you mean do a title search until I know I can buy it? When would that occur? If I am at the auction and bidding on it, when would I do the title search? Certainly, not after my bid has been accepted?
I guess I am referring to TS at the auction. What are the steps investors take, as I have listed in the prior post.
Joseph
Hey,
Well, OK then. Everything you do, except physically look at the property is done at the courthouse or the on-line equivalent thererof.
You look up the tax appraisal, you look at the deed, you see who owns and used to own it. You look up the tax payment history, who has filed liens and at what time against the property, if they have been paid, pending or settled, otherwise. Everything you need to know, should know, want to know or don’t know is there. Where it is and how to get it is individual particular to that county or courthouse. Evertyhing should have been researched before you hit the auction. Otherwise, you may buy an alligator that will remove your butt and the wallet that is attaced to it. You do all your rersearch before even thinking of hitting the auction. All I meant was that each state and each county is different, but you still have to get your ducks in a row. You don’t want an insured title search but you can research on your own and pretty much be sure of what you are buying. You are not only buying the property but any liens that are attached to it. From your question it seemed to me that you were skipping over a lot of hard research which may not be your case at all.
Peace,
Richard
Ward has a good process. Check his article at http://www.foreclosureforum.com/articles/0409workflow.html
This is a good process!
However, there are some questions to be asked.
On his chronology of work effor 1b, who would we ask to vouchsafe the research regarding loan priorites, IRS liens, etc.?
On step 4, why do we need to establish a trust deed’s priority?
Step 6b, why would the “private party’s” be beneficiary? Why take their word?
Get a cashier check in my name. So how do I endorsing the cashier check to the trustee?
FYI: I don’t really get a cashier check often =)
thanks,
Joseph