How do I find information about the lien?s position on an auction sale before hand. So I don?t get any surprises after I purchase the property. Something like an express title search before the auction…
You can find a link to the County Grantor/Grantee index in the transaction history which will allow you to research all liens and loans and check for reconveyances and subordinations. We also have a great recorded webinar on title research that you can check out. To view the recorded versions of our webinars please click on “Webinars” under the Support and Training tab on our home page. You will then scroll to the bottom of the page to see the previously recorded webinars that we have on file. You can also register for our free webinars and view the recorded version by clicking on the following link: https://www.foreclosureradar.com/webinars
Thanks Michelle. I want to buy in steps auctions directly, because the fees I?m being charged are extremely high, $5,000 por bidding for me, and 3,000 for a title insurance. Both I think I can skip easily, just need a bit of detailed info. If it?s not too much to ask, where can I find that transaction history link so I can research the title myself.
Does foreclosureradar have something like that ? or a list of upcoming auctions ?
I apologyze for the basic questions, but I?m a bit lost.
Hi Andres, As a subscriber to ForeclosureRadar we provide numerous tools including the links to the county grantor/grantee index in our transaction history. You are absolutely doing the right thing by asking the questions and learning as much as you can. Buying properties at trustee sale can be very risky and should only be attempted by those that have a clear understanding of what they are doing. Every investors starts the same way that you are starting, by asking the questions. I have heard Sean O’Toole the Founder of ForeclosureRadar tell newby investors to find a mentor in your area or practice buying by “paper trading”. Do the research, track the sales, determine your max bid and then see what happens with that property. BTW-there are no stupid questions. The recorded title research webinar will be a great jumping off point for you in understanding lien positions. There is a lot to learn. Keep the questions coming!!
Thanks for you help Michelle,
I already bought 2 condos, and now I?m interested in a small rental house, I remember the realtor I worked with, charged me 8,000 in comissions for a 40,000 property, always had a daily spreadsheet with the next day steps aution, with detailed info and starting price if any. Does foreclosure radar have a list like that ? what?s paper trading ?
Hi Andres, As a subscriber you can access the Daily Auction Schedule that will show you all properties scheduled for sale in your selected county (City, zip etc) broken down by the time and location of the sale. You can also use the financial analysis feature to save your information including your desired ROI and max bid price which will allow you to print a daily bid sheet with all of your information. What I mean by “paper trading” is going through the analysis process and determining your max bid price but not actually bidding on the property. This “practice” will allow you to see what is actually happening without you plunking down your hard earned cash. I talked to an newby investor that did this for a year before he started buying and determined that he lost several thousand dollars by not jumping in and doing it. He then went on to purchase two properties and the last time we chatted he had done very well.