Q. What is a Foreclosure?
A. The forced sale of a piece of property to repay a debt. One kind of Foreclosure is a Trustee Sale, and it’s the only kind of foreclosure we at Oregon Foreclosure Data are Tracking.
Q. What is a Trustees Sale?
A. A non-judicial foreclosure action whereby a trustee may auction and sell property secured by a Deed of Trust subsequent to a default in the terms and conditions of the loan.
Q. Will I be able to inspect the property before the sale?
A. Generally the answer is NO. Unless you can get the owner to let you do so. A drive by of the property and visually inspecting the property from the public street is generally the most you can hope for. This is one of the reasons buying a foreclosure is not for everyone. There is some risk, and condition of the property has to be taken in account when bidding. However for the well prepared investor, foreclosures represent a clear advantage in an investment portfolio. The principals of Oregon Foreclosure Data have made a full time living at purchasing foreclosed homes, and refurbishing them for resale.
Q. Can I write a check at the auction for my bid amount?
A. No you will need to have cash or a cashiers check in the full bid amount present when you bid at the Auction. You will then have to surrender that amount right after winning at the auction.
Q. If I don’t like the property after I get inside, can I get my money back?
A. No. All sales are final. Another reason to have good research!
Q. Will banks lend me the money to purchase at the Auction?
A. Most often the answer is no. Banks and lending institutions want to be able to inspect the property they are lending on. This is not possible with a foreclosure auction and therefore unless you have lots of secured equity and a proven real estate track record you will probably not be able to get financing for this kind of purchase, from the normal lending institutions.
Q. What kind of Lender can I work with then?
A. Oregon Foreclosure Data is working with Oregon Funding Group, LLC. to offer to its investor members financing in order to help them achieve financial success with foreclosure purchasing.
Q. There are lots of terms and vocabulary on the website that I am not familiar with. How do I figure them out?
A. Oregon Foreclosure Data will offer regular meetings for its members where we will have question and answer sessions, as well share in our experiences and techniques to help you navigate the foreclosure purchasing process.
Q. How much does it cost to join and become a member? Is there a monthly fee to view the website?
A. The answer is that there is no cost to join, and no monthly fee. You will only be charged a fee if you actually purchase a property at auction. If you don’t purchase you don’t pay.
Q. What is the fee amount?
A. Three percent of the Tax Assessed amount or purchased priced of the property at auction, whichever is higher..
Q. When is the fee Due?
A. The day of the auction. If you obtain financing through Oregon Funding Group, LLC it may be possible that the fee can be financed with the rest of the purchase.
Q. How do I Join?
A. Go to the Member sign up and print the application, sign and date and send it in. You will have full member access after your membership is approved.
Q. The Auction is bit intimidating and chaotic. Can someone help me there?
A. Our Sales Representatives will be at most of the Auctions and will gladly help you with your questions. We at Oregon Foreclosure Data look forward to helping you with your financial goals!