what does NOD, NTS, LIT, NFS mean in terms of a property status?

Asked by Ava Kumar, Carnegie, PA Thu Oct 4, 2012

im looking to buy a property in pittsburgh, and want to know more in details about the above question, b4 getting the deal done.

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Jeffrey Bennett’s answer
Jeffrey Benn…, Agent, Pittsburgh, PA
Fri Oct 5, 2012
Researched this a bit, since I was curious:

NOD = Notice of Default
NTS = Notice of Trustee Sale
NFS = Notice of Foreclosure Sale

Not sure about LIT; probably something with liens?

Anyway, this seems to be about buying properties from Sheriff sales, or trying to pre-emptively contact people late on their mortgage to try to buy their house (at a deep discount, of course). Infomercial / hotel "real estate investing seminar" stuff.

It's difficult to purchase homes this way, and I believe it requires a certain level of aggressive personality (not to mention cash) to pursue it successfully. You really have to know what you're doing! There are many pitfalls, and you're competing against a small set of people who do it for a living.

If you're just starting out investing, it's an order of magnitude safer to buy properties listed by a broker (even REO/foreclosures). By the time properties are listed, liens have been extinguished, title is insurable, you're able to inspect, etc. Your risk is not much greater than buying a non-REO or foreclosure. If you have time and rehab skills, or the cash to purchase turnkey properties, it's possible to do quite well.
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Jeffrey Benn…, Agent, Pittsburgh, PA
Thu Oct 4, 2012
Where are you seeing these? Those aren't standard abbreviations or statuses.
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