the list is worthless, since it is generated at the beginning 'lis pendens'
phase it is like the first quarter of a basket ball game. the best thing is
to look in the legal section of the news paper for 'notice of sale', this is
like the third period with 3 mins left.
if you want to bid at a foreclosure be aware of several things;
1) make sure its a first mortgage and not a second, otherwise
you are buying a second position subject to the first, and you can bet
the payment demand clause of the first will kick in after you take
possession of the premises, especially with rising rates.
2) there will be lots of competition at the bidding process, and
some 'players will demanda payoff' to stop bidding against you
depending on the county, its usually 1000. a head. btw the
person being foreclosed almost always sends a shill to run up the
bid. why? because any surpluss funds above the judgement of foreclosure
go to the person being foreclosed.
3) if you buy at bid a second mortgage instead of a first, and the
first starts to foreclosure you will be 'cut off' by that action. your only
remedy is to petition the court for 'surpluss' funds.
4) you will need to bring lots of 'certified checks', because if you
are successful you will need 10% of the winning bid to be deposited
with the referee. the balance is due in 30 days, no if's ands or but's, if you
have to get a mortgage to close it won't happen in time and your deposit
is forfeited.
5) just because you are successful at the bid, this does not give you
possession, and while you basking in your glory the people in your
new investment are already trashing it. remember people are envious
fucks, they will be taking out the central air/heat, kitchen cabinets
ect. and before the slip into the night they turn the water on or
put concrete in the toilets, damages that may be more than any percieved
profit on your part. its their way of saying thanks, asshole.
6) remember the best deal could be a fixer upper from you friendly
over compensated realtor. during the heat of bidding people have
the illusion that they are getting a deal, because it is a foreclosure,
right? wrong, most if not 90% bid to market value.
7) if the premises are occupied especially with kids, no judge wants
to look like a bad guy, so he will be in no rush with your eviction.
about 10 years ago i bought a house in foreclosure. i paid 500,000
for a home that was worth 750,000. i said man what a deal i will flip
this and go to the next one. to make a long story short the judge would not evict with the kids starting school. so 8 months later i took possession
of a shell. the owner had removed the kitchen, furnace and ac unit.
he had punched holes in all the walls, took all the plumbing fixtures and
pored concrete mix down the toilet holes. i had to replace almost the whole interior of the house. this cost me an additional 250,000 AND on
borrowed money. i sold it last year for a 100,000 profit, if you want to
call it a profit, the 'time value' of money ate all the gains and some, so
be carefull and wary. a deal may not be a deal after all. btw i have filed
more summons and complaints so far this year than all of last year.
foreclosures will be up, and the best 'deals' have yet to come.
good luck