title search ? - Posted by Lee

import · November 12, 2000, 9:40am

Posted by BR on November 13, 2000 at 22:29:11:

Go to some sales, hang around to see what takes place. When the sheriff begins the sale he reads off the case number and then says “what sayeth the plaintiff” or something similar, the lenders attorney then starts the bidding. Laws in each state are different and therefore strategies should be taylored to your states statutes. Chances are your buddies are pulling your leg. The Foreclosure arena is the toughest area to start in.

import · November 12, 2000, 9:40am

Posted by Lee on November 12, 2000 at 10:40:52:

I’m researching a property that will be going up for auction at a Sherrif Sale. The starting bid will be 22k. This house is in a 75-80k neighborhood and needs little exterior work ( interior is an unknown variable ).

QUESTION…Is it possible for me to do my own title search to ascertain if any other liens will affect me taking possession of this property or eat away all profit after the fact.

Also…any other pitfalls to buying property at a sherrif sale. Should I run for the hills if the lender does not send a representative to bid on the property.

Thank You

import · November 12, 2000, 9:47pm

Re: title search ? - Posted by JD

Posted by JD on November 12, 2000 at 22:47:44:

It is possible for someone to do their own title search. Some people can do it, most people cant. DOnt know you well enough to answer that question. Other concerns, depends on your State’s laws. Large lender’s never overbid. p.s.: How much do you know about your State’s homestead laws?

import · November 12, 2000, 1:29pm

Re: title search ? - Posted by BR

Posted by BR on November 12, 2000 at 14:29:07:

Questions:

Yes, it’s possible, in fact if you have half a brain you will. I’m not trying to be cute, I’m serious.
Lots of pitfalls

Before you enter this arena you should give serious consideration to puchasing Joe Kaiser’s Foreclosure course.

For info. on doing title searches get Bryan Wittenmyers Hidden Secrets Of A Real Estate Technician at Wealth Network .com

import · November 12, 2000, 1:37pm

Almost Forgot… - Posted by BR

Posted by BR on November 12, 2000 at 14:37:48:

Question:
2a) You won’t have to worry about the lenders council showing up…that’s their job, but if they don’t and you’ve done your due dilligence, you might get a bargain assuming it doesn’t get bid up.

import · November 13, 2000, 6:58pm

Re: tough questions - Posted by Lee

Posted by Lee on November 13, 2000 at 19:58:02:

I really don’t know anything about homesteading laws in my state (OH). How would I research that? I DO know 2 people that periodically buy property at sherrif sales. BUT…they make it all sound to simple. They both claim that lenders rarely show up at the auction…let alone bid on their properties. They both pulled off quite a few sales without any glitches that I know of. They make it seem like the whole process is on the same level as getting a drive thru oil change. But…with my luck, I will end up in perpetual litigation over concrete and wood. That is why I’m trying to learn all the in’s and out’s of this type of investing. Any help will surely…well…help.