High Tech Pre-foreclosures - Posted by John Behle

Real Estate Investing
#1

Posted by DanM(OR) on March 09, 2000 at 12:39:23:

together. I just recently discovered that the CCounty Clerks records are online also and that I can search for Notice of Defaults to. They are filed here 4 months prior to sale and are actually filed about three months before the notice of sale hits the papers.

For anyone else out there in Oregon I also research Foreclosure law and found out that:

– Right of redemption for TDs is 30 days and for mortgages it is 1 year.

John,

Could you detail a little about your strategy here. It’s new to me and I am just putting mine together.

Currently, my strategy is twofold. I will send out letters to the payors stating that I buy houes and may be able to help them out of their “problem real estate”.

I also thought I would look up which of the NODs filed (84 since December 1,1999) were held by private parties and talk to them about selling me their note. Then I would go through the technique you use to pull them out of it.

Would you also contact the trustees who are foreclosing for the institutional note holders?

Could you also describe a little about the “Substitution of Trustee”, its new to me. Is that typical of what happens in most states?

As always, thank you for all that you do for us here!

Sincerely,

Dan Matejsek

P.S. I signed a contract last night on a note deal. I have another in the works. :slight_smile:

#2

High Tech Pre-foreclosures - Posted by John Behle

Posted by John Behle on March 08, 2000 at 14:50:45:

You may be surprised to find that your County Recorder’s office is online - or will be soon. Most are heading that way. Some charge a lot, some a little and some are free. One of our local ones is free.

Most newspapers are online too. You can search the classifieds and have all of the legal notices within seconds. Then with the recorder’s info you can find out 90% of what you need to know very quickly. We keep two browsers open and go back and forth.

We find a property listed for sale. Using the legal description we can find massive amounts at the recorder’s website. The legal leads us to the serial number. That gets us a full abstract of title, appraisal information, tax assessments, even pictures in some cases. We print out and wade through the “abstract” (all documents recorded against the property).

Then within a few minutes, we know what a property is worth. Using the assessors valuation and appraisal we can pull comps from the MLS or the public site. We know all the loans against the property and whether they are current and even if the property has been in foreclosure in the past. We do in minutes what used to take many days or was too time consuming to bother with.

Now, that just covers the advertising period (3 weeks). What about before? In our area the notice of default is filed three months or more before the advertising period. The system doesn’t allow for a search by document type, but it does by “Party Name” as in who was a party to the document.

Well, there are only a few foreclosure attornies in our area. I can search their name and 3 primary documents show up. First is a “Substitution of Trustee” which precedes the “Notice of Default”. Once a sale has concluded then there will be a “Trustee’s Deed” also to the buyer or back to the institution. That way we can search out pre-foreclosures right from the moment when they first go into default.