RealtyTrac is bogus

[no_such_reality]

Duck, what were you looking at? The ones that went NOD this week? NOTS this week? Of just the list of all NODs/NOTs they have?

What I’ve always heard was if you want a deal in foreclosures, you need to buy it before it’s foreclosed.

Once it’s foreclosed, you don’t have any guarantees that anything is still okay with the house. Frankly I suspect we see much more of the pigs been let loose in the house thing. Or, like the 90s downtown, you’ll step in to find the cabinets gone, appliances gone, sink, fixtures gone, and possibly, even the walls ripped open to get the copper wire and pipe for their salvage value if it stays high.

[no_such_reality]

Duck, what were you looking at? The ones that went NOD this week? NOTS this week? Of just the list of all NODs/NOTs they have?

What I’ve always heard was if you want a deal in foreclosures, you need to buy it before it’s foreclosed.

Once it’s foreclosed, you don’t have any guarantees that anything is still okay with the house. Frankly I suspect we see much more of the pigs been let loose in the house thing. Or, like the 90s downtown, you’ll step in to find the cabinets gone, appliances gone, sink, fixtures gone, and possibly, even the walls ripped open to get the copper wire and pipe for their salvage value if it stays high.

[Cow_tipping]

I cannot wait for that to happen. And believe me it will.
Banks will start carrying a large flip binder or a wall mounted list and you have your way with it, till there is no way you’d get credit. Then buy with cash, what you have in your pockets.
Credit crunch is such a huge downer for any market. Cannot wait till it really really takes hold. Along with 10% interest rates.
Cool.
Cow_tipping.

[Cow_tipping]

I cannot wait for that to happen. And believe me it will.
Banks will start carrying a large flip binder or a wall mounted list and you have your way with it, till there is no way you’d get credit. Then buy with cash, what you have in your pockets.
Credit crunch is such a huge downer for any market. Cannot wait till it really really takes hold. Along with 10% interest rates.
Cool.
Cow_tipping.

[Duck]

I was hoping for NOD’s and NOT’s that would give info. on all the outstanding liens, maybe comps for the area etc., in a nice concise format. I can do better myself just looking at the Coast News and other free papers that post legal notices and cross referencing the MLS for the other info.

I agree the best way to go about buying one would be direct from the owner. No way I’m paying cash at an auction for a property that I can’t inspect. The only way I might do that would be something on or very near the water, but I’d be bidding against 100 other people that would probably bid it up higher than what you could have gotten it for 6 months earlier from the owner.

[Duck]

I was hoping for NOD’s and NOT’s that would give info. on all the outstanding liens, maybe comps for the area etc., in a nice concise format. I can do better myself just looking at the Coast News and other free papers that post legal notices and cross referencing the MLS for the other info.

I agree the best way to go about buying one would be direct from the owner. No way I’m paying cash at an auction for a property that I can’t inspect. The only way I might do that would be something on or very near the water, but I’d be bidding against 100 other people that would probably bid it up higher than what you could have gotten it for 6 months earlier from the owner.

[SD Realtor]

Duck –

All of the sites that offer information do it based on the latest recording. None of these sites (to the best of my knowledge) give you ALL of the recorded instruments on a property. What you will get is the latest public recording. For instance, you may get a NOD filed on a certain property. However you will need to find out, on your own, what other mortgages, tax liens, mechanics liens, may be in place against the property. I have a client who does ALOT of legwork on her own, basically going to the county records office all of the time gathering information. She is subscribed to 4 different services. I help here decipher what is outstanding and what is not, and what some of the recordings mean.

My point to you is that it is very difficult to find one service that will give you EVERYTHING about a single property and even if they say they will give you everything, you should not trust it. Get familiar with the records office, use these sites to get the original NOD…

SD Realtor

[SD Realtor]

Duck –

All of the sites that offer information do it based on the latest recording. None of these sites (to the best of my knowledge) give you ALL of the recorded instruments on a property. What you will get is the latest public recording. For instance, you may get a NOD filed on a certain property. However you will need to find out, on your own, what other mortgages, tax liens, mechanics liens, may be in place against the property. I have a client who does ALOT of legwork on her own, basically going to the county records office all of the time gathering information. She is subscribed to 4 different services. I help here decipher what is outstanding and what is not, and what some of the recordings mean.

My point to you is that it is very difficult to find one service that will give you EVERYTHING about a single property and even if they say they will give you everything, you should not trust it. Get familiar with the records office, use these sites to get the original NOD…

SD Realtor

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