Forclosures - Posted by Hunuter

Real Estate Investing
1

Posted by timo on April 26, 1999 at 18:07:17:

Mr. Fernandez –
You wrote:
>>How can a service like yours help me when I can get
>>the info at least two to four weeks before you. Only
>>the lazy would rely on your service and at that point
>>I would have bought up the really good deals

On Friday, April 23 we published data for Tuesday, April 20. How are you getting data before it is recorded? Plus, how many people make the decision to sell the day the notice is recorded? Very, very few.

>>I can look up a foreclosure file and determine if I
>>should go further in two minutes. What’s this 2 to 6
>>hours thing.

Have you ever done this? The documents don’t have the address, at least not here in California. How can you from a notice tell the size of a property? And how if you don’t know the size can you know the Full Market Value?
Sir, you have a very well written piece here claiming great expertise, but it is out of another orifice than your mouth.

If what you claim is true than why do all the professional [more than 12 properties a year] buyers in Northern California subscribe?

Timo

2

Forclosures - Posted by Hunuter

Posted by Hunuter on April 23, 1999 at 12:00:51:

Does anyone know about the folks at www.forclosures.com

They offer a course, support, and acess to investor money

Thanx

Hunter

3

Re: Forclosures - Posted by phil fernandez

Posted by phil fernandez on April 23, 1999 at 14:44:02:

There is always some one out there pushing you to sign up for some service that relates to foreclosures. Give me your $495 or whatever and we’ll teach you and furnish you with a complete list of properties in foreclosure.

In reality it doesn’t work that way. You have to learn and know inside and out your states foreclosure laws. You have to go down to the courthouse and introduce yourself to the clerk’s and tell them what you are after.

You have to do your own research to find out which ones are worth going after and which foreclosures are a waste of time. You have to find out if there is a 2nd or 3rd mortgage on the property being foreclosed.

It’s not as easy as buying into a program and they give you a list. The list is probably 4 to 6 months old.

I would recommend Joe Kaisers course on foreclosures. In it he would tell you the same. You have to get your fingures dirty down to the courthouse.

4

Re: Foreclosures - Posted by Timo

Posted by Timo on April 23, 1999 at 19:19:38:

Sorry about the alias on the last post. My technical expertise kept me from hitting the post button and I thought JP had me boxed out. A sweet lady like that and I had those bad thoughts, sorry JP.

Tim McGee

5

Re: Forclosures - Posted by Arie Owed

Posted by Arie Owed on April 23, 1999 at 19:17:28:

Phil, You specifically used the word “probably”. I assume you have no knowledge of www.foreclosures.com.

I guess you did not know that it was the site of Daily Default Infoservice, a company that goes to the county recorders office and gets its fingers dirty in 12 Northern California counties. In fact we have been doing it since 1985.

Now I know you can go to the recorders office yourself.
In fact to replicate our service [or any other good service] you would go daily and pick up three recordings – Notices of Default, Notices of Sale, and Trustee’s Deeds.

You would then go and pick up the Deed of Trust for all the Notice of Default to get an accurate legal description [Don’t trust addresses or APNs on Notice of Default, they don’t have to be accurate].

Now go over to the Assessors and look up those legal descriptions and get the APN [or multiple APNs] on those properties.

Take those APNs home and match them to a Property Information Database, we use First American Real Estate Solutions. Get the description information and current owner [the default has the name of the original borrower and if the loan has been assumed is not who
you want.]

You can do all this yourself in somewhere between 2 and 6 hours a day, which is 40 to 120 hours a month, or you can pay a service at most $80 a month to get the data for you. If you replicate their work you are working for at most $2 an hour.

Personally I think you can make more by talking to sellers about buying their property than you can getting dirty at the courthouse… What do you think?

Regarding timeliness. We pick up the data the first day it is available, we add the demographic information the next day, and we publish it the third.

Tim McGee (aka Arie Owed – Read it out loud)

6

Re: Forclosures - Posted by phil fernandez

Posted by phil fernandez on April 23, 1999 at 21:57:54:

Timmy,

I reviewed my above post and no where did i use the word "probably ". How is your eye sight?

Let’s face it. The info that you furnish is readily available to anyone who has a pulse and is willing to go down to the courthouse and look up the info. I’ve been doing this for years.

How can a service like yours help me when I can get the info at least two to four weeks before you. Only the lazy would rely on your service and at that point I would have bought up the really good deals.

I can look up a foreclosure file and determine if I should go further in two minutes. What’s this 2 to 6 hours thing.