What Is A Foreclosure Lead Worth?
I know you could try and find an honest investor, refer it over, hope it closes/deal is completed, and then bank that the investor will pay you.
Is there ever a upfront small fee for a foreclosure lead? Say I have information from Mr. Smith, housing info, loan info, location, etc, he is in foreclosure and needs help. I would assume there could be buy out options, mortgage loan options, buy and lease back, and sure there are pleny more, but is with worth anything? And if so how much? Granted I could make more money waiting for a deal to close, but as the saying goes ... sometime a bird in the hand ... even if it is a small one 
Thanks
I wouldn't pay any upfront fee. I only pay referral fees for any deal I close. You can get foreclosure leads for free from your county records.
Figured that may be the case. I have people coming to me for help and I just feel like I am currently throwing them in the wind.
Why don't you refer them to other investors that actually may be able to help them and you can get some cash in a few weeks/months if you have that many leads. I have info that may be useful to you. Feel free to private message me.
Several months ago I paid $2000 for two deeds packages (deed to trustee, authorization, bank stubs, P&S, hardship letter, P&S) . Working the short sells now. They both look like they should work out to a little but nice profit. I would buy more deed packages.
Brenda
I agree with househunter. But there are so many foreclosures in my area I can't keep up with them. You might want to try the REI Meeting in your area. Most of the people I deal with and know get paid when the deal closes.(including myself) You could do a test run marketing plan. See if anyone would be interested. There are many "lead" based companies out there that charge.
Good luck
Lori
[addsig]
Your best course of action is to contact equity buyers, and have them lined up before you give tying up property. . That's particularly important in TX because of the short foreclosure timeline.
A name and address is worth a warm , 'thank you". If you put a transaction together, which is ready to go, you have something which is wortth a fee. The amount of the fee will depend on the profitability of the transaction.
It would be disasterous for the owners in foreclosure (and possibly you) if the deal was not consumated I'd first try property not in foreclosure, I'd establish a business relationship with the investor. I'd learn who's a talker and who you can depend on.
Can someone explain what bgrossnickle
is saying? It sounds like seasoned investor talk.
It is not seasoned investor talk. If you did not understand it then it is just poor communicaiton.
There is a guy who is a deed getting machine. He goes after preforeclosures and gets the owner to sign over the deed, gets an authorization letter, limited power of attorney, hardship letter, pay stubs, bank statements, CYA letters, purchase and sell agreement , etc - basically all the elements that you need to either do a subject 2, a short sell, or to bring the loan current and buy the property. So he has a full "package" on these houses and will sell them.
Brenda
I see Brenda. I tried looking up these type of companies in my area but had no luck. What is the title of these companies? Where would they be in the phone book? How would I find someone who sells these "deed packages." I am quite interested.
Any help would be appreciated.
Hey Lakshak;
You should think about joining some of the DFW area investor clubs: AEREO, DFWREIN and/or DFWREICOOP. This will get you into the local loop here in your 'hood.
I work here in the DFW area and average about $1,400 each to "package" deals for investors in my group. Not a lot of money but when you do a few a month, it does help pay the bills.
Go to the monthly auctions. The Denton County auction is rigged BUT there are a lot of investors there that would appreciate some good leads.
Be creative and bold.
C- :-o
Hi Kica, the company you are looking for is your local REI club..
regards-pat