I found a property that is in preforeclosure through RealtyTrac; it’s a co-op that’s very close to the beach between the inner coastal and the ocean. It doesn’t have an ocean view, but it’s definitely the ugliest house in the nicest neighborhood. By the way, this is not far from Briny Breeze where a mobile home that cost $50,000 two years ago are now the hot properties. Developers have offered $1 million dollars for each of the mobile homes, but so far, the mobile home community have not decided on whether to sell yet or wait.
All the houses in the area are in the $1-3 million dollar range, even thought they do not have ocean view. Before I decide whether or not that I would want to invest in the house, I needed to confirm that the owners have in fact defaulted on their loan.
After searching a while, I found the county clerk’s website www.pbcountyclerk.com and I was amazed how much information was on there. Basically you can find any scanned documents associated with a property on there. It was very simple. You can find mortgage information that the owner took out, title transfers, trust deeds and other information. It allows you to save the images into pdf forms for easy download.Â
I called the county clerk’s office and they were very happy to look up records for me. Finding this resource was excellent because now I have the easy access to property information as well as default status all within arms reach.
Now the next step is to do a little math to see if the numbers on this property makes sense.