As property investors, we all want to find great deals. The key to making profits is finding properties with amazing upsides. The best deals come from motivated sellers. Some of these may include sellers who’ve had an out-of-state job transfer or sellers who’ve had their property on sale for several months and have found another home to buy.
Some properties with potential to be amazing deals are properties where the Seller is behind with the bank and may be in danger of foreclosure. This could give the seller a large reason to sell fast.
There are few stages of foreclosure and each state’s laws differ. But the main stages are:
1. The bank files a motion that the property is behind in its payments. The seller has a certain amount of time to bring the mortgage current. During this time, an interested buyer may negotiate a short-sale with the seller’s bank (with the seller’s permission) to purchase the property for less than is owed on the loan.
2. The seller of the property is unable to bring their loan current and the bank takes the property to be resell at an auction. There, interested cash buyers bid on the courthouse steps for the entire amount due on the loan.
3. If no one bids the full amount of the mortgage at the trustee sale, the property goes back to the bank. This means the bank now owns the property. They may list the property at a later date, or may take offers submitted from investors.
So how do you find potential sellers who are behind on their mortgages? How do you find the dates and times of trustee sales? How do you find the banks that take back the properties after trustee sale?
County Records Research is a fantastic data service which has been around for over 30 years. They track recorded defaults for all properties in California, Arizona, and Nevada. Data includes seller names, trust deed numbers, amounts that the seller is behind on the loan, and additional liens on the property, and even dates and times of trustee sales. They have several free tutorials videos on their site on how to successfully use their service.
County Records Research costs $195 per month for daily data in each state they service.
BUT — with our secret investor code, you can try their service in one state FOR FREE for a FULL MONTH!
Think of it as $200 in your pocket – and possibly tens of thousands more.
Use code: MEGA30DAYS at Countyrecordsresearch.com. Try them out and let us know how you do! As always, we love to hear about your successes.