I pulled an auction report for a property coming to auction on
3-20-09.? Under TRANSACTION HISTORY, it states the the “1st”, ($42K)
loan’s origination date is 10/26/07.? Anyway, your site called it the
first loan.? But, a previous loan dated 11/27/06 was recorded for
$246K.? So, is there an error here?? I’ve seen this on other
“transaction hisrories”, in which the site declares a loan the “1st”
when it’s date of record is preceded by another, usually larger loan
that has not been reconveyed.? By the way, at the moment of this query,
I have not looked for a notice of subordination of these loans, but
since I have seen this twice today, I’m guessing that maybe there is an
error.? Can you straighten me out here?? Thanks.
First off, be sure to read the big red disclaimer at the top of the transaction history. We model loan positions to give you an idea of what postion the loan is likely in. These models are done by computers, you should not rely on them to purchase a property, and you certainly may occaisionaly find cases like the one above that seem to be flat wrong.
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Note that you’ll see more errors if you search for properties with a lot of equity. The simple reality is that there aren’t many properties with equity in foreclosure these days - so that particular search will really bring forth the errors. But keep in mind the fact that it still eliminated the 80-90% of deals that clearly don’t have equity - and that’s our goal - to save you time by narrowing down the number of deals you need to research.
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Finally, be clear that we never recommend buying a property without a thorough title search, and preferably title insurance.