Hopefully it's the same timeline as advertised... what's the plan?

I have started advertising the place and have scheduled my first showing in Jan.

I'm not familiar with Cali but if the s/l was 4 years for contracts and unsecued notes I'd put my money betting on 4 years.I'd weigh the option of proceeding regardless of the s/l as the borrower would need to bring that as a defense, I'd bet they don't if no payment was ever made.Another issue, if a payment was never made it sounds like mortgage fraud that is another category getting to criminal charges, the s/l will be longer, 7, 10, 12 years, not sure, it depends too if the original was an insured lending institution or a private individual.It also depends if the note was generated from an installment sale or was made as a cash loan, purchase or refi.It will also depend on whois in the property and if the property has been sold over the past 16 years, we just had an example of a subject 2 deal going sour with subsequent sales and that can limit your security if the note holder fails to act in a timely manner.Frankly, I wouldn't fool with this one, 16 years old, foreclosure notice gievn and never followed through, that's pretty much allowing the note to go stale and abandoning the claim of the amounts owed.If the maker of the note is still in the property and you can contact them by phone or in person, you might be able to negoiate something holding the fraud claim over thier head, forgive some of it and modify it back to life, but they need to agree and you can certainly bluff your way along to a point.

Creating relationship with sellers of REO properties, direct mail advertising, and working with agents who specialize in short sales are a few ways to do this.In today's market, short sales are the market so working these leads will result in deals, so long as you show persistence.

Advertise on the property.In How to win friends and Influence Others he talked about McDonald's not being in the burger business but being in the Real Estate (namely land) business.

As far as they're concerned it looks pristine like the day it was built ;-) I always use the afters for advertising.

While there are firms like Visiting Angels, a tenant of ours suggested advertising on, or checking Craigslist for a caregiver, as the hourly rate would be less.So while there is some peace of mind with a service like VA, the cost savings of an individual has some appeal.I was thinking of doing a check similar to screening a tenant...crimes, judgements, credit check, evictions, etc...Would you consider a private person or be more inclined to go with a firm, and if you did go with an individual, what kind of background check would you do?

Hey Jaime Nichols - I'd be careful about advertising how much you have to spend.

Not going to advertise any phantoms. :)

That said, the process is still what takes long and it has not been an unchanged process.The bill passed in Illinois is for abandoned property only.