OfflineIm sorry if this has been A&A. I did try searching for it but I keep getting lost in the threads.
Please Keep in mind that I am completely new to REI. I have never purchased property before or dealt with such. So if my questions seem elementary im sorry.
I decided to see if my county offers foreclosure listings online... Yay!! I found them, But (you knew there was going to be a 'but' didnt you?) Im finding it difficult to understand. There are hundreds of questions and doubts running through my mind every second as I navigate the list.
Im going to drop off doubt and go with just a couple of questions for now.
The list is just numbered 1-147 all dated for 10/06/09 and then # of pages ranging 1-4 most of them only one page. When I select one it brings up a document with the address of the property on the top lefthand corner.
Then it says "Notice of Substitute Trustee Sale"
1. What does that mean?
Then it goes on to say:
Deed of trust dated xx/xx/xx
original mortgagee: xxxxxxx
current mortgagee: xxxxxxx
mortgage servicer: xxxxxxx
bla bla blah bla legal description
Date of Sale: 10/06/09
Time sale begins at location xxxxxxx
and then a bunch of mumbo jumbo about the mortgage
company.
That brings me to my next question:
2. If I want this property, do I have to go through that mortgage company?
3. If I go to the county courthouse on date of the bid, can I hold the property under one of Deans contracts holding it for 30 days then assign to a buyer in that time frame? I have to use the "no money down" strategy as I have no money.
I just randomly picked one of the forclosures and looked up the property info on every site dean lists on page 130. I know he says pick 3 but I wanted to see which sites I was the most comfortable with.
4. The prices listed on the sites, is that what I should offer for the house or should I go a bit lower? Or is it one of those things where I have to look at the property and factor in physical attributes?
5. I dont have a Real Estate Agent yet, can I do this without one until I can find one?
Okay. I suppose I'll stop at that for now. If I am missing any steps or if there are any that someone would like to add, please feel free to do so. I keep thinking im missing or overlooking something.
Thank you so much for any help you can offer. 
I wont take any bit I can get lightly.
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Tracy Lynn
My daily journal link.
I'd love to hear from you.
http://www.deangraziosi.com/real-estate-forums/investing-journals/29564/...
Okay so we'll make this question:
6. Is there a way I can find out what the forclosed properties are being sold for before the auction date?
Again, thank you for any help you can offer on these questions.
Take care and God Bless.
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Tracy Lynn
My daily journal link.
I'd love to hear from you.
http://www.deangraziosi.com/real-estate-forums/investing-journals/29564/...
Tracy I have experienced the same. Good you asked this questions. I will just continue to follow up and read the response to your journal. If I know of something good I will share it to you...dom
Hopefully we get some help soon. I just dont want to get started out there and build an immediate rep for being the ditzy girl trying to make it in RE.
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Tracy Lynn
My daily journal link.
I'd love to hear from you.
http://www.deangraziosi.com/real-estate-forums/investing-journals/29564/...
Well, not too sure this is even being read now.. but I do have another addition..
7. Are the foreclosure listings on my county website the only foreclosures in the area?
Thanks again for any help you may be able to provide.
***
Tracy Lynn
My daily journal link.
I'd love to hear from you.
http://www.deangraziosi.com/real-estate-forums/investing-journals/29564/...
i have decided to just learn from my own mistakes.
im going to send out bunch of letters tonight looking for a REA. then print up a bunch of flyers to find buyers. also going to send out letters to find a broker.
hopefully i get a couple of good responses.. if so, first thing monday morning, im going to call some sellers and blindly make offers.
crossing fingers once again.
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Tracy Lynn
My daily journal link.
I'd love to hear from you.
http://www.deangraziosi.com/real-estate-forums/investing-journals/29564/...
I'm not sure if this will help but I found a Realtor in my area that specializes in REO's (found him by just calling, calling calling and asking if there was anyone in the office at that real estate office that specialized). Any way he sends them to me the day they come out so they are hot off the press.. hope that helps
Debby
TAKING RISKS ARE WHAT SETS US APART...SUCCESS IS KNOWING YOU WERE RIGHT! T4
I didnt think anyone would ever respond to this post
I will definitely try that. Im still going to send out the emails tonight but I will call every office out here on monday.
I'll be sure to let you know how that goes.
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Tracy Lynn
My daily journal link.
I'd love to hear from you.
http://www.deangraziosi.com/real-estate-forums/investing-journals/29564/...
all the foreclosures/auctions should go through your county courthouse. Here, the upcoming foreclosure auctions are posted in the paper 5 times before the sale takes place (along with other locations in town, including the public library). I would call the treasurer's office and just ask some questions. If you make it brief enough, I'm sure they would be more than willing to answer some of our questions. And if in fact you do have public auctions in your state, you wouldn't look at all out of place if you just attended them to "observe".
And you are right, the best way to learn is by DOING. You ARE going to make some mistakes as you go. Everybody does. But the sooner you TRY, the sooner you will succeed. And don't let it phase you at all if you have a "learning" experience. If YOU don't see it as a negative, others won't either (isn't that funny??).
Good luck!!! and have fun!!
Rina
P.S. I think I had read this thread before but had no idea what "Substitute Trustee Sale" was. Now I think it's just a different word for Sheriff's sale (someone correct me if I'm wrong!)
I'll try to address your specific questions in the next post as related to my own experience with "sheriff's sales" and hope they also apply to you. Call the courthouse to be sure!
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
Then it says "Notice of Substitute Trustee Sale"
1. What does that mean?
1. I'm understanding it means the same as a "Foreclosure sale" or "sheriff's sale".
Deed of trust dated xx/xx/xx
original mortgagee: xxxxxxx
current mortgagee: xxxxxxx
mortgage servicer: xxxxxxx
bla bla blah bla legal description
Date of Sale: 10/06/09
Time sale begins at location xxxxxxx
and then a bunch of mumbo jumbo about the mortgage
company.
That brings me to my next question:
2. If I want this property, do I have to go through that mortgage company?
2. Either that or through the owner if you catch them before the sale (this should stop/postpone the sale if there is an accepted purchase agreement prior to)
I just randomly picked one of the forclosures and looked up the property info on every site dean lists on page 130. I know he says pick 3 but I wanted to see which sites I was the most comfortable with.
3. I have not heard of any way to buy auction properties other than cash. Of course, that doesn't mean you can't investigate other options.
4. Yes. look at the property (as closely as you legally can). Get comps. See if there are any other liens on the property. Also, in a lot of cases, what is owed is more than the prop is worth, therefore you would HAVE to have a short-sale to have any equity at all.
5. Yes. You would only have to go through a RE agent if it has already been listed as an REO.
Hope that helps some.
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
Thank you thank you thank you!
You are definitely a Great help! Thank you for taking the time to answer my questions.
Some day when I make my millions **crossing fingers** I will smile and always remember the help of you, dean and this site.
Until next time, Take care and God bless.
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Tracy Lynn
My daily journal link.
I'd love to hear from you.
http://www.deangraziosi.com/real-estate-forums/investing-journals/29564/...