08-24-2007, 02:46 PM
I wrote this earlier and Kathy sums this up pretty good, but here’s a bit more info.
RealtyTrac, I took a good look at them a few years ago, Blaw, bluck and lousy, was my opinion. Advertise the world and give you parts, some or mostly outdated with a small crew, or to small to provide all the information they propose. . I'm no expert at this but I'd start at the Tax office, to know names and mortgage holders. If there's a mortgage there will be a lean (note) on the property that will be on file. The county keeps a record of all leans, lean holders, unless it’s 'contract to buy'. . You could try contacting the owners directly as well. Some people don't like being contacted when their world is being crushed, but if you can save their credit, convincingly, they might work a deal. most likely you wont convince an owner that just transferring it to save their credit is worth it to them.. Funny how that works, people would rather take a total loss then give a bloke a break.. It's how, for example, auto dealers convince people their car is worth 2/3'ds and less, much less when making a "trade-in?' Verses selling it to a friend at this same discounted rate.
The banks and most lenders are not allowed to discuss some kind of deal before foreclosing, (federal law). If so, the bank would be considered to be in the business of buying or selling property. I believe this law is designed to protect us from the banks taking over the world.. Ha,. But seriously.
So, you need to learn where and when the bank will offer it at auction, what's the bottom line the feds will allow the bank to offer it for.. If it does not sell at auction then you can approach the bank, or lender.. The lender must attempt to sell the property at a reasonable market value, recover their losses, and turn over any profits above their expenses to the foreclosed owner. If it's proven this is not possible, then you can move into the position with the bank.. Simply, to obtain it at a great value, or what the lowest price it can be obtained at, comes down to your ability of convincing the lender to let it go after they have performed due diligence. .. Or faster but not easier, convincing the current owners, to 'let it go'.
Oh and BTW yes the county of Hawaii does provide the owner and adress online still..
Edited by - Jeffhale on 08/24/2007 19:02:08
RealtyTrac, I took a good look at them a few years ago, Blaw, bluck and lousy, was my opinion. Advertise the world and give you parts, some or mostly outdated with a small crew, or to small to provide all the information they propose. . I'm no expert at this but I'd start at the Tax office, to know names and mortgage holders. If there's a mortgage there will be a lean (note) on the property that will be on file. The county keeps a record of all leans, lean holders, unless it’s 'contract to buy'. . You could try contacting the owners directly as well. Some people don't like being contacted when their world is being crushed, but if you can save their credit, convincingly, they might work a deal. most likely you wont convince an owner that just transferring it to save their credit is worth it to them.. Funny how that works, people would rather take a total loss then give a bloke a break.. It's how, for example, auto dealers convince people their car is worth 2/3'ds and less, much less when making a "trade-in?' Verses selling it to a friend at this same discounted rate.
The banks and most lenders are not allowed to discuss some kind of deal before foreclosing, (federal law). If so, the bank would be considered to be in the business of buying or selling property. I believe this law is designed to protect us from the banks taking over the world.. Ha,. But seriously.
So, you need to learn where and when the bank will offer it at auction, what's the bottom line the feds will allow the bank to offer it for.. If it does not sell at auction then you can approach the bank, or lender.. The lender must attempt to sell the property at a reasonable market value, recover their losses, and turn over any profits above their expenses to the foreclosed owner. If it's proven this is not possible, then you can move into the position with the bank.. Simply, to obtain it at a great value, or what the lowest price it can be obtained at, comes down to your ability of convincing the lender to let it go after they have performed due diligence. .. Or faster but not easier, convincing the current owners, to 'let it go'.
Oh and BTW yes the county of Hawaii does provide the owner and adress online still..
Edited by - Jeffhale on 08/24/2007 19:02:08