Information about pre-foreclosed homes

That's what I do,and if they are really willing to get out of there situation they will be happy to tell you.

Best,
DL

Wow! That's an information that I am learning right now! How do I have access to this precious list of pre foreclosures?

I appreciate if somebody tells me!

Thanks,
Elizabete , NJ

It's in chapter 5 of the Deans book. The website is www.4closurealert.com. Good Luck!

As metioned the best way to find out how much is owned on a preforeclosure is be contacting and asking the home owner. A question I like to use to find out an amount owed is this, if I give you a cash offer where we can close quickly would you take your payoff amount?

This is the approach I will take then. I appreciate the help

I'll try this. Thanks.

You can also access it through Prop Trend.

Happy Investing!

THANKS

Prop trend is a great tool, but it will not have the pay off amount on a mortgage. It will give you when the property was purchased, and how much it was purchased for. It does not know if it was refinanced or what the pay off is. Still the best way to find out the payoff is to talk to the homeowner.

Notices of default are recorded. Check with your county recorder's office in the area where you live for more information.

I have a bank owned home that is vacant. I contacted the bank and they told me to contact an agent. I am an wholesaler. what should my next steps is!? help please?!?!

Bank owned properties are listed by REO brokers. Your best bet if the property is out in the market is to go to the banks website to find who is listing the property and make an offer. If you are a new wholesaler this is where a mentor comes in handy as REO's are sold "as is" Knowing cost estimates for repairs will help with whatever offer you want to make.

On pre-foreclosure properties where I am able to deal directly with the seller, I prefer to address sensitive topics in person--body language and inflection play an important role in how much information people will trust you with. In meeting with these owners, I am able not only to evaluate the property, but to have a conversation where I can be sensitive to their issues and build a rapport. Among the topics I want to discuss with them are:
1) Are there other bills on which they are delinquent?
2) Are they in bankruptcy proceedings? Chapter 13 or Chapter 7?
3) Do they have more than one mortgage on the property?
4) Are their any other liens or tax delinquencies on the property?
5) What are the balances, penalties and added interest on any mortgages or liens?
These are obviously not all the topics that will be discussed, but are the ones that relate to their delinquencies and obligations.

If you are present with them, when you begin to talk about mortgages and delinquencies, you can ask them if they can find the most recent statement that they have received from their bank (or banks plural). I typically find that they have a stack of mail that is unopened that includes a variety of bills that they are avoiding, and we go through the most recent postmarks or the ones at the top of the stack to find the statements. I can then go through the content to see what the current payoff balance is, and the breakdown of penalties and added interest. And that's how I've found that you can get the clearest view on where they stand. I will often take a picture of these statements so that I have all the most current info and contact information.
My early real estate training taught me that deals happen when people get together and talk. I have found that an actual meeting with a distressed seller increases the likelihood of putting a deal together by a substantial percentage. If that simply increases the number of transactions per month by one, those few extra meetings are worth around $5000 per month to me in extra revenue. You can streamline some of your processes, but in a world where people are starving for personal attention, the person who provides the best service to their clients and customers is the one who gets the deals.