InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Fundamentals Code References 50 State Foreclosure Basics Foreclosure Glossary Foreclosure Statistics 70+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map About Us Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Get second opinions Posted by Tom on April 09, 2008 at 7:03 AM In Reply to: trustee sale posted by mary on April 08, 2008 at 2:07 PM I'd check with two other title companies to get a second opinion. Although it's rare that the second wouldn't be notified, it would cause you some inconvenience but you already invested considerable time. Given that I'm not sure why it would matter to you. Are there HOA fees? Not sure about CA, but in some districts you must call the school district to get the school taxes. Check other assessments and taxes. There shouldn't be on something this new, but check anyway. Be very specific when asking the county about potential other taxes. You should be able to get a signed statement from the county treasurer about delinquent taxes. Often they don't like to do this, but they will the day before. Be sure to get a per diem rate on the penalties. It may be a moot point, but check flood maps. Check to be sure the street has been dedicated and the city has accepted it. Check with the city's water dept for any problems - quality & pressure. Check with neighbors about the neighborhood. Are there many renters in the area? How many houses on the street are for sale, vacant, or in foreclosure? Check about crime in the area, if you don't already live in the neighborhood. Check for any recent or potential zoning changes in the area. Check the city's budget. Are there any proposed tax increases/service cutbacks coming? Has the city lost any major employers recently? I'd chain the title back through back 40 years - 60 if you want more comfort. Review any publicily available surveys. Ask title companies if they will insure the survey. You didn't state what you suspect the current AV is, but I'd bet that the second is betting that somebody will drive up the bids for them to recoup some of the second. If it's such a deal, prepare for competition at the trustee's sale. I sense that you would buy the house to live in, so given the time invested and the emotion be very careful not to overbid. Check the comps again and again. Use comps on houses which have closed within the last 30 days, which means the prices were negotiated 2-3 months ago. Yikes! I'd discount the comps 2% to be safe. If you do the comps correctly (big if for amateurs and most realtors), you should protect yourself in over bidding whether you're the only bidder or there's competition. I've probably missed a couple of things, but this will keep you busy for a while. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : I'd check with two other title companies to get a second opinion. Although it's rare that the second wouldn't be notified, it would cause you some inconvenience but you already invested considerable time. Given that I'm not sure why it would matter to you. : Are there HOA fees? Not sure about CA, but in some districts you must call the school district to get the school taxes. Check other assessments and taxes. There shouldn't be on something this new, but check anyway. Be very specific when asking the county about potential other taxes. You should be able to get a signed statement from the county treasurer about delinquent taxes. Often they don't like to do this, but they will the day before. Be sure to get a per diem rate on the penalties. : It may be a moot point, but check flood maps. Check to be sure the street has been dedicated and the city has accepted it. Check with the city's water dept for any problems - quality & pressure. Check with neighbors about the neighborhood. Are there many renters in the area? How many houses on the street are for sale, vacant, or in foreclosure? Check about crime in the area, if you don't already live in the neighborhood. Check for any recent or potential zoning changes in the area. Check the city's budget. Are there any proposed tax increases/service cutbacks coming? Has the city lost any major employers recently? : I'd chain the title back through back 40 years - 60 if you want more comfort. Review any publicily available surveys. Ask title companies if they will insure the survey. You didn't state what you suspect the current AV is, but I'd bet that the second is betting that somebody will drive up the bids for them to recoup some of the second. If it's such a deal, prepare for competition at the trustee's sale. I sense that you would buy the house to live in, so given the time invested and the emotion be very careful not to overbid. : Check the comps again and again. Use comps on houses which have closed within the last 30 days, which means the prices were negotiated 2-3 months ago. Yikes! I'd discount the comps 2% to be safe. If you do the comps correctly (big if for amateurs and most realtors), you should protect yourself in over bidding whether you're the only bidder or there's competition. : I've probably missed a couple of things, but this will keep you busy for a while. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2008, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455