P-Fore leads from attorneys
I was thinking about targeting attorneys (the ones currently listed as the attorney handling each foreclosure listing in my area). Assuming that they could, legally/ethically, give me a heads-up on listings before they are posted...what would be their motivation? For instance, how much would they normally make on the sale of the property at auction? A percentage paid by the foreclosing lender?
What would I need to offer them for it to be more valuable to send it my way rather than go to auction? Would it be worthwhile for them if they sent my info along to the homeowner to address the issue prior to foreclosure?
I'm not even sure if this is feasible but...
[addsig]
Hello Woodchuk, I don't see this as something that you will be able to pull-off. Most of the lawyers handling foreclosures work for the mortgage company. There is no private attorney that list property to be sold at auction, and if there were such a person would you real want to do business with them without legal representation (laugh).
The only way to do what you pose is to: advertise your desire, mass mailing, word of mouth, door knocking or phone calls. Sorry none of it is easy, you will be required to work for your pre-foreclosure/auction sales.
The more you do the ground work the easier the deals will come to you. Good luck
Banks don't want the whole foreclosure thing to drag out all the way to the auction. The longer it takes the more money they lose and spend. Here, in South Africa the lawers actually get some kind of incentive if they can get financing for the purchce of the porperty as soon as possible. Therefore they would love to give you that information, and you don't have to pay them anything, the bank does. Talk to the lawyer and find out if they have a simmilar arrangement with the banks. If not, write a letter explaning the advanages to them if you could have that information.
Good luck
Thanks to both of you for responding. Vern, I totally hear what you're saying. It didn't necessarily seem logical to me. Thus far, I've been going to the courthouse, etc. I just thought that an extra day or two prior knowledge would go a long way as far as being the first investor on the doorstep.
The reason why I even thought about that to begin with was because I've read about "working w/ attorneys that handle foreclosure listings" so many times in mentors' tips and hints. I wonder how they're doing it differently. Hmmmm....I'll give it some thought.
Rudolf, thanks for the insight. I can certainly understand how it would benefit the lender. Of course! They may (potentially) get a better deal w/ less administrative paperwork than going to auction. And it would happen faster than the foreclosure process. I'll keep checking just in case.
Thanks!!
[addsig]