I am sure that the response you wanted is NOT coming. And I’m also sure that the reponse that you were upset over was not intended to be an insult. Remember, you are new, and so are many of us here. If we reject all advice that does not please us, then we’d really need to find another site. Let these people here help. Take ALL advice, and get from it what you need. This is one of the BEST (okay J.P. it is the BEST) sites out there for REI’s both advanced and newbie. So, lighten up, sit back and enjoy the ride.
And be nice when posting here, or you will NOT get any good advice. Nice people win on this board.
Different Forclosures titles - Posted by Eric P. Martin
Posted by Eric P. Martin on January 04, 1999 at 07:38:15:
I recently bought a listing of foreclosures. I was confused about all the different foreclosure sales; Sheriff, Judicial, Intercounty, Special Commissioner’s Sales, Federal Court, Circuit Court.
Where can I find out about these different sales and the difference between them. I seen something that was being foreclosed on for less than $8,000 and property that was being foreclosed that owed nothing on the mortgage. Could I buy that property for $8,000 or have they fallen behind on a loan that they got on there mortgage and I could offer to bail them out and some money for their property?
Yes, I’ll admit my answer was a little abrupt; howevr, I was somewhat taken aback by a question which was the
equivalent of saying: I bought a book about how to build a car, but I’m a little confused about some of the terms - like transmission, engine, pistons and, cylinders. Where can I get some information on these things so I can build my car?
Also, you picked the most technical and difficult area of distressed r/e investing - mortgage foreclosure- to start out with. I never recomend newbies start out in foreclosure because it takes a lot of expertise and more importantly, cash. Lots and lots of cash.
That said Eric, you did ask where could you find out about the different sales and the differences between them, and that question is answerable, but I don’t think the answer will take you down the road very far.
A SHERIFF is a County elected official who, among other duties, conducts JUDICIAL sales. That is, sales held pursuant to a Court judgment. CIRCUIT COURT is usually the highest trial court in each county. It would try cases in which a judgment of foreclosure is entered, leading to a JUDICIAL sale by the SHERIFF.
An INTERCOUNTY sale (I’m guessing on this one) is probably one where the land being sold lies in more than one county. Special statutes (laws) govern this type of sale.
Sometimes a Court in a judgment will order certain property sold (for reasons other than non-payment of a mortgage) and the judge will appoint a SPECIAL COMMISSIONER to conduct the sale. FEDERAL COURT is where Federal law is enforced. Property sales ordered by a U.S. District Court judge will be conducted by the U.S. MARSHAL for that district.
This info should also give you some idea about where to go to get information on any particular sale you see advertised.
The list you bought was probably out of date when you got it. Don’t waste more money on those. There are better ways to find out about pending foreclosure sales.
Eric: I’m afraid you got your horse before the cart. You don’t buy a list of foreclosure properties and then ask: “Okay, what do I do now”. First, learn what a foreclosure is and how it’s done. Then go look for the properties.
There’s just way too much instruction involved in trying to answer your question. Try the articles and courses on foreclosure that are offered on this site.
Re: Different Forclosures titles - Posted by Eric P. Martin
Posted by Eric P. Martin on January 05, 1999 at 07:55:18:
Irwin, I tried to find 1 article that would answer my
questions and wasn’t able to. I really thought follow-ups were supposed to help people, not insult them on their lack of knowledge.