Struggling With Preforeclosure
i've been trying to succesfully get a pre-foreclosure, but it seems like everytime i call, i'm a day too late, and a real estate company already has it listed....or the homeowners dont want to talk...but eventually the property still gets foreclosed on......is there something i'm doing wrong, ......i get most of the info from a website realtytrac......can anyone who has completed a preforeclosure , tell me a better approach to preforeclosure...... besides trying to contact the homeowners
and then the banks and finance companies are hell....trying to get a hold of someone who can actually make deisions on the property is like an act of congress....
Yes indeed. Drive the motivated sellers that are in the early stages of foreclosure to you with signs or other marketing schemes indicating that you can stop foreclosure. I have successfully stopped two in the last two months that were a couple of days from the court house. However, give yourself more time to pull the trigger on funding since you are fairly new or better yet, have it all in place.
Take care,
mac
I have never used Realty Trac, so I can't say anything about them.
However, any type of data service is somewhat delayed. I suggest that you go directly to the source.
To get to the homeowners first, I would suggest that you go down to your local county courthouse and find out where the foreclosure ads are listed.
Go to the legal library inside the courthouse and read through all the newspapers until you find one that has all of the foreclosure ads.
Hope This Helps,
Mrs. Meltzer
I've never used realtytrac so I don't know
how fresh the data is. You may or may not have better luck with another reporting service.
Believe me, any service is better than spending hours and hours digging defautls out at the recorder's office. That's not how to make it in pre- foreclosures. That's not how to make the best use of your time. That's for someone content to earn $10/hour.
There a two opposite pole approaches to buying preforeclosure. One camp says you have to be the first to contact these owner-or forget it. The other camps says that the eleventh hour is the time to reel them in. While I use to be the first, it was only modestly productive. Being the last to throw the lifeline was much more productive. I think what this proves is you have to be there when the owners are ready to deal.
The one thing that you're doing wrong is getting discouraged. Remember, this is a numbers game. I "filter" my subscription list. So, I'm pretty selective about what I want to buy and ultimatelly do acquire. It turns out that from my initial attempt to contact these owner, I buy about one in one thousand NOD's
(+/- same as Lis Pendens).
I did use Realtytrac for a small period of time. I did find the info to be a few days behind when compared to my counties web site.
Personally I just use the counties site and look the info up myself. The most time I have spent in one day is maybe 1 hour to 1.5. However your times may vary based upon your counties site/info.
realty track is your problem. iv used them and the data is always been old some times as much as two yrs. Gotta find someone else. Iv been looking but no luck so far.
When you guys say go the county steps, there is a place where they are listed? I know I have to go the land records office.
Someone else mentioned looking it up on the county website?
Thanks guys
Dee
I called my local county court house, and asked to speak with someone regarding PRE-Forclosure properties, they gave me a number to an agency they use. I called and they mail me a listing of pre-forclosures three weeks prior to the auction for $30 bucks a month. The list holds about 1500 homes in my area Houston, TX that are in trouble. I then mail out letters right then and there on the homes with good eqity in them. The report tells you date purchased, amount , and current year to date value. Hope this helps.
first off , thanx to everyone that replied...i did all the above , and found out that my state(oklahoma) is a mortgage state, not a deed of trust state...thus they dont notify the title companies during prefocl. i've been tryin to find the procedure for obtaining something like a preforeclosure list here for a mortgage state....anyone have any ideas....
thanx again to everyone,....i really appreciate the atmosphere of camraderie here
First look in your city legal papers and find if they carry notice of defaults, then go to thier web sight. you will find a daily listing that goes more in depth.
What worked for me is mortgage brokers. I admit that I do not pursue pre-foreclosures with evangelistic verve, but I have had loan brokers do introductions on my behalf. I am presently cultivating relations with a loan broker that specializes in finding loans for people with low credit scores, recent bankruptcies etc. A key after that is to establish good relations with the people you want to buy from.
Good luck and keep us informed.
-Ed