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Resources

The Mortgage Lender Implode-O-Meter -  Great site to stay up to date on lenders and what's happening in the mortgage market.

http://ml-implode.com/

Notice of Default Timeline - This is the time line from when you get a Notice of Default to when it goes to Trustee Sale.

NOD Timeline


Notice of Defaults by City and County - This is a list of the NOD's by city and county for LA, OR, RI, SB and SD counties from March 2007 through September of 2007.

NOD's by County and City Mar '07 - Sep '07

Here are some good sites to market your property on:

www.base.google.com

www.craigslist.org

www.homegain.com

www.homescout.com

www.oodle.com

www.trulia.com

www.livedeal.com

www.postlets.com

www.zillow.com

www.edgeio.com

If you want to create one ad for multiple sites, try www.vflyer.com.


"What Purchase and Sales agreement do you use for California?"

Answer:

If a homeowner is in foreclosure on their primary residence, then you must use a contract that meets certain guidelines that are spelled out in California Civil Code 1695.

This type of contract often goes by the name "equity purchase agreement," and it must be used even when there is no equity in the property. 

If the property in foreclosure is not the owner's primary residence, or if the Notice of Default has not yet been filed by the lender, then you can use a normal purchase agreement.

The "equity purchase agreements" that I know of are the following:

1.  The California Association of Realtors has a purchase agreement called the "Notice of Default Purchase Agreement (NODPA), and you can get it from a Board of Realtors.  Some Boards will sell forms to non-Realtors and some won't.  This is
the purchase that I use when Civil Code 1695 applies (property in foreclosure is owner's primary residence).