NODs vs Notice of Trustee Sale

2 Replies

I am looking through county records to help find me some Whole Saleing leads. I called the office to get some advice from someone who works there about what codes i should be looking up to help me narrow down my searches. The only one they gave me was a Notice of Trustee Sale N/TR. Is this the same as a Notice of Default? I asked, but the gentleman who was working was not giving me a straight answer and the connection was terrible. I googled what a notice of trustee sale is, and from the impression i got, at this point the property is already handed over to the lender who is waiting for the auction date to come. 

-Can I still contact the owner to buy the property and save them from a foreclosure? 

-Is a N/TR the same as a NOD? If not, how do i find NODs? (Looking in Maricopa County, AZ).

-If i can still purchase the property before the auction date, i read somewhere that you only have 21 days from the day the Notice of Trustee is posted. Is this true?

Any more advice for Wholesaling pre-foreclosure homes?

Thank You in Advance!

Originally posted by @Mariah Sanchez :

I am looking through county records to help find me some Whole Saleing leads. I called the office to get some advice from someone who works there about what codes i should be looking up to help me narrow down my searches. The only one they gave me was a Notice of Trustee Sale N/TR. Is this the same as a Notice of Default? I asked, but the gentleman who was working was not giving me a straight answer and the connection was terrible. I googled what a notice of trustee sale is, and from the impression i got, at this point the property is already handed over to the lender who is waiting for the auction date to come. 

-Can I still contact the owner to buy the property and save them from a foreclosure? 

-Is a N/TR the same as a NOD? If not, how do i find NODs? (Looking in Maricopa County, AZ).

-If i can still purchase the property before the auction date, i read somewhere that you only have 21 days from the day the Notice of Trustee is posted. Is this true?

Any more advice for Wholesaling pre-foreclosure homes?

Thank You in Advance!

 NODs aren't published. That just tells the borrower they are behind and to pay up or the lender will file a NTS. NTSs are published. They have an actual sale date. 

Your question: "-Can I still contact the owner to buy the property and save them from a foreclosure? " That is a more loaded question than it seems at first. If you can provide a cash payoff to the lender, that the lender accepts, before the sale, sure. Everything else is a crap shoot. Don't promise the borrower something you can't provide, it leads to lawsuits. I'd advise talking to a real estate lawyer before you get involved in pre-foreclosures and ask for guidance regarding state and federal laws. It gets really tricky, really fast. You need to know what you are doing.

NOD's ARE published. Notice of default is the first legal recorded process. Notice of Trustee sale is the last legal recorded process. If you see a NOTS (Notice of trustee sale), foreclosure is imminent.