FEATURE/Foreclosures.com Distressed Property Expert Warns of ``Get Rich Quick'' Gimmicks.Business/News Editors FEATURE... SACRAMENTO, Calif.--(BUSINESS WIRE FEATURES)--Aug. 8, 2002 According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a Sacramento, Calif., real estate expert, investors flocking flocking 1. counterpart of herding but for a flock. 2. precipitation, usually by the addition of a chemical, of protein in a solution for the purpose of clarifying it. to tax sales in the hope of buying property for pennies on the dollar will, in almost every case, be disappointed. Veteran distressed property investor Alexis McGee said in a recent interview that many real estate "investment gurus" pitch the tax sale as a way to get houses and land at fire sale prices. "They tell their prospects that the tax sale will wipe out wipe tr.v. wiped, wip·ing, wipes 1. a. To subject to light rubbing or friction, as with a cloth or paper, in order to clean or dry. b. all other liens, including any loans." "But", warns McGee, "that's not the whole story". "While it's true that the tax collector is at the head of the line in front of mortgage lenders and the property owners themselves," McGee says, "the lender is not going to let the taxing entity take the property." McGee went on to say that the lender will pay the taxes and then add that amount to the money already owed on the property. "Now," she pointed out, "the property owner has a problem. Because the lender had to advance that money to protect themselves, they have the right to collect it immediately. In California, the easiest way for them to do that is to file a Notice of Default on the whole loan." McGee, a California real estate investor A real estate investor is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. for over twenty years TWENTY YEARS. The lapse of twenty years raises a presumption of certain facts, and after such a time, the party against whom the presumption has been raised, will be required to prove a negative to establish his rights. 2. , is president of www.foreclosures.com, a publisher of pre-foreclosure lists and courses in distressed property investment techniques, and an active investor in Sacramento, California “Sacramento” redirects here. For other uses, see Sacramento (disambiguation). Sacramento is the capital of the State of California and the county seat of Sacramento County. herself. "About the only properties you'll find at the tax sale auction," she says, "are those that are free and clear of a mortgage, but have accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. taxes that are more than the property is worth. That's why I don't buy at California property tax sales." She added that, "it's a shame that some of these infomercials aren't more truthful with the public." "Investors interested in pursuing distressed properties in their local markets," advises McGee, "should track all newly recorded pre-foreclosure notices such as Notice of Defaults and Notice of Trustee Sale Auctions." All pre-foreclosure notice information is available to the public at any County Recorders County Recorder may mean any of the following, in the context of a county:
"If you do your own research", she continued, "expect to spend more than 40 hours per week to analyze just a few properties. That's why we started www.foreclosures.com. Our clients receive complete pre-foreclosure data every afternoon at their homes or offices for a nominal fee." McGee said that www.foreclosures.com has been researching and publishing pre-foreclosure information for their member clients in California and several other states for over a decade. The company, owned by Tim and Alexis McGee also offers training programs at a moderate cost for their clients in order to teach them the most effective ways to use of the information the firm's research service provides. The McGees, together with retired banker Andy Andersen also provide personal consulting assistance to subscribers and students. A free monthly online newsletter "The Foreclosure foreclosure Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. Forecast" is also available at www.foreclosures.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion