Need help in understanding how to read foreclosure listings at the courthouse?

Question

I have been up to the courthouse twice and still have a hard time figuring them out.They list an amount and I assume that is what they either want to get out of the property or is that what is owed on the property.Also how do you contact someone about these.They have a law office usually listed but they dont seem to be of any help.Can they not give out that info?What is the best way to find a contact person on these listings..Thanks for any help you can give me on understanding this paperwork..

Answer 1

The clerk will help some. The amounts are what they are being sued for. There may be other mortgaes and liens on the property that are not listed. You are buying hte debt liste, but that does not insure that you are buying a title. Usually the titles are NOT clean and there are other expenses involved.

If you want the attorneys to help you you will need to pay their retainer fee. They are not volunteers.

Answer 2

Lenders who have already started foreclosure proceedings are generally not interested in dealing with individuals. The attorney firm listed only handles and processes the foreclosure action legal work for the lender. In most cases, you will find that the lender has already forwarded this foreclosure to a real estate brokerage firm for disposition.

As soon as the foreclosure action is completed, the real estate firm will list the property as an active listing.

Your only option prior to foreclosure is to go to the sheriff's sale (or similar) to bid on the property. Bear in mind that the lender will most probably have a representative present at the auction to bid on behalf of the lender, should the bid prices not rise sufficiently high to cover the lender's interest in the property. If you manage to outbid the lender, then you have acquired a property.

Answer 3

Here is the rub: All the foreclosure sites, free or pay sites, get their information from the mandatory postings in the paper. They are not updated. Some of those houses never make it to the auction block, they are redeemed, short saled, etc.. If the properties do go to foreclosure, it may be months before they are offered for sale. Skip the foreclosure sites and start talking to a Realtor.

Answer 4

Here's a link to the oldest, most reliable, and accurate web source for foreclosure listings and information. They offer free training that will provide answers to your questions and will help you to understand the whole process. They also offer a free 7 day trial for their foreclosure listings so you can check it out at no cost. I hope it helps.

http://www.firstinfobank.com/real-estate/foreclosures

Answer 5

ask the clerk, that what you pay good money in taxes for.