Also important are copies or documentation of all liens against the property, including property tax liens; a map showing the location of the property; your exterior home inspection (with photos and videos), plus neighborhood photos; city worksheet on the property showing all repairs, inspection reports and other information; local multiple listing service (MLS) data showing how much comparable homes are selling for in the area; copy of the tax bills and notes on whether they are paid up; notes from meetings with or calls to neighbors, if you met with them while doing your research; and a copy of the SEV (standard equalized value) of the property, on which property taxes are based.
"Most people, when looking for a foreclosure, think `no' - they don't think `know,'" Roberts says. "To buy a foreclosure successfully, you have to build a Rolodex, get on the Web, talk to brokers and go do your research."
Roberts said the Internet has been a boon for foreclosure investors.
"Go to the county's Web site and see what kind of information they have listed. Sign up for the local legal newspaper. It costs about $1 per week," he explains, adding that he subscribes to a number of foreclosure Web sites, some of them paid sites.
What I like best about Roberts and his books is that he appears to care a lot about consumers. He cautions foreclosure investors to think about homeowners and their redemption rights.
And he has put a lot of time and money into fighting mortgage fraud (see www.flippingfrenzy.com). Last year he published Protect Yourself from Real Estate and Mortgage Fraud, written with attorney Rachel Dollar.
Contact Ilyce Glink through her Web site, www.thinkglink.com, by mail at Real Estate Matters Syndicate, P.O. Box 366, Glencoe, Ill. 60022 or calling her radio show at 800-972-8255 from 11 a.m. to noon Sundays.
