Step 2: Individual Property Screen/Pre-Bid
- Do your homework. Check all information provided by REIC prior to bidding.
- Homeowner’s with Federal Tax Liens associated to their property have a “120 Day Right of Redemption” period which means the United States Government can legally seize the property. The Trustee Sale will be voided and funds will be returned to the customer in these cases.
- Homeowners who file for Bankruptcy prior to the sale will have the Trustee Sale voided. Bankruptcies usually stay open approximately 90 days. Our Title Examiner’s will verify status of all Bankruptcy filings and make note on the Individual Property Screen.
- Homeowner’s who have filed a Lis Pendens or have had a Lis Pendens filed against them can affect the eviction process. Many times the homeowner is the Plaintiff filing against the Bank or Lender, which is a tactic to try and delay the foreclosure. In this case, Lis Pendens is of no concern to the customer. On the flip side, if the homeowner is the Defendant the eviction process might be substantially delayed in the Litigation process.
- Homeowner’s who have had a Notice of Substandard filed against them means that there might be an unpermitted addition added to the property or garage conversion for example. In these cases, the property will need to be brought up to code with the city.
- Check Title Issues and current tax information owed on the property. Federal Tax Liens, Bankruptcy, Lis Pendens, and Notice of Substandard can affect the sale and rehab dollars of the property. Make sure you include delinquent property taxes into your bid, this can affect your bottom line if not taken into account.
- Check recent comparable sales pulled from the direct subject location.
- Check current pictures and evaluations of the property from our drivers.
- Check map for idea of subject location.
- Input your thoughts on the property into the Investor Comments section, great for quick reference.
- Note – Our FMV is a post-rehab estimated value, which is provided by our team of experienced real estate professionals. Similar to appraisers, we all have our own estimates and opinions on property value. It is ultimately up to the client to form their own opinion on property value.