Im 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
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.
My daily journal link.
I'd love to hear from you.