This Newbee needs some advice
I live in Oregon and have just stumbled into this idea of buying preforclosers. Everyone I've talked with is pretty tight lipped.
My biggest question is " how does one find these preforeclosures " I'm familiar with buying and selling real estate and have some capital to start with. I just need to figure out where to look.
Thanks for your time.
go beavs 
I've heard of a couple different locations; some counties list the information online. Personally, in my area banks are required to publish delinquint notices in the newspaper. Find the names, do a reverse lookup for phone numbers, and there you go.
Good luck!
Andrew
which part of oregon do you live ?
Portland, Eugene?
I live in Portland, OR
Thanks for the info
go beavs
OK I am a newbie too, i haven't bought anything yet, so take what I tell you with a grain of salt. But I started working with a guy who has been working with me on learning Pre-Foreclosures. If you understand about contracts and all of that then you will be in real good shape.
Here is how I was taught to start. First, you have to understand whether you live in a trust deed or judicial state, you can find a list in the back of the book "Flipping Properties" by Bromchick. That is a great book for basic understanding of the process. Well, if you live in a judicial state then a notice of Default (letter first sent to the owner saying that he hasn't made his payments and will be foreclosed upon) will be posted in the County Clerks office. This notice will contain info like name of owner, name of lender, original amount owed, sometimes the amount in default, etc.
So call information and ask for the county clerks office, ask them for their foreclosure department or someone that can explain the foreclosure process in the county. In some places this may be the sheriff's department. Mind, no one will give you much you really got to fish around sometimes. Don't be afraid to ask questions. Also you have to understand that some states have a redemption period. But when you get to whoever handles the trustee's sales (foreclosure sales) in the county, ask them where they post these notices of default, specifically what the name of the newspaper is.
Well, if you find that newspaper or in some counties various newspapers, call them. Ask them when (what days, how often) they post notices of default/Trustee Sales/or Sheriff's sales in their legal section. Then pick up the newspaper on that day, and you will then have to cross reference the names in an address reverse directory, plug that in to google, info space is pretty decent. You will find maybe 1/3 of the numbers and the rest you will have to knock on the door.
Well, if you are lucky like me, sarcasm, then they don't post them in the newspaper and the county only lets you go sit in front of a bulletin board and write down all that you want while sitting on a hard bench. So I found a local company that gets the info 21 days before the sale and with a small fee per month I get the list of people going into foreclosure in 20 days. Well, that is good and bad, bad because I don't have much time, good cause they don't either and that can create just what you are looking for, motivation.
Well, the other method is advertising in the classified under "real estate wanted" or money for lend. If you do this you gotta do it all the way not one week on one week off, just run it for a month and you should get calls, I have heard people say they saw the ad week after week before they ever called. So you have to look credible.
Well this has been pretty detailed, that is what I wanted and I am paying for it with my mentor and I am glad, but maybe I can save a few a ya'll a few bucks. Stay determined and know that as things are difficult for you they were just as difficult for someone else. And when you figure a way around a difficult obstacle, that is one more obstacle you know your way around that your competition does not.
Goodluck.
youngtex [ Edited by youngtex on Date 02/02/2003 ]
You could try to find a local Foreclosure Reporting Service or try going to the library and asking them if they have any local papers that list foreclosures. In my area (S FL) I went the the Library and got the Daily Business Review for my county. and it lists the upcoming auctions, the foreclosures filed through the Circuit Court etc. Ofcourse this just gives the defendants name and balance owed.
If you go through a reporting service, they do all the research for you and it has all the information you would need. But it can be pricey.
We just subscribed to one for 3 months to test the waters. And the amount of legwork it will save us should be worth the price!
Martha- S FL