InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Hey, I'm impressed.. Posted by Ward-CA- on April 11, 2003 at 1:00 PM In Reply to: NC Auctions posted by SeanW on April 11, 2003 at 11:40 AM : I found the auctioneers' spot today and watched. The Mecklenburg auctions are indoors, in the superior court lobby. : It looks like a "normal" market, not like CA has been. Only a handful of attendees, and most of those were just observers. I saw only one house get bought in an hour. Everything else went back to the banks. Probably thousands of dollars of equity disappearing, right in front of me... : The trustees just need 5% up front and the balance in 30 days. That's helpful-- no need to pull and redeposit a stack of unused checks. : Also, the notices of sale are published in a tiny community weekly. The trustees must not want to bother with the expense of the daily paper. (I guess that meets the letter of the law, if not it's spirit!) : Gonna be back the courthouse first thing Monday to start my recorder's office training. I was told it could take "a few weeks" to get the hang of it. If I understand right, they have two computer subsystems just in the leins area. One for 1995+, another for 1990-1995, and then you have to use the books for pre-1990. : Excellent! Ward says Bad Is Good. How many of my competitors would bother? =?=?=?=?=?=?=?=?=?=?= Sean, Since most of your trustee sales end up going to the lenders, then the majority of time the lenders are paying for all the foreclosure costs, including the advertising. So to minimize their expenses the trustees are using the cheapest, legally approved publishers. Usually the trustee gets a TSG (Trustee?s Sale Guaranty) at the time of recording the NOD (Notice of Default) from their favorite title company to give them an idea of who all the owners are and a list of all lien holders. In addition the TSG will contain a list of all qualified publishers. So ask the TSG unit in your favorite title company for a list of all qualified publishers in all the counties you?re working in NC. You won?t need to cover all 100 counties, just the ones convenient to you. Hey, what about the questions you?re supposed to ask that helpful title gal. I?d like to know her answers. Looks like Charlotte is going to do you just fine! Ain?t gonna worry about you anymore. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I found the auctioneers' spot today and watched. The Mecklenburg auctions are indoors, in the superior court lobby. : : It looks like a "normal" market, not like CA has been. Only a handful of attendees, and most of those were just observers. I saw only one house get bought in an hour. Everything else went back to the banks. Probably thousands of dollars of equity disappearing, right in front of me... : : The trustees just need 5% up front and the balance in 30 days. That's helpful-- no need to pull and redeposit a stack of unused checks. : : Also, the notices of sale are published in a tiny community weekly. The trustees must not want to bother with the expense of the daily paper. (I guess that meets the letter of the law, if not it's spirit!) : : Gonna be back the courthouse first thing Monday to start my recorder's office training. I was told it could take "a few weeks" to get the hang of it. If I understand right, they have two computer subsystems just in the leins area. One for 1995+, another for 1990-1995, and then you have to use the books for pre-1990. : : Excellent! Ward says Bad Is Good. How many of my competitors would bother? : =?=?=?=?=?=?=?=?=?=?= : Sean, : Since most of your trustee sales end up going to the lenders, then the majority of time the lenders are paying for all the foreclosure costs, including the advertising. So to minimize their expenses the trustees are using the cheapest, legally approved publishers. : Usually the trustee gets a TSG (Trustee?s Sale Guaranty) at the time of recording the NOD (Notice of Default) from their favorite title company to give them an idea of who all the owners are and a list of all lien holders. In addition the TSG will contain a list of all qualified publishers. : So ask the TSG unit in your favorite title company for a list of all qualified publishers in all the counties you?re working in NC. You won?t need to cover all 100 counties, just the ones convenient to you. : Hey, what about the questions you?re supposed to ask that helpful title gal. I?d like to know her answers. : Looks like Charlotte is going to do you just fine! Ain?t gonna worry about you anymore. Optional Link URL: Link Title: Optional Image URL: [ 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.

Copyright © 1997-2003, 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