Define best - Posted by John Corey
Posted by John Corey on May 21, 2006 at 11:10:59:
Define ‘best’. Most people mean the most timely but…
Best is the recorder’s office where the NOD is filed if we are defining best as the freshest.
If you want the least hassle and you do not mind getting the info later than someone checking the recorder’s office then there are a few that offer online access for a fee.
A compromise that works in some areas is for a you to hire someone to go the recorder’s office. Either a fellow investor or maybe a title company employee that is already there. Someone who can go every day. Or form a team that can divide the work and then share the results. Some REIAs have people that are at the office every day or can team up to do so.
Think of any professional service this way. They have to get the information from the county records. Then they have to enter the data into a computer and scrub for mistakes. Hence there will be some sort of lag during processing.
In some locations the title company will have the records but they will be a gap between when the item is recorded and when the title company’s computers are updated. At a resent presentation by a senior title officer she confirmed that for her firm the lag is 5 days. If you are at the recorder’s offices each day you have a 5 day jump on records from the title company at a minimum.
So, decide what ‘best’ means to you. Then understand why it matters. I mean materially matters in the final outcome. Maybe ‘best’ is less important to the results you want to achieve. For example…
Many borrowers in default they are in denial so no letter will work until they are ready to listen. In one city people who have a NOD receive an average of 120 letters from investors. Unique or just a grand total I do not know. Maybe the best thing to do is find a way to stand out from the noise and being the first to mail might not be that way.