| "> | | | | you should have an easier time in your research.o |
| Many new short sale investors complain that they | | | | Going to the County Recorder's Office is a FREE |
| have no idea how to find short sale listings in order to | | | | method for getting preforeclosure information.o You |
| make contact with the homeowners. Once you know | | | | are likely to get a head start on other investors by |
| how to find these homeowners, you'll be surprised that | | | | going down to the records office, since not many |
| so few investors work in foreclosure properties | | | | people are willing to spend hours on their own |
| because there are just so many pre-foreclosures out | | | | research.o All public documentation usually ends up in |
| there. | | | | the County Recorder's Office, also known as the |
| Pre-foreclosures go on Notice | | | | County Clerk or County Record's Office, this |
| The homeowner is notified with a lis pendens or Notice | | | | documentation includes copies of the NOD and lis |
| of Default, when a homeowner's bank files foreclosure | | | | pendens. |
| paper. They are different papers that mean basically | | | | Most County Recorders don't put together lists of |
| the same thing; the bank is going to take the | | | | foreclosure information and their homeowner's contact |
| homeowner's property for non-payment of the | | | | information for the convenience of the investor. So |
| mortgage. | | | | you'll need to spend some time researching the |
| A Notice of Default (NOD) is the form used in | | | | records. |
| non-judicial foreclosure states. | | | | Many County Recorder's Offices have put their |
| The lis pendens is used in judicial foreclosure states | | | | documents online, including the pre foreclosure |
| where the bank has to go to court and sue the | | | | documents. It never hurts to check online before |
| homeowner for their property. | | | | heading down to the local records office, just to see if |
| The lis pendens is filed by the lender (bank) as a | | | | they have a website set up. This makes it so much |
| formal notice to the homeowner that the bank has | | | | easier when doing your short sale research. Not all of |
| started the foreclosure process. Once one of these | | | | these websites will provide you with the information |
| two forms is submitted by the bank, the homeowner | | | | you need. However, they should allow you to compile |
| has a certain amount of time before their property | | | | a list of names and document numbers that you can |
| goes to the sheriff's auction. This amount of time | | | | look up later on in the records office. |
| varies greatly from state to state. It can be as little as | | | | Short Sale Listing Tips on Online Preforeclosure |
| 90 days or as long as 12 months. | | | | Research:o When searching through a County |
| The homeowner still has the right to sell their property | | | | Recorder's online database look for the NOD or lis |
| or even refinance that property during preforeclosure. | | | | pendens as you would in the actual office.o Try looking |
| A short sale is after all selling the property, it's just that | | | | for a website. Many County Recorder's Offices have |
| you are getting the bank's agreement to sell the | | | | websites where you can search through all of their |
| property for less than the mortgage is worth. | | | | documents. |
| You can identify preforeclosures, by looking for the lis | | | | You can find those potential short sale deals a couple |
| pendens and NOD. All it takes is a little research in the | | | | of other ways. You can subscribe to a short sale |
| short sale listings. | | | | listing service, either online, sent through email or as a |
| Head to the County Recorder's Office | | | | newsletter in the postal mail. You'll be one of possibly |
| The banks can't release information concerning | | | | millions of other investors seeing these same |
| preforeclosures to those involved in short sale | | | | properties so there may be competition for good |
| investing and real estate investing. So, the average | | | | deals. You can also scan the newspapers on a regular |
| investor has to look for these preforeclosures | | | | basis. Many counties publish their current |
| somewhere else. | | | | preforeclosure properties in the classifieds. This is a |
| That place would be the County Recorder's office. | | | | last attempt to notify the homeowner that the |
| These transactions are considered public record, | | | | property is going to a sheriff's sale. |
| including foreclosure filings, so you can simply head | | | | If these two options fail you in finding a preforeclosure, |
| down to the records office to research the short sale | | | | you'll also be able to find those properties through |
| listings for preforeclosures that are suitable for a short | | | | other means, like newspaper classifieds and |
| sale deal. | | | | subscribing to short sale listings. By researching both in |
| Short Sale Listing Tips For the Lis Penden's Search:o | | | | the County Recorder's Office and searching online |
| Take your reading glasses. You'll be looking through a | | | | you'll be able to find more preforeclosures than you |
| lot of documentation.o If you search through the | | | | can handle. A short sale begins with contacting the |
| records looking for the NOD or lis pendens documents, | | | | property owners, but first you've got to find them. |