Buying Preforclosure Lists

To get a list of pre-foreclosures you may need to do some marketing by sending out post cards and advertising.

In my local newspaper the very back of the classifieds is loaded everyday with at least 10 pages of foreclosures. Have you checked the back of your major local newspaper? Put signs around your town too at the local grocery stores and laundry bulletin boards. Let people know you can help them before they fall into foreclosure.

I'm just getting started in this-these blogs are great! I have a list of preforeclosures (listed by a realtor) in our local paper-when I call-what questions should I ask to not sound stupid? thanks

Ask the Realtor to determine what the current value of the properties are. Also find out what the properties could rent for. Have the Agent show you the homes you are interested in, and determine how much money it would take to rehab the property(if any). Ask the Agent if they would be interested in making offers on the properties at 70% or less of the value after deducting closing costs and the cost to rehab. If you are going to wholesale the properties, ask the Agent if they are willing to write the offer with the option to assign.

Al

You can get a "List Of Pre-foreclosures" for FREE from your Counties Web Site, and MOST are FREE, The Department in my county that handles NOD's is called The "Prothonotary" but, you can call your county's local office and they "SHOULD" be able to guide you(I'll be honest, they weren't much of a HELP to me, but your county could be Different) SULLY

Hey man I had that same question when I started, the easiest way I did it was hook up with a title company and have them forward it to you in an email. They get it every week. Also I live in Fort Collins CO, and you can find the list in the Reporter Herald every Wednesday, and only Wednesday. Hope that helps. Also if you have a realtor that you are working with, they too get the list via email so ask them. Good luck

Kai

Thanks, Kai. I'll do that!

I hope this is not a stupid question, but I am brand new to this and still trying to understand the process. If a house is in pre-forclosure, would I contact the individual who owns the house to make an offer or the bank?

Thanks!

I suggest you contact your real estate agent to think about what you should bid. Let your agent make the offer to the owner. Good Luck.

Sandra

A pre-foreclosure usually means it is in the process of foreclosure by the bank. When that happens you will have country records you can review.

However, we often also call properties that are delinquent, where the owner will inevitably be foreclosed, but aren't through the official pre-foreclosure process yet the same thing as well.

The latter can be even more lucrative because these aren't in public records, which allows you to have the deal cornered... without any competition. To find these you have to market, talk to people, network, etc... you want people who are in trouble coming to you before the bank makes the formal steps to foreclose.

We offer something to help with both, and both have a free trial period to work with them first hand.

For finding "official" pre-foreclosures and foreclosed properties there is the Foreclosure Alert system. For getting people to come to you when they are in trouble we have the Automated Foreclosure Finder system. Again, you can do all of this on your own, without any products, but they make life easier and you can get a trial to check it out, plus if you decide you don't want it later you can get a 100% no hassle refund.

Thank you for the info, I have enrolled in your Foreclosure Alert System for at least the 14-day trial period. I have properties and names that might fit for me right now, but I am still not clear on who to contact to make an offer and/or what say the bank has in the process if the property is already in Pre-Foreclosure. I am going to start out by assigning some properties and have been invited to a landlords meeting this coming Monday.

Wish Me Luck!

From "ForeclosureUniversity.com"

Perfect Persuation:
https://docs.google.com/fileview?id=0B-gp3DGh8bzDNzFlOTk0ZmQtZGQ1OS00ZjA...

State By State Handbook (for foreclosures ):
https://docs.google.com/fileview?id=0B-gp3DGh8bzDMjg5YzU2YjQtNTViMi00MTE...

National County Courthouse Directory:
https://docs.google.com/fileview?id=0B-gp3DGh8bzDNzAwYmJhNzAtMDU1My00YTc...

Investment Property Budget:
https://spreadsheets.google.com/ccc?key=0Augp3DGh8bzDdEVWWlcxSXhnNG5pM0p...

HUD1 Settlement Statement on a spreadsheet:
https://spreadsheets.google.com/ccc?key=0Augp3DGh8bzDdDdvTXNVYUZKb1IySTc...

Property Evaluation spreadsheet:
https://spreadsheets0.google.com/ccc?key=tpUhik5jCODQLfZIuN2Mg-Q&authkey...

Let me know if you have problems with any of the links.

Since our county has everything on their websites & we also have a login
code, we can go to the county clerk's website, then to offical records, & then
select lis pen under documents...this will pull up all the law suits filed by banks against homeowners that are in default. In some cases they might only be
behind 3 or 4 months on their payments. These would be excellent sandwich lease candidates, like Greg Murphy does. Ideal for the new investor that has no money/credit.

Hello. I hope you guys are having a good time. I just have a question. After you pull out the record of homeowners in default, what do you do after that?
Do you call them directly of send them mail or postcards? What do you say if you call them or what do you write in your mails? Looking to hear from you. Have a good time. Thanks...

Best Regards,
Rendel

We usually don't contact pre-foreclosure people because as stated above it was for a sandwich lease strategy, which is ideal for some with no money or credit. I would send post cards/letters stating you may be able to help them by taking over their payments. We believe it's best to hone in on a specific technique/area, & tweak it to suit your needs if necessary,& perfect it so as to do it over & over again.
We normanally stick with REO or probate/estate properties, we have found the best deals in our area, & then just flip, rent or lease option. Gary/Jill

Thanks for the response. Ill keep that in mind.