All Forum Posts by: Chris Colvard

These will need to be modified for CA. (They work in Texas)

Purchase:

Purchase Agreement

Assignment:

Assignment

Hope this helps.

Get all the cash sales (in the last 90 days) off of the MLS in a radius around the property. Look up the the property tax information (address will be different from the property address) and mail a flyer postcard to all of them. If they have phone numbers in the tax database, call them.

You may need to be looking for a court order. Find the courts that do this and you'll have your list.

Here's some quick information:

Judicial Foreclosure

There are two types of judicial foreclosure proceedings in Louisiana, executory and ordinary process.

The executory process takes place when the lender uses a mortgage that includes an "authentic act that imparts a confession of judgment", as provided in the Louisiana statutes. Essentially, this means the borrower signed and acknowledged the obligations of the mortgage in the presence of a notary public and two witnesses. This type of mortgage makes the foreclosure process easier for the lender because once the suit has been filed and the original note and a certified copy of the mortgage has been provided, the court will issue an order for the process to begin.

Once ordered, the borrower must be then be served with a demand for the delinquent payments. The borrower has three (3) days to provide the delinquent payments or the court will order a writ of seizure and sale and the property will be sold after proper notice has been advertised for thirty (30) days.

Notice Requirements for Foreclosure in Louisiana

The notice of sale is personally served on the borrower by the sheriff, and published two times in a newspaper in the parish where the property is located.

A borrower whose foreclosure action is brought under executor process receives a three day notice upon default. If the loan is not brought current, the property is advertised once a week for thirty days and then sold.

Hope this helps.

Try finding a mentor to work with at your local rei club.

Also, you could find a contractor that may be willing to do estimates for a fee.

The main thing is to have good mls comps (ARV) and an accurate rehab estimate.

OK I'll try it out.

Greg,

The comps will show you the sf price of deals that are selling now.

Measure that result against cost to build from a slab or foundation. If there is a big spread, it is a good deal.

I posted later to determine if there is a cost to clear the lot, that is a cost.

Seems like an easy flip on lot cost alone. This if you have any rehabbers in the area and some comps on lot sales.

On a rehab deal its the same advantage.

Has this lot been cleared, that could be a cost vs. price issue?

Hi:

If you provide foundation sf and lot size it might be helpful.

What is sf of comps and lot size?

The sf of comps less new construction cost determine the whether it is a good deal or not.

Looks like you may have a lot value deal here.

You need recent lot sales.

The search feature is great for networking!

How do you do the search for labels?

It will go through some type of forfeiture hearing before the auction.