Originally posted by @Hal Thompson:
@Sean OToole Just to be clear, I'm not saying don't use Property Radar. Tools like Property Radar are great for honing in on potential opportunities and short listing. I tend to write a lot of my own data scrapers, but for people who aren't familiar with how to do that, then a tool like PropertyRadar is incredibly useful for short listing opportunities. However, once you have identified an opportunity you are going to purchase at auction, that's when it's time to switch gears and do your own title research. I don't even fully trust title reports. Nothing is a substitute for doing your own homework in the source property records.
Hi all, I'm looking to bid at bank foreclosure auction in Florida for first time (HOA foreclosure fully discarded thanks to this thread). Working on spread sheets to gather all data and determine if each case worth bidding on, thus to determine max bid amount. Data I'm collecting in my sheets include parcel id, case nbr, plaintiff, judgement amt, defendant (s), tax status, liens, latest deed type, comps (max, median and low), current listings as reference, if Assoc fees, if Hopa & nbr rooms/bath. Have several questions as to how to do a through search and how to find red flags.
Hi all, I'm looking to bid at bank foreclose auction in Florida for first time (HOA foreclose fully discarded thanks to this thread). Working on spread sheets to gather all date and determine if each case worth bidding on, thus determine max bid amount. Data I'm collecting include parcel id, case nbr, plaintiff, judgement amt, defendant(s), tax status, liens, latest deed type, comps (max, median and low), current listings in the area as reference, if Assoc fees, if Hopa & nbr rooms/baths.
Have several questions as to how to do a through search and how to find red flags.
All searches I'm doing are from County Online Records. First by parcel id nbr (results give deeds and mortgages -open and satisfied-), next by tax status (paid or due) and then by owner name (if married, also spouse search). It is exhausting though.
Do you recommend I physically spend time at courthouse doing searches instead?
Double check using Property Radar?
Here some cases I encountered and my questions:
Case 1: No second mortgage, no HOA lien. 2016 tax up-to-date. Owners recorded a quit claim deed in favor of a 3rd party person for no to little monetary value (I guess they pretend to pass property rights to a family member, probably hoping to tangle the foreclosure process. I've seen a few of these cases, so I'm guessing attorneys are behind this practice) Do these people really have a chance to pass deed to 3rd party as a gift regardless of home being foreclosed at auction? My gut says the quit claim deed will have no value once the property sales at auction. If you have info with links you can refer me to, that'd be great.
Case 2: Defendants include home owner, Eastern Financial FL Credit, Regal Trace LTD, Arrow Fin Services LLC and Capital One Bank. Turns out that Eastern Financial filed a lien for 43K and Capital One filed another for 10K. I did not find any docs involving Regal Trace or Arrow Financial. My question is, assuming the only liens are those found for 43K and 10K, what happens with those 2 liens should I win the bid? Do Eastern Financial and Capital One have any right to try to collect from new home owner any monies? My gut says those liens get wiped off. And the former home owner will still be liable. Again, any supporting link related to FL would be appreciated.
Case 3: There is a first and a second mortgage signed with MERS & American Wholesale Lender (both lenders in each). Plaintiff is Bank of America and can't find doc that shows mortgage to MERS & American Lender has been satisfied. Should I just trust that judge got it all right and the fact that BOA is the plaintiff is enough to assume that at least the first mortgage was transfered to BOA.
Second question about this case, given that final judgement includes principal a bit lower than first mortage original amount, I'm assuming final judgement does not include second mortgage. Question is, what happens with second mortgage if I win the bid? Does it get wiped off completely for me? The caveat is that second mortgage lender is MERS & American Wholesale Lender, however they are NOT listed as defendants.
Trying to do my due diligence before engaging with any $ yet. Once I determine which properties I should pursue, I will make sure to set a max bidding amount.
Should I do a title search with a title company on the ones I'm interested?
My personal funds are limited, but definitely want to get serious in R.E. investments as my only source of income. Thanks in advance.
All searches I'm doing are from County Online Records. First by parcel id nbr (results give deeds and mortgages -open and satisfied-), next by tax status (paid or due) and then by owner name (if married, also spouse search). It is exhausting though.
Do you recommend I physically spend time at courthouse doing searches instead?
Double check using Property Radar?
Here some cases I encountered and my questions:
Case 1: No second mortgage, no HOA lien. 2016 tax up-to-date. Owners recorded a quit claim deed in favor of a 3rd party person for no to little monetary value (I guess they pretend to pass property rights to a family member, probably hoping to tangle the foreclosure process. I've seen a few of these cases, so I'm guessing attorneys are behind this practice) Do these people really have a chance to pass deed to 3rd party as a gift regardless of home being foreclosed at auction? My gut says the quit claim deed will have no value once the property sales at auction. If you have info with links you can refer me to, that'd be great.
Case 2: Defendants include home owner, Eastern Financial FL Credit, Regal Trace LTD, Arrow Fin Services LLC and Capital One Bank. Turns out that Eastern Financial filed a lien for 43K and Capital One filed another for 10K. I did not find any docs involving Regal Trace or Arrow Financial. My question is, assuming the only liens are those found for 43K and 10K, what happens with those 2 liens should I win the bid? Do Eastern Financial and Capital One have any right to try to collect from new home owner any monies? My gut says those liens get wiped off. And the former home owner will still be liable. Again, any supporting link related to FL would be appreciated.
Case 3: There is a first and a second mortgage signed with MERS & American Wholesale Lender (both lenders in each). Plaintiff is Bank of America and can't find doc that shows mortgage to MERS & American Lender has been satisfied. Should I just trust that judge got it all right and the fact that BOA is the plaintiff is enough to assume that at least the first mortgage was transfered to BOA.
Second question about this case, given that final judgement includes principal a bit lower than first mortage original amount, I'm assuming final judgement does not include second mortgage. Question is, what happens with second mortgage if I win the bid? Does it get wiped off completely for me? The caveat is that second mortgage lender is MERS & American Wholesale Lender, however they are NOT listed as defendants.
Trying to do my due diligence before engaging with any $$ yet. Once I determine which properties I should pursue, I will make sure to set a max bidding amount.
Should I do a title search with a title company on the ones I'm interested?
My personal funds are limited, but definitely want to get serious in R.E. investments as my only source of income. Thanks in advance.
