Sharing Knowledge in Smallcaps

[TheFastOne]

Yep, those are foreclosure sales. If you plan to pursue, here's some knowledge from my experience.

Some are pulled if the borrower redeems at the last minute.

Attend the auction even if there is no property of interest. Before the auction you should learn the amount of the award (total lien). That way you will get a feel for the bidding and learn if the lender's are still bidding all the way up to the award. This may save you some time in the future by knowing which one's will be waste of time.

You'll also learn your competition (other bidders). Some are professionals. In Miami there was actually a clique that actually worked together to prevent new bidders from buying the best margin properties.

Another process is to make contact with the owner to offer to buy them out upon the initial filing of the suit which happens 6+ months prior to the sale. The advantage is six months less accrued interest and if they have any equity they may take the money and run.

An old scam which may or may not work anymore was to give $250 - $500 to the owner who is upside down for a quit claim deed and if they sign you then contact the lender and tell them for $1500 you can save them all of the time and legal expense.

In S. Florida a foreclosure filing gets 25 or more letters from the movers and shakers ... maybe that scam still works?
fred