Legal newspaper question?? - Posted by Tim

Posted by george on May 04, 2000 at 20:45:14:

It can’t hurt to try. Spend a day at your local court house and see how it is organized. You may get lucky. Attend a few auctions and see if the people there look like they are making money.

Tax foreclosures are tough. I have found that because of the length of the process and the 18% intrest rate and penaties on mortgages you will not find much equity left to buy. Also properties on tax foreclosure lists are owned by people who just disappear somehow.

Basically you are right about probate. Becasue it is a legal process you are entitled to go to your court house and look at the records even though you are unrelated to the matter. Go to the court house and look at a few.

Legal newspaper question?? - Posted by Tim

Posted by Tim on May 04, 2000 at 09:44:24:

Hello to all of you seasoned investors! My name is Tim, and I’m from Ohio. I was in the library the other day reading our cities legal newspaper. It’s published monday thru friday, and has all of the cities legal doings that you can possibly imagine. I’ve come to notice that there are lists of people facing foreclosure, probate notices, tax foreclosure notices, divorce filings, etc. Has anyone out there had experience with getting information out of newspapers like these, and if so, would you recommend that I get in contact with people whom have filed for divorce to see if they have an interest in selling their property? Should I also try and get in contact with people who are facing tax foreclosure? Can good deals be found off of people facing tax foreclosure? ALso, as morbid as it may sound, what do you think of the idea of trying to get in contact with the families of individuals that I find in the legal news that have passed away? When something is in probate, is that mean that someone has passed away, and that everyting is in the process of going through an attorney? If anyone can assist me in shedding some light on these questions, I would truly appreciate it! This is the greatest site in the world, and thank you all for taking the time out of your day to read my post! Have a great day!

Sincerely,
Tim

Re: Legal newspaper question?? - Posted by Zee

Posted by Zee on May 05, 2000 at 03:35:13:

Now go to your public library and pick up the book:

“Goldmining In Foreclosure Properties”, 4th edition, by George Achenbach

He answers all your questions.

There is some value in buying distress properties at each level or stage of the foreclosure process. Some are more porfitable than others. Without realizing it, by listing the kinds of people in distress that you found in your legal newspaper (facing foreclosure, tax notices, divorce, etc) you already have indicated pepople at distinct stages of losing their property.

Achenbach discusses each stage, what it takes to succeed in profitting, and how you can help out each type of distressed owner.

A must read if foreclosures are going to be your avenue.

He’ll even suggest you can make yourself more efficient by buying a service that sends all this legal information to your computer.