Re: Buying Foreclosures

Posted by steele in minnesota on July 25, 2007 at 20:31:51:

In Reply to: Re: Buying Foreclosures posted by Jade on July 25, 2007 at 17:25:57:

Yes, contact him. There is no redemption on the typical foreclosure in California. You will need to find out if he is the first mortgage holder. RealtyTrac does not show if it is a first, second or other lien doing the foreclosing. One of the most common mistakes newer investors make is not checking to see if there is another mortgage in the primary position. And then finding out too late that there is a whole other loan that they have to pay off as well.

And don't just take his word for it. Double check it yourself.

Good luck.

Steele V. Propp
Foreclosure Specialist
Schatz Group GMAC Real Estate
Minneapolis, MN
steelep@aol.com

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