31 December 2013
Another year has come and by midnight tonight it will be gone. For some of us this has been a year of challenge, and for others it has been a year of triumph. For most of us, I believe that it has been a year of both. Truly the best of times and the worst of times. The key is in achieving balance and keeping focused on life's goals. If I can suggest a New Year's Resolution it would be to be more aware of what is around you. Pay attention to the people you love, pay attention to the opportunities that you may overlook while you seek greater ones elsewhere. Find alternative sources of information more than anything else. You cannot rely on one source. When it comes to foreclosure information, you already know this. You check title on a regular basis and you never take something for granted. The same should be true for your other financial information, but even more so. County Records Research wants to give you all the facts. Newspapers don't. Television does not. Radio does not. You have a lot of internet based reporting which has really become your best source for financial information. Find these sources and compare the information you receive. It used to be a well known fact that unless you found additional sources for the same information you should take it with a grain of salt. While that is still true, remember that now multiple news outlets are just repeating talking points from a short list of unimportant words. The real news that will affect your investment choices is not to be found in the mainstream. It is to be found by sampling the roads less taken out there. Just like the fact that most people don't buy foreclosures, most people don't take the time to understand what is really happening. So take the time, and prosper.
Today an investor bought a home with a pool on Herencia in Mission Viejo. The home is worth $831,430.00. The purchase price was $647,100.00. If you read the mainstream news, these things are not discussed.
Today an investor bought a two acre parcel in Palmdale for $56,000.01. There are few places where you would hear about this information. That is why County Records Research is one of your key resources. We focus on the facts.
We wish you a Happy New Year and All the Joys that Love and Family and Friendship bring.
30 December 2013
Some people followed our advice and used this time to research properties and be ready to buy. For them this has been a season of joyful rewards. They have not only gotten to spend quality time with great people and great food, they also got to be in the right place to gain substantial equity on a property that someone else neglected. Now they can start the year off right by fixing and flipping or maybe moving in if they chose the property for personal use. Either way, the bargains are there and someone always wins if they take the time to participate. Look at a couple of deals that people just like you were able to get just this morning...
A 3BR/2BA Home on Barbara Ave in Garden Grove sold today for $389,300.00. The Estimated Value is $487,845.00. This is a smart buy because Orange County has an amazing amount of demand and never enough inventory. They will make money on this one.
A 3BR/2BA Home on Alburtis Ave in Lakewood sold for $124,300.00 The Estimated Value is 386,429.00. There was a previous loan, and a little confusion because the property had already gone to auction twice before on the same loan. But the winner got a fantastic price. And that is what it comes down to. Do you have the willingness to do what needs to be done to get a great deal? If you do, you will get one. If you stay hungry, you will get more.
- Bob Baker @ 16:55
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27 December 2013
Please refer to this page when you are getting started on the website.
Getting started is really easy.
· Just go to http://www.countyrecordsresearch.com and click on "login".
· Enter the username and password and click on "submit".
· Click on "property search".
· Select a county by checking the box on the Right of the county.
· If you have a property in mind use the "single property search" to find it by address.
· If you are looking for any foreclosure property, use "general property search".
· Pick the stage of foreclosure that interests you.
· "Notice of Default" properties are the first group. You can make offers or maybe buy notes.
· "Notice of Trustee Sale" properties are the next group. You can make offers or bid at auction.
· "Drop Bid Report" is a sub-set of the NTS group, where a low opening bid is announced early.
· "REO's" are the next group. You can make offers to banks. They now own the properties.
· "Properties sold to bidders" is the last group. You can make offers on these too.
· Once you have selected a category the website will create a range of dates for you.
· Just click on the Blue Button that says "search without polygon" to see your first list.
· There will be a map at the top, and it will say 0 to 20 of ? records above the map.
· This is your first list. Click on any address to open the detailed profile.
· Call us a 1-800-664-2567 9am to 6pm M-F and we can answer your questions.
If you have properties you want help with, just call. If you have questions regarding how foreclosures work, just call. If you are not sure what to do... just call.
· We update our records every day for changes in status and auction details.
· We research the loans on properties, and we are here to help you double-check the loans.
· Always double-check the loans. You may learn something that will make a big difference.
· Create folders in the "My Properties" folder and save properties by category for future deals.
· You can request text updates to your cell phone or your email for auction properties.
- Bob Baker @ 14:55
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24 December 2013
This is the time of year when all of us should be thinking the very best of everyone and everything. Regardless of one's personal beliefs, we are all of the same race. We are all the most advanced intelligence that this planet has to offer. So in a sense the future is what we will make it. With that thought in mind we are wishing you the very best as 2013 comes to a close and 2014 comes around the corner. We are wishing you warmth and kindness, love and respect, and the simple joy of being with those most special to you. Share this special time with those you love. Think of those who are no longer here to share these days in person. Remember past times of joy and share those memories and feelings with the children in your life. Sing some songs. Bake some cookies. Just be happy.
Later... We will get back to business.
- Bob Baker @ 14:41
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23 December 2013
I remember the days when I would be thinking about so many different things at this time of year. I would be looking at clothes, and appliances, and frivolous things. I would wear ties with Santa, and Elves, and Disney Characters. I would buy things almost everywhere I went. I bought gourmet pots and pans, Christmas serving dishes, and crystal cups for egg-nog. I even bought Christmas outfits for my dogs and made them hold still for the photographer. Needless to say, I certainly decorated my house to the point where my neighbors would take "Selfie" pictures of themselves with my home as the background. It was a great compliment, but my electric meter was spinning like CD. I was like a character in a movie who is caught up in the spirit of the season, but trapped by the trappings of it all. So what has changed? I guess I just have different priorities, and my muscles get sore if I hang too many lights. Tomorrow I will be hanging a door and installing a gate in a backyard, improving the look and functionality of a house that we own for today, but may soon belong to someone else. I have to say it is exciting. This little change is going to make that house just a little nicer when I show it to someone who has his/her own family to please with gifts and decorations and Christmas Lights next year. The little bit of time and cash I am spending will come back to me in a big way. The investments I have made in Real Property have been lasting, and they make sense.. and dollars for me in the long run. Have a Merry Christmas, and focus on what is good not only for you and your loved ones for today, but for the future as well. We all love holiday splendor, but sometimes the best decorations are those you see every day. Do something lasting.
Today a bidder bought a 3BR/1BA Home at the Trustee's Sale. The Home is on 51st Pl in Los Angeles. It is worth $313,039.00 and it sold for just $219,000.00. This could easily be a rental or a flip property. But it may need a door or a gate, or a little TLC in other ways. Just think how much more value there is in that, than in buying an inflatable Santa and painting fake snow on your window.
- Bob Baker @ 18:21
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20 December 2013
One of the more obvious opportunities these days is the Reverse Mortgage Foreclosure. Lenders can call the note on a Reverse Mortgage for a variety of reasons. If the borrower passes away, or moves to a different address then the payments stop and the loan is frozen and becomes a balloon that is due. If the borrower fails to keep the insurance or taxes current, that is also a reason for the payments to stop and the note to be called. The most obvious characteristics of a reverse mortgage foreclosure are the exceptionally high NOD Default Amount, and the fact that you will see two loans recorded on one date. The 2nd loan will show a $1.00 loan amount. This all adds up to the fact that what was an annuity paying out to the "Borrower" a monthly sum becomes a balloon note overnight. The family of the borrower is socked with a big NOD and there is little hope they can do anything but sell the home. Here is an example of a home bought at auction today in Norwalk.
A 5BR/2BA home with a pool on Corby Ave in Norwalk had a note of $544,185 that was a Reverse Mortgage. The note was called for a total of $273,929... indicating that that was the amount the lender paid out over the 6 years since the Reverse Mortgage was taken out. The lender cannot ask for more than they are owed. There was only one bidder. The purchase price was $282,031.60 plus a penny. The buyer could have tried to buy the house prior to auction by making an offer, but instead they just bid and got a steal on a home worth $378,516 by our estimate. Look for more like this if you want a great opportunity too.
- Bob Baker @ 14:39
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17 December 2013
Of course we see many, many cancellations and postponements these days. Even in Sunny California, some lenders try to avoid the media frenzy when someone loses their home on Christmas Eve. That said, there are still those lenders who are focused on the bottom line situations where a Notice of Trustee Sale is set to expire. In case you don't know... a Trustee Sale Notice expires after one year. The lender is required to cancel and "Republish" a new Notice at their expense. Now consider that many times the lender has already elected to cut the sale price at auction to avoid taking back an reo. So if they are already going to lose money... and they really aren't concerned about the date.... there will be a sale. Here a some examples from the last two days....
A 4BR/3BA Lovely Manor Home on a Large Lot on Kingsgate Dr in Orange sold for $870,000. Estimated value is $969,163. The pictures say a thousand words.
A Duplex on Baca Ave in Irwindale sold for $270,500. Estimated value is $388,264. Income!!!
A 3BR/2BA Home with a Swimming Pool on Foothill Blvd in Glendora sold for $349,900. Estimated Value is $442,856.
Don't think you are a Grinch for following Foreclosures. Just think of your Cindy Lou Who and do a good job!
12 December 2013
Some people are out shopping for a tablet computer. Some are looking for a big flat-screen TV. Still others want the latest video game so they can play into the wee hours of the night. This is all well and fine if you have limited your wants to just these types of toys. But what if your idea of the Pyramid of Needs is a little more real? What if you already have a computer and a TV and you are just a little old to be exploring fantasy worlds at 2:00am? Well for you there is a game that is just as challenging, but far more rewarding. The game of Foreclosure Investment is very real and very lucrative. All you need is a solid source of Foreclosure Data and someone you can call upon when you are at an impasse and you need a little kindly advice. Once you have this to support you, you can be out in the real world buying property. It may not seem as exciting as slaying Dragons... but we think you will agree it sure pays better. Here are some examples of homes purchased just yesterday...
A 3BR/3BA Home with a swimming pool on Wooster Ave in West Los Angeles was purchased yesterday for just $641,500. The estimated value is $780,949, so the buyer has over $100k in equity out of the gate. This is an excellent purchase and the buyer just had to do a little research and show up at the auction. Now they have a home they can rent out or flip with the potential for many thousands of dollars in profit over the near or short term. This is the kind of toy I want in my stocking.
A Beautiful Manor Home on a Hill with an Ocean View on Via Nerisa in San Clemente was purchased for $1,070,000. The estimated value is $1,322,547. This is obviously a higher level of purchase than the other example. Not everyone has a Million Dollars in cash to use at the auction. But this is an important example of how much equity there is in larger purchases. As a rule, we see substantially large equity positions on higher end properties at auction. The lenders are simply pricing these properties down because once you get above a Million Dollars, the number of bidders falls dramatically. Add to that the fact that the lenders want to have an excellent equity position for themselves in the event they take the property back as an REO and you have a recipe for a bargain!
- Bob Baker @ 14:19
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11 December 2013
People ask "Where are the Deals?" The answer is "Everywhere!" Obviously the odds increase when you have a large number of properties in an area. A normal distribution curve would give you more great buys in a large group of properties. Knowing this, it follows that a large area like the San Fernando Valley would deliver a significant number of bargains, along with so-so deals and a number of over-priced properties. It is simply the law of averages playing itself out in front of your eyes. To take advantage of the numbers, you simply target as many properties as you can to get the best percentage of deals. Those who "Play the Field" are in a position to pounce when the time is right. Here are a couple of examples from yesterday.....
A 4BR/3BA Home with a swimming pool on Blythe St in Canoga Park sold for $416,000 Est Value: $539,144
A 3BR/1BA Corner Home with a swimming pool on Saloma Ave in Sherman Oaks sold for $530,000 Est Value: 653,808
- Bob Baker @ 13:21
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10 December 2013
Great Deals are inevitable. There is simply too much foreclosure inventory for the lenders to absorb. They have taken back too much already. They have slowed the foreclosure process down to a snail's pace, and still the numbers are high. They cancel sales every day for a variety of reasons, and still the numbers are high. They postpone sales not just days, but weeks and even months sometimes... and still the numbers are high. Regardless of QE, the banks need cash. They are required to be ready for a major stress event with reserves on hand. They will reduce bids at auction to acquire that cash, even selling at what we might perceive as a bargain. To them it is simply the Net Liquidation Value. The bank is cutting it's losses by applying the costs they expect to incur in recovering and reselling that property. They first get a value opinion form a broker, then they cut the price by applying the costs of reselling the property. What you and I get is simply a great deal. Here are some examples from today.
Today a 3BR/1BA Corner Home with a Pool on Saloma Ave in Sherman Oaks sold for $530,000 Est Value is $653,808
Today a 3BR/1BA Home on Douglas St in Pasadena sold for $432,600 Est Value: $532,900
- Bob Baker @ 14:42
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9 December 2013
Conventional home buyers take a break over the holidays.. but investors do not. You will see a number a great buys this month. Are you ready?
A 4BR/1.5BA Home on Myra Ave in Anaheim sold for $383,000 today. It is worth around $465,000
A 4BR/3BA Newer Home on Keeton St in Compton sold for $242,250 today. It is worth around $340,000
- Bob Baker @ 19:55
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4 December 2013
One of the common questions we hear is... "Are there Large Apartment Buildings going to Auction?"
The answer is "YES!"
Today an investor picked up a 10 unit apartment building in Los Angeles for $747,000. The property on Avalon Blvd has 10 2BR/1BA units. That comes to about $74,700 per door. While you will find a lower unit cost in some situations, this was a pretty solid purchase. The building looks good, and it should not take too long for the new owner to make back their investment. They are also in a good position to pull cash out and buy more property if they are looking to create a cash-flow situation and build a portfolio with additional properties.
- Bob Baker @ 17:26
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2 December 2013
The sales were busy today. It looks like folks made time to get out there and do some bidding. As usual, there were some good purchases and some fair purchases. I did see a few where I am hoping folks did some better research, because they did not look all that great. The bottom line is you can't ignore the bottom line. If you are running out to the auction, that is your first error. Don't run. Take your time and plan ahead sop you only make smart purchases. Double check your loan positions so you don't bid on a second when you think you are bidding on a first. It seems simple, but it is the crucial error that many people have made by bidding without practice and without due diligence. You can say you have done due diligence, but that is just words unless you really take it to heart. This is your money, and this could be your property. The difference between a good deal and a bad one is the measure of time you dedicate to being sure. If you are sure, then the rest is history. If you are not sure, then you should not bid that day. Most car accidents are within a few blocks of home, just as many people carelessly hurt themselves within their own homes. It is just a fact that we get lazy and we drop our guard. We think we are almost home.
Today a buyer got a good price on a newer 4BR/3BA Home on a cul de sac on Grand River Cir in Corona. Estimated Value is $462,823, and the house sold for $385,700. There is not a lot of margin here, but the place is only 5 years old. This could be a great rental, or maybe just a list and sell to make a quick profit. If you know what yo9u want to do, that should dictate your max bid. I would have bid less for a flip, but maybe someone already has a buyer.
Also today, a buyer got a deal on a corner home on Lovejoy St in Pomona. This 3BR/1BA Home sold for $245,000. The estimated value is $314,291. If you know your market and you like this potential, then this could be a great flip. If not, perhaps this was bought to be a rental. The bottom line is again what really matters.