I Have A Pre-foreclosure List In My Hands Now What?
hello all
i just received a pre foreclosure list from a title company that i have a fried at
these people just got served last week and that list has all the names, trustees. lawyers handling it, addresses, loan amount, and balances as of now
what do i do now?
please help me lol
most of them have dates for the austion in like august so there is plenty of time
whats the next step?
thank you in advance
slawek
[ Edited by JohnLocke on Date 06/05/2004 ]
There is and isn't a lot of time.
If you want to bid at the auction, then there is a lot of time.
If you want to do a SS, that you could start now
what's the play? what's it going to cost (are you willing to pay) what's the exit?
What other senior liends are there?
Look around here you'll see other pointers.
Slawek,
1. As you have a friend you can get a new list in a few weeks. No pressure as there will be more foreclosure notices served every week most likely.
2. Go to a bookstore and find some books on the shelf.
3. Look at the store here and search on foreclosures.
4. Search the articles.
5. Read the things posted on foreclosures.
6. Learn the laws for your state so you know the basic process.
7. Track one deal from beginning to end.
8. Find a mentor who can coach you. Expect you might have to pay, share a deal or work for them for free while learning. [I have no experience with foreclosures that would be helpful even though I pretty much know the text book version of the process]. You will find folks at your local investor club, at the auctions, and here.
It is great that you can find a list. Sort of like saying you know where the ticket desk is if you wanted to take a holiday. You need to study up a bit. Otherwise you are very likely to crash and burn badly and it will cost you more then the time and money to get educated.
Just to make sure you understand that education is important....
Experienced investor chooses to skip a few steps when buying a foreclosure. Figured he only needed some basic info. Bought a place no problem. Sold it to someone else. Come closing he finds out that he is going to have to pay over $90K in back taxes on the property that he thought was a bargain at the foreclosure. Wiped out just about all his profits.
John
[addsig]
boosted,
Welcome. Sounds like your ready to go. Some things you may want to consider:
1. What is the FMV?
2. Does the property need any repairs and, if so, how much?
3. What is the outstanding balance to the lender?
4. Is there a second or third and, if so, how much are they?
5. How many payments are delinquent and what is the amount to bring them current?
6. What are the comps for this property?
7. What is the home appreciation for the city this foreclosure is in?
8. What is your exit strategy?
9. After the number crunching, is there a profit to make this deal worth while to you?
There are more questions you must get answers to but these are just a few to get you started. Good Luck.
Dave
[addsig]