TF Interactive: Foreclosures "test your skills"

[_Charles_]

TF Interactive is an interactive assignment where you get to test your knowledge and skills. I will give you an assignment, and it is your job to complete it. We will then review it to find the best methods. This is a learning experience, and hopefully we will all learn from it.

This interactive assignment is as follows:
'Antoinette has gotten behind on his payments on his mortgage, and his bank has filed 'lis pendens' on his property. The property is going to be sold at auction (Actually, it already has, but for our 'purposes', it hasn't). You are an new investor. You visit the HILLSBOROUGH COUNTY CLERKS OFFICE and get a listing of upcoming forclosures.

The case number is: 01-CA-001952

with this information, you are now ready to bid, right? NOT!

Here is your mission: Using the case number above, find the PLaintiff and Defendant's name, the property location, the lot size, the sq footage, the Final Judgement amount, and if their are other leins on the property. After you find all that info, I will tell you the auction price, and we will see if the 'Bidder' could reasonably expect a decent return on his investment.

RULES: Can only use your computer, no phone, no visit to clerks office. You can only use 'free' websites, no paysites allowed. You must also provided instructions as to how you found the info. (HINT: all this info can be found through gov't websites ;) ). This can be a group/team activity

Winner gets a 'virtual cookie' and a rep point from me.

Let's see what you can come up with. (I will not participate, I already know how to get all the info). Feel free to discuss this openly. I will assist where needed.

CASE #: 01-CA-001952

PLAINTIFF:

DEFENDANT:

ADDRESS:

LOT SIZE:

SQ FOOT:

FINAL JUDGEMENT:

[TNathe]

CASE #: 01-CA-001952

PLAINTIFF: WELLS FARGO BANK MINNISOTA

DEFENDANT: RIDDLE, ANTOINETTE

ADDRESS:2531 ridgetop way, valrico, FL 33594

LOT SIZE:114x109

SQ FOOT:1259

FINAL JUDGEMENT: MOTION DENIED TO RESCHED. SALE. PROPTERTY WAS SOLD.

[_Charles_]

CASE #: 01-CA-001952

PLAINTIFF: WELLS FARGO BANK MINNISOTA

DEFENDANT: RIDDLE, ANTOINETTE

ADDRESS:2531 ridgetop way, valrico, FL 33594

LOT SIZE:114x109

SQ FOOT:1259

FINAL JUDGEMENT: MOTION DENIED TO RESCHED. SALE. PROPTERTY WAS SOLD.

DAMN! You were fast.

So what would you value this house at on the open market?

Also, care to share your source for the info?

Charles

[TNathe]

to get the court information go to the hillsborough county clerks website and enter the case id. It will bring up all information regarding her case. To get the address one can go to the Official Records Link on te clerks website and enter her name and look up by document type of MTG = mortgage or go directly to the hillsborough county property appraiser site and enter her name there. The latter is easier since we will also get the lot size and building size info from there.

[TNathe]

the appraiser shows the the Just Market Value at 123,000. I would venture to say you could 150,000 easy for it, possibly ~180kfor it being in Valrico and if it is in good condition.

[TNathe]

BTW, awsome excerise.

[_Charles_]

Absolutely correct. Also, YOu can also use the property appraisers site to connect to teh tax collectors site, and so on (if needed). It's nice that Hillsborough county connects the systems.

[_Charles_]

It sold at auction for $108,000

The documents that I have show another Lein for $42,000, but I can not validate that through the county records, can you?

Charles

[TNathe]

Pasco County does the same with their systems.

[_Charles_]

OKay...TNAthe gets the virtual cookie.

http://img.photobucket.com/albums/v507/kydem/tv/cookie.jpg

Anybody interested in trying another one? (except TNathe...he's already played)

CASE #: 05-CA-003694

[Dunecune442]

Ill get my foreclosures listings and put some case numbers that havent gone yet, that are going within the next few days. Good exercise, but their are more accurate ways to figure out what you can actually get for a property.

On MLS (multiple listing search) you can do a market analysis by seeing the price of all homes sold within a certain radius, and compare the property at hand with the others sold previously. Hillsborough county public records and the clerk of the court also have similiar, less sophisticated programs but still better than nothing.

Congrats nate. Its really not that hard.

[_Charles_]

I have all the Hills listing through august 5th for Hillsborough county. I just like using the ones that I KNEW what they sold for at auction so that we could see if they truly were a good deal or not.

BTW: Today, right now (2pm) there are 20 properties listed. NOt sure how many were canceled though.

Charles

[Dunecune442]

you never know if the house is a deal unless you do an in depth title search. The assessed value does not state how much of a lien or debt is on the property. That bargain 108k home could potentially have tens of thousands of dollars of debt that have to be payed off before you can even think of selling it anytime soon.

[_Charles_]

you never know if the house is a deal unless you do an in depth title search. The assessed value does not state how much of a lien or debt is on the property. That bargain 108k home could potentially have tens of thousands of dollars of debt that have to be payed off before you can even think of selling it anytime soon.

And how exactly would you do this 'in-depth' title search?

Charles

[TNathe]

i know you could pay a title search company to do one for you, and it would be guaranteed, so if anything came up after buying the property its their asses on the line. I'm not sure how an individual goes about a title search.

[Dunecune442]

basicaly you go to the courthouse and search ALL their records for a specific property, contact the homeowner if possible, contact the bank, etc.

Title companys can do this in 3-4 hours and charge $60 minimum.

[Whaazup17]

good drill I want another one :)

[TNathe]

CASE #: 05-CA-003694

post your results if you've already done it, if not you must of missed it about 8 posts up.

[_Charles_]

post your results if you've already done it, if not you must of missed it about 8 posts up.
went ahead and created a new post...this one is kinda cluttered.