All Forum Posts by: Jill Patton

Hi, 

I'm interested in buying properties outside of my area (South Florida).  Researching Georgia (and Alabama).  Can someone provide a source for an online list of mortgage foreclosures in Georgia (Gwinnett, DeKalb, Henry, Clayton counties....... unless you have a better idea).

I'm only interested in public auctions.  Not interested in Xome.com, Auction.com, Hubzu.com........


Thanks in advance.

Jill

Good points.  But, PropStream provides aggregate data that would take time to assemble from multiple free public sources.  I use it to research properties.  The value is in the time saved.

PropStream scrapes the data from the counties daily so if it's updated, ideally it should land in their database within 24 hours.

What you're proposing is really high risk.  

Last year, I won a bid for a second trust that was foreclosing (I've purchased over 450 properties at auction for a REIT and some for myself too).  The first trust had not filed lis pendis.  I estimated the balance of the first trust.  However, when I got the payoff it was $50,000 higher than I had estimated.  The problem is, you don't know what the first trust balance is.  And, the first trust lien holder is not obligated to move quickly.  They could tie you up for months.

I flipped that property.

I came out okay, but I would never buy a second trust again.  Too much uncertainty.

Buying a second trust is super risky.  Also, remember that some communities have multiple HOAs - I've seen as many as three.  And, some HOAs are in country clubs that have mandatory acquisition fees that could be $85,000.  Be careful.

Quote from @Steven Barr:

I went to the superior magistrate court clerk today for the list of pendants/notice of defaults, and they had no idea what I was talking about. Made calls to sheriffs dept and community planning and development. No one knows anything about this list. I called my local city court clerk and they did not have it and said I needed to try the county clerk (which is the superior court where I went in person)

I have heard you can go to the “local court of the clerk” and obtain this list that details all properties in pre-foreclosure 

Does anyone know where I can go to get this list? (besides online to pay for it)

Thx!

You can access that information on the PropStream website.   PropWire and Property Radar also have that information.

David, 

Stay away from H & M.  I would not suggest buying from them.  I'm seeing your post late, so I'm not sure what you decided. 

I prefer county auctions.  I've purchased properties in Miami-Dade, Broward, and Palm Beach.  And, when the auction closes, you have 24 hours to pay the total amount due.  And, about 10 days later you have the deed.  All due diligence is done in advance.  

And, I would not get an appraisal on each property. A trusted realtor/should be able to provide a CMA or BPO. If the realtor is going to list the property once it's ready for sale, it's a win-win.

Again, the public county/city auctions are so much easier.  No games.  Everyone plays by the same rules. 

All the best, 

Jill

Hi, 

About three weeks ago, I won a bid to buy a REO from the online bidding site - Hudson and Marshall (H & M). I signed the contract and made the EMD. H & M said the bank verbally agreed to accept my bid and sell the house to me. I was waiting to get the executed contract back but instead I got an email today saying the bank had decided to re-sell the house on another 3rd party site.

I put a lot of work into this house (i.e., getting the city liens cleared, etc.) based on H & M's promise to sell.  And, the bank just decides to walk?  Ugh!  Also, I've had $12,000+ tied up and I passed on other deals waiting to close on this property. 

Seems like "false advertising" to me.

And, I've bought a ton of properties at foreclosure auctions but this was my first time trying  H & M and its been a horrible experience.

Has anyone had a similar issue with this auction house, or another one? 

If you were the investor on this deal, what would you do?

Thanks, 

J

You can contact the Law Offices of Heist, Weisse & Wolk and they'll discuss the issue with you without a charge.  Their website - www.evict.com has free forms and notices that landlords can use. And, the site features more than 400 legal articles that are very informative. 

I've gotten advice from Harry Heist. He's taught many landlord/tenant classes for local property management firms and realtor associations.

Good luck!

Thanks, Linda.   I'm looking for properties sold on the courthouse steps - not REOs.  

Do you know anyone who buys at the courthouse auction?  

Or are there any good real estate investment clubs in Richmond that would give me a chance to meet someone who knows the county auction market?

Hi,  I bought my first foreclosed property at auction in Richmond more than 10 years ago. Thereafter I've bought in other states. 

Can someone please provide a link or information for advertised foreclosure sales in and around Richmond?  I'm thinking about returning to that market. 

And I'm strictly interested in the county auctions (not private auctions like hubzu or auction.com).

Thanks in advance.

Thanks, Jennifer.  Your comments were helpful.