President Seth Phillips announced today the opening of their new website SmarteForeclosureListings.com.
Seth explained the unique information this site displays.
“Yes indeed there are hundreds of foreclosure lists BUT let me explain some little known information on the trustee auction foreclosure process.
As an example in Los Angeles there are over 1000 properties A DAY scheduled for auction.
Typically around 80% of these property sales are postponed or cancelled, 15% are sold at the auction (actually not sold but rather they just go back to the bank that had the loan) at the full amount owed on them.
No one buys them because the present value is much LESS then the amount owed.
That means out of 1000 properties scheduled for auction only around 50 of them sell to 3rd parties (investors).
This is the trick. The bank has the option of setting the opening bid at the auction at any amount they choose up to but not more than the amount owed to them by the borrower.
The amazing thing is that 90% of the time the banks don’t announce the reduced bid properties until THE MORNING of the sale.
The magic of our data is we only display properties that have a reduced bid on them.
So you are only looking at the banks reduced bid properties.
Not trying to sort through the other 950 properties every day that are of no use.
I have seen NO OTHER list that can claim this.”
Learn more about our Foreclosure Listings