All Forum Posts by: Richard Rabe

Thank you Ryan for your help.

Well what I dont understand is this At the sheriffs sale In Illinois, I purchased a House and lot they are not tax lein they are mortgage lein. Because it was my first time purchasing I did not know I was buying a second mortgage A mistake I will never make again.This did not wipe out the first mortgage. I am in the process of taking care of the first right now, Fortunatly I got lucky and there was not a lot on the first mortgage. I need to know how or where I can go to find out which mortgage are being foreclosed on so this dosent happen again. Do I just have to go to the courthouse and do my own title search or is there a web sight online I can use. The county I am working with dosent have their information online. And also how easy is it to do the search if I go to the courthouse.

I understand what your saying Ryan but when I go to a sheriffs sale and there is 6 or 7 properties I am inersted in buying I cant do a title search at $200 dollars a pop on each property. So is there a website I can go to and find the leins and mortgage positions on the property that would make it easier cause I work and I have a hard time leaving work go to the Recorders office and look up stuff or is that the best way. How does anyone else do it any input would be greatly appreciated.

Are there any ways to research titles on the internet Instead of going to the court house or wherever how do any investors out there do title searches for foreclosures your going to bid on?

Anyone else have any ideas on this question ? please help

ok but my next question is when I get the list of foreclosures It lists the encumbrances next to the property do I still need to go to the courthouse and do the search and also when it goes to sale dont they already add all the encumbrances so you get a clear title when its purchased ? If it matters Im in Illinois. thanks everyone

Hi everyone
Ok got a question for those of you who have purchased foreclosures. What process do you use before you go to the sheriffs sale and bid on a property. This is what I do Is there anything else I should be doing Like Title searches and so on If so how do you do it with out it costing the fee for a title search.
I Usually get my list each week go through and run prices for the area Im looking at. I find the propeties that would make sence for me to purchase.
Next I go and visit the property take pictures make notes on it . Then I go back and evaluate my notes and pictures.
And finally I,m off to the sale.
Is there anything I,m Missing. Thank you for your help.

Lemont, Illinois 8) I hate cold weather :protest: no more winter.

Thanks OhioRealtor so If I understand you I need to get the place for 70% below fmv minus repairs to be worth it ? Or do I have room to play with that figure. And fortunatly Im an only child still not sure if thats a good thing or a bad thing. :lol: Thank everyone for your help.

well I have to sell it I need to get it out of his name. and I will use the money from the sale to support him where hes at now. But I was trying to keep it as a rental property.