All Forum Posts by: Adam R.

I already know the county site. That site is useful in the sense that it posts the Notice of Trustee sales but that is it. Frequently 3rd party providers will provide a calender that is presented in a manner that is much easier to read and also has opening bid information. Even better ones will provide information that tells you of previous postponements of trustee sales for a given property.

In this case DOM more then likely means days the listing was active. As the other poster said, it took 10 days to get an accepted offer and from there went to pending and then sold.

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DOM will not tick unless the property was active. So you don't count days the property was pending, or contingent, or possibly withdrawn.

Some MLS will count those days (pending, contingent or withdrawn) with an alternate DOM count under another designation. Remember MLS designations vary with each realtor association so you have hundreds of them across the country.

Hi Jon

I agree with your correction entirely, that by default you do not get the mineral rights at a trustee sale purchase.

However I wonder how you would go about getting them?

Also as I said above if the previous owner was in a prior lease agreement with an energy provider and they no longer owned the property, depending on the terminology in the lease, the energy provider may be able to stiff them and not make any payments.

Also as I said before, at least with the purchases we have made out here in Texas already, the conveyance of mineral rights was included in the agreement UNLESS an addendum was used and signed by both parties excluding them.

So I guess I have come round robin... how would I go about acquiring them. Obviously the easy way would be to find the old homeowner and purchase them. Wondering if there is any kind of quiet action that can be done.

Thanks Finance Examiner -

That is the thing... (again this is me guessing) lets run with the texas example. Many of the residential tract homeowners have leases in place with energy providers. For instance, Chesapeake Energy has a lease in place with many homeowners who own mineral rights in parts of north Fort Worth. We just acquired a rental there and the mineral rights did convey. So all we need to do is mail Chesapeake proof of ownership and we will be in the pool lease with many others. I believe that lease DOES indeed get recorded and the previous owners lease was delivered to us with the PR.

So my theory again would be that if there was a trustee sale, and one acquired the property, the first thing to do would be to check to see if there was a similarly recorded lease that the previous homeowner was in with any energy provider. If so then you are the new homeowner could try to contact that energy provider to inform them of your new ownership. The lease that the previous owner had that I referenced above was pretty specific about what happens if the property conveys to a new owner. That the previous owner would need to display an agreement with BOTH previous owner and new owners signature that the lease would remain with the previous owner.

Anyways this is all just guesswork by me...

Question -

When you purchase a property at trustee sale do the mineral rights also convey?

My Guess -

Take a state like Texas for example. When you purchase a home in Texas if the mineral rights do not convey there is a specific exclusion that must be made as an addendum to the purchase agreement. So my guess would be that if a property went to foreclosure and you purchased it at trustee sale, then by default you would get the mineral rights unless the previous owner somehow got the mineral rights added to the deed?

Just a guess by me and probably incorrect. Wondering if anyone knows.

Agreed Bryan! I would be pretty happy to see something in the Metroplex.

Quick background for you...

MLS (multiple listing services) are generally used by agents for various regions. Thus you will find an individual MLS for every county more or less. The services are used by that local real estate association to post listings. Additional data such as SOLDs, (to be used for comps) but also expired, cancelled and pending listings are in there. Frequently one only uses SOLDS for comps but further analysis is always helpful For instance a very high number of cancelled and/or expired listings helps analyze the flux in a submarket. Furthermore I like to use ratios such as an ACTIVE/PENDING ratio to let me know how what is happening. Obviously a submarket with 25 active listings and 10 pendings is in better shape then a submarket with 25 active listings and 2 pendings.

As the web grew enterprising 3rd party providers saw a great business niche and the development of IDX grew. IDX is the process in which every MLS database is provided to a third party entity. That entity can use the database and advertise it on the web. Thus you have the birth of your Zillow, Redfin, Realtor.com, etc.... The MLS databases that these entities are provided get scrubbed a bit, (some information is removed) and then these entities can provide the database to consumers in their own framework.

Now some of these entities are national, they get EVERY MLS database and provide that. Realtor.com for instance. Other entities will get the MLS databases for only certain regions, like Redfin I believe has databases for a few counties around the nation.

So back to the question, should you pay a realtor for the comps. Alot of the work a realtor does is legwork and alot of it is actually free. If you hunt around enough you will find someone to do it for you. Generally more established realtors will not because they know you will just use the data and never use them. Hungrier realtors, especially those starting out may indeed get you a feed going, or service individual requests. To me it does somewhat depend on your intent as well. If you have no intention of using them, then yeah I guess maybe offering them some money is morally nice to do. Of course it also depends on the types of properties you are looking for and what is in it for them. I think the public is pretty misinformed how much work a realtor actually does for free. How many times they get backdoored by clients, how small a slice of commission they actually get. So on the one hand I think it is nice for a realtor to get paid for comps but on the other, it is simply part of the job.

I agree with the other suggestions on the referenced thread. Getting a license is a good idea but depending on your state and/or county may be a little more time consuming then you have time for. Once you have a license you need to be under a broker and then you can go to the local realtor association to join an MLS. It is not free. Depending on where you live you will most likely have an annual fee, quarterly fees, and you will need to join NAR, national association or realtors. You will also have to join your local association, and again depending on the state you are in, your state association. For instance in California you have to join your local association, then CAR (California Association of Realtors) and NAR. Then you have your quarterly fees as well.

In the end it may indeed be worth paying someone or finding a 3rd party service.

Thanks Tod -

I will check them out.

Greg I think you pegged it. Roddys was the site. Actually the minimum bid information (IMO) is good to have. If I know the minimum bid already then I can punt on the property and move to the next one. You are the second person who talked about multiple auctioneers at once. That sucks. At other trustee sales in other states that I have attended they do not do that, they go serially which is a heck of alot easier to follow. Also having a consistent description of the property by address is alot more helpful then the legal description.

Thanks for the insight.

Sorry I meant Bryan not Brian.

Brian thanks for the info! I am getting ready to take the boys out to look at a few places and then they have hockey and baseball respectively.

I will pm you later on with my contact information and we can chat a bit. Having good contacts is invaluable. I will also look into the area you spoke of. I have not checked that submarket out as I have been focussing on 3 of them up here in the north and since I am new to the area I am trying to keep a narrow focus. However as you noted employment bases are crucial and are generally good foundations for tenant supply. Thanks for the info as I will also pm those other members to introduce myself.