All Forum Posts by: Dennis Hughes

Wow, I do my own search and narrow it down to the three-four at each sale I'm looking at before I fork out the title company fees. I have actually narrowed my list in a much more cost effective manor for myself. Out of these, I will buy 1-3.

Granted, the up front labor is intensive once the list is available. It normally only takes me an hour to eliminate 90% of the listed properties.. Then another week to narrow it down to the select 3-4. At that point I go see the properties to determine my course of action. Evaluate rehab costs, to buy or pass, and decide on potential exit strategies.

Then, I she'll out money to verify my findings, and guarantee I didn't miss anything.

Richard, Thanks for the info. What criteria do you use to eliminate 90% of the listed properties? That sound like an hour well spent. Then what other criteria do you use to narrow your search down to 3 or 4?

Thanks for your help.

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Wow some great information. Thanks everyone for the help. So I fully understand the steps are

1 Google maps or earth to take a 30,000 foot look at the properties.

2 review Zillow or Realitor.com to project ARV

3 review county and public records to determine possible liens

4 now my search based on the first 3 steps

5 Drive by to see condition or if occupied

6 Reduce further based on driving by properties.

7 title search only ones I have interest in buying.

Did I capture everything or did I miss some steps?

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I've been to several sheriff sales in Bucks, Montgomery and Philadelphia counties in Pennsylvania. I've also done a lot of research both on bigger pockets and off. However, I keep coming across the same issue. To run title search on all properties can be cost prohibited. For example; last month in Bucks County they had over 300 homes up for auctions. 300 title searches could cost upwards of $30,000. I know I need a title search before I bid but $30,000 is too much. Additionally, when they publish the list of homes they post the real debt. However that doesn't match with the back calls out as their cost or what the starting bid price is. For example one property had real debt of $210,000 at the auction the bank called his cost at $86400 and the winning bid was $86500. Now I have to assume, I know you should never assume, this guy did his homework as he buys at least 1 property per month at auction. How do I identify what the banks cost or opening bid is verses the real debt? With that i can determine the smaller number of homes to run comps and title searches on. I tried speaking with that gentlemen; but he must not be a bigger pocket member. He just sort of growled and walked away. Thanks everyone for the help.

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All Forum Posts by: Dennis Hughes

Dennis Hughes has started 1 posts and replied 3 times.

Post: Sheriff sales

Post: Sheriff sales

Post: Sheriff sales