Too much information! - Posted by Duane


#1

Posted by Jackie in Dallas on December 26, 1998 at 11:10:29:

Duane,

Since most sales require CASH within 1 hour of the bid, you definitely want to get the houses BEFORE the sale. Don’t forget to add an escape clause to the contract.

To narrow the search further, you should only be going after the houses with about 50% LTV (or equity). Probably 95% of what you see in the legal paper are houses with little or no equity.

You’ll need to do some research at your courthouse to find out how you can quickly spot a property with potential equity. In our area the the deed or other recorded instruments are in order by volume and page. The first two numbers of the volume are the year the document were recorded. If you see a Volume 970315 - that’s 1997 and chances are it won’t have enough equity to waste your time on it for a flip.

If you see a Volume 770315 on the other hand, you need to gather the info quickly and RUSH over to the house.

Some courthouses have a day a month that they offer FREE training on researching properties - it’s well worth your time.


#2

Too much information! - Posted by Duane

Posted by Duane on December 26, 1998 at 01:19:34:

I have finally located the paper in my area that is used to post all of the public notices regarding real estate. Notices such as foreclosure sales, sheriff sales, title transfers, etc. Some of these items have been posted in the ‘regular’ news paper before, of which we only have one in this city. However, I have recently learned of another local paper, of which it’s primary function is real estate postings.

My question is: If I am going to concentrate on flipping SFH’s, how will this paper help me? Do I wait until I see the property being sold on the courthouse steps, then go try to buy it? Is there a different section of this newspaper that I should be concentrating on? Right now the information looks very overwhelming. Thanks