First off I am in Iowa which is title gaurantee vs. title insurance state.

Does anyone use a computer sysytem to find out if the forclosure sale is the first mortgage or the second mortgage.

Because basically the second mortgage is worthless if the first is larger. which it typically is.

In the counties that I work in it is hard to tell if the forclosure sale is the first or second.

Dose anyone just use title insurance to clear this up or protect the cash they put down.

Deja

515-453-7429

Des Moines Real Estate

You should learn how to perform your own due diligence if you have interest in defaulted properties. It will save you a lot of money and time in your initial evaluations. Those that pass your initial criteria can be candidates for full title check by a title company if your interest is great and you feel the cost is worth it.

It always becomes a Cost/ Benefit evaluation.

In my area, I can do a significant amount of due diligence on-line simply using the county court records and those that are not on line I can always stop by the courthouse and look at or buy a copy.

If you can not tell the difference between a 2nd and a 1st.... you should not be involved in this form of investing. That would not be investing, just gambling.

I agree with you. what I was intrested in was if anyone had software that helped with the process.

thanks

The only people I know of the have software employed as due diligence processing is major title companies and all are proprietary and unique as they use databases that are not available to the public. The do pull from the same basic records you probably have access to but they process it to their own criteria.

I would recommend you pick up a copy of "The Real Estate Technician" it is a very detailed study of due diligence... don't really recall the name of the author and it is not an easy read, but it is well worth the effort and cost.. about $70.00 as I recall. e-mail me if you need author info... I'll grab my copy from home.