Finding deals for short sales - Posted by Naomi

import · August 13, 2003, 9:30am

Posted by MattFL on August 14, 2003 at 12:59:32:

By the way, PA is a Judicial state and has the same procedures as my state of FL. Once the Lis Pendens are filed, you usually have at least 90 days before the auction date, if it gets that far.

import · August 13, 2003, 9:30am

Posted by Naomi on August 13, 2003 at 09:30:36:

Could anyone give me a few ways to find motivated sellers that would be good candidates for short sales?

I already network with local mortgage brokers for leads.

Not sure how to go about getting lists of “Notice of Default” from the courthouse. Any help would be appreciated.

Does going thru the notices in the newspaper work?

Thanks for all your help,
Naomi

import · August 13, 2003, 10:38am

Re: Finding deals for short sales - Posted by MattFL

Posted by MattFL on August 13, 2003 at 10:38:39:

Hey Naomi. Where I live you can access notices of default online through public records. Here they’re called “lis pendens.” Most investors that deal with foreclosures, or try to, send these people letters. Better it would be to call them and better yet to go knocking on doors, although I have never done that. Do a search online to see if your county has public records online in which to view. I don’t get my leads from the paper because they are not as new as the ones listed on the website. If you can’t access it online, then you can go down to the county courthouse and access public records there. Ask someone there to help you. Also, there are some companies online that you can pay to email you leads daily.

import · August 13, 2003, 9:53pm

on line court house record - Posted by Nancy PA

Posted by Nancy PA on August 13, 2003 at 21:53:07:

Matt,
We have online court house record, but I am not sure what are they called. I found some RE homes for auction under Sherif Sale section, the auction dates are like 1-2 months away. Are these the properties I should try to get for short sale? if not, under what category can I find them?
thanks
Nancy

import · August 13, 2003, 9:15pm

Re: Finding deals for short sales - Posted by k(fl)

Posted by k(fl) on August 13, 2003 at 21:15:39:

can someone explain “short sales”

import · August 14, 2003, 8:46am

Re: on line court house record - Posted by MattFL

Posted by MattFL on August 14, 2003 at 08:46:19:

Almost all states’ foreclosure action is either judicial or nonjudicial. If it’s judicial, a lis pendens will be filed, and if it is nonjudicial a notice of default will be filed. What state are you from? I’ll tell you what your state is. However, I am not familiar with Sheriff sales. I don’t have any experience with them. But, if these are listed online in your county, then you should follow up on them. The best time to contact the owners is when the listings are new, then you have the most time to get it done. Most likely, there are underlying mortgages on these properties, so I don’t see why you couldn’t work a short sale. But like I said, I don’t have any experience with Sheriff sales. You might want to do an archive search. I’m sure there is plenty of info on the subject to read about.

import · August 13, 2003, 9:48pm

Re: Finding deals for short sales - Posted by Naomi

Posted by Naomi on August 13, 2003 at 21:48:56:

A short sale is getting the lender (on a home in foreclosure or at least in serious arrears) to accept less than what is owed on the house as payment in full. The strategy is used most often when there is little to no equity in the house, so that any other strategy would be useless to try under these circumstances.

import · August 14, 2003, 12:51pm

Re: on line court house record - Posted by nancy PA

Posted by nancy PA on August 14, 2003 at 12:51:28:

Thanks a lot Matt!
I’m in Philadelphia area, PA. So it sounds like I can buy these properties from owners before the auction date in case of Shriff sale, and the same logic applies to preforeclosure sales. Thank you very much ! I’ll search the archives for more related information!

Nancy