Posted by WarnerATL on December 03, 1999 at 14:47:50:
Hi Jamie
You are correct in assuming that the high equity properties have security deeds which date back to the 70’s and early 80’s. However, you must also look to see if they have any judgments or other liens which reduce the perceived equity amount. One problem you will face here in Georgia is the speed at which you must put together a foreclosure deal with the owner. Their are only four weeks from the first legal notice until the sale, so you must act very fast and have all your ducks in a row once the homeowner says “yes”. Once you have a deal, you set up a regular closing, but again things must move along quickly.
Posted by Jamie_Ga on December 03, 1999 at 13:19:47:
Ok I know this is basic but I am just starting to transcend into the foreclosure market place, and have a few questions regarding legal ads and locating these properties,
I was reading through my legal ads in the local paper and I noticed that some of the security deeds that were being foreclosed on were dated back in 1969 and some in the late 70s early 80s. And had principle amount ranging from 15k-25k. It just seems to me that these should be high equity properties, Am I overlooking the obvious or can I contact the owner in trouble and offer to save there credit and maybe a couple grand packing money for there position.
Is there time to pick up properties like this with hard money before they make it to the steps? And also if these properties were refinanced would it have updated the date ont the security deed or would it still have the original origination date?
What is the best approach for me to use to contact these owners in trouble? The legal ads list their name and it list the property address. Should I convert their name and address to phone number and give them a call and pre-qualify properties to go out and take a look at? Once I have a contract with them for the property, Do I contact the lender and let them know that I want to pay the loan off to get maybe a few more days or is it to late?
The date that they go to the steps is the first tuesday in december which is just a few days away so are these to late if so. What do I need to do next time to cash in on some of these?
Thanks for all of your help and sorry for so many questions but I am excited about taking advantage of these deals as it appears it could be very profitable, I look foward to learning more about this from you all.