Posted by John on August 26, 2005 at 08:36:32:
That is the public notice that a foreclosure is in progress. It is called (NOD) notice of default or Lis Pendens depending on your states foreclosure laws. It is available at the court house recorders office free. Spend some time there reasearching records it is a wealth of infomation and could be online depending on your county, some are some not.
Just because a property is going into foreclosure does not mean it is a short sale canidate. If the is alot of equity and minor repairs the lenders probably won’t budge, however if little equity and numerous repairs it may be possible. The Guru’s have been preaching short sales and the lenders have gotten wise. In an appreciating market like we have had most time there is equity if repairs are minor, so short sales are rare but do happen. Some lenders will do them others will not. It has to be in the best interest of lender to approve short sale, not just to make profit for the investor. Get a course on short sales and learn about them. These properties may be good deals without a short sale so market to homeowners of these and see if you can solve their problem and make a buck in the process.