CRR Blog

Gift-Wrap a Home for your Sweetheart this Holiday Season!!!

There are many properties being sold this Holiday Season as a result of defaults on loans.


Many of these borrowers have been withholding payments to lenders for many months and even years.


So if the time for them to leave is now, then the time for you to become an owner at an incredibly low price is now.


Just look at these great low opening bids this week...


3BR/2BA Home on La Mirada St in Laguna Hills opens at $320,000 Estimated Value: $528,576!!!


5BR/3BA on El Levante in San Clemente opens at $645,000 Estimated Value: $1,054,082!!!


3BR/2.5BA on Laurel Creek Ln in Laguna Hills opens at $355,000 Estimated Value: $497,276!!!


3BR/2.5BA on lakeside Ln in Huntington Beach opens at $350,000 Estimated Value: $567,948!!!


3BR/2.5BA on Shady Grove Circle in Lake Forest opens at $314,800 Estimated Value: $847,194!!!


Don't let the savings pass you by.....

Foreclosure Question of the Day...

"With all the Big Investors out there... is there anything left for me to purchase at a low price?” 


The answer is "Yes".


Times change but we change with them.


You need to look at this business as a numbers game.  You can't just pick a couple properties and expect to go to the auction and have only a handful of other folks hanging around doing the same thing.  Those days are long gone.  Today there are many more properties, and many postponements each and every day.  There are also cancellations, many of which are only temporary.  These properties often pop right back up in our system.


Your best bet is to make a list of properties you have cleared for purchase through your research and ours.  Set a maximum price for each one and move on to the next one. As your list grows, so do your odds of success.  Keep your cancelled sales earmarked for an automatic update and keep adding properties to your list.   If you are bidding for yourself, try to give yourself as many bidding days as possible.  If you want the best chance of success, use our bidding service to bid every week day.


Call us for tips and suggestions.  Happy Holidays!!!

What does Cancelled mean?

This is one of the questions we find ourselves answering every week.


If an NTS Record in our system has a status update that shows "Cancelled" as the status, that means the lender who is foreclosing has cancelled the scheduled sale.


But this could be a temporary condition.


The lender may cancel a sale in the event that they need to "Republish" the Notice of Sale.


This happens if the Foreclosure has gone on for over a year from the original sale date, and the process is ongoing.  In this case the lender is required to create a new notice with a new sale date, but they must cancel the earlier notice first.


This also happens if the lender is going to move the Trustee's Sale to a different location or fix an error on the earlier document.


A third reason for cancelling has come up in the last year, and that is a bankruptcy filing which is taking a long time to sort out.  Lenders have recently started cancelling sales notices and republishing then once the bankruptcy has finally been thrown out.  As the court system gets overwhelmed, you can expect to see this happen as many borrowers attempt to use the bankruptcy process as a shield.


In any of the above situations, you will see multiple notices of sale, often within months of eachother.  Always look for the newest notice of sale, and don't hesitate to use our status update option by text or email just in case a new NTS pops up.  You can be prepared while others may think the opportunity has been lost.


The final reason that they cancel is that the loan has been brought current or paid off.  Note that this can happen because the borrower has resolved the matter, or because a junior lender has brought the first current only to start their own foreclosure.  Finally, if the house is sold to a third party buyer and they pay off the previous loans, then the sale notice will be cancelled for obvious reasons.


 


 


 


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