What Is The First Step In Finding A Property To Wholesale?
Very new Newbie here. How do I go about finding properties in my area that are well below market value, i.e. finding those motivated, distressed sellers? 
[ Edited by NyteFlier on Date 03/10/2004 ]
PERSISTANCE PERSISTANCE PERSISTANCE!! Thats the first step. Just go out driving around looking for the ugly houses. Also check the legal notices of the news paper for Mortgagee's sale of Real Estate. Those are properties indanger of foreclosure. Try with that.
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Look for houses who's owners have moved out of the area. Go to your tax assessors office and ask for a lis pendens list.
Take a few minutes and search the forums also!! I have found so much great information on finding those motivated sellers.
JB
[addsig]
My most motivated sellers come from my " We Buy Houses " ad in the newspaper.
Ahh, Brick home sweet home in New Jersey. The courthouse with finding the lis pendens is what I am doing and it is working. I find the lis pendens and address, write a letter and follow up with a call. Also just networking things at times pop up...bandit signs work sometimes. I have set up a company and am now going to put a website up for leads. Be creative and keep up the work. There is no rest for the weary.
Just a thought.
What is the lis pendens list? Is that just a list that specifies who has moved or is it who has delinquent payment?
THANKS
I found this explanation online. Going home with new knowledge tonight. "Knowledge is Power"
A lis pendens literally means that litigation is pending. It tells the public that a lawsuit affecting the property is in progress and that any judgment awarded in that legal action will have priority as of the date of the lis pendens. Some lawyers file a lis pendens automatically when they file a suit affecting title to real estate. The lis pendens creates a cloud on the title and can prevent a potential sale of the property from taking place.
A property owner's first remedy if a lis pendens is found, is to post a bond. If the court determines that the lis pendens was filed in bad faith, or that it does not affect title or possession to the property, then the court may expunge the lis pendens without the posting of a bond. You can take title subject to the lis pendens, but you would risk possible future judgments against the property.
You will find the lis pendens in the preliminary report together with the liens and easements which may be listed. Read through the preliminary report carefully to determine which liens or items can stay on the property and which items must be paid or settled prior to closing. Once closed, the items not taken care of will remain on the property.
buylow007
Thanks so much. That is good info, but wouldn't I want to stay away from properties that have litigation pending?
I have noticed in my research that often times, folks who are in danger of losing thier house through bank foreclosure, don't pay their property taxes or income tax. I e-mailed my local auditor's office for a complete list of delinquent homeowners. She gave me a temporary password and ID to access their county database. I then downloaded the entire list along with all recent sales in my area!
Boom, I not only have a list of people I can send literarure to that I know for a fact are having problems, but also an udated list of all the recent sales for comps! One of the biggest wastes of money is marketing to people who don't need help! My list is so focused, I plan on a much higher rate of return for my marketing money than ever before! Fingers crossed! Obviously this isn't the only method to use because some people out there are more afraid of the government than their banker and pay all their taxes. But I figure it is a great way to locate some seriously motivated sellers!
Good Luck!
Sickdog[ Edited by sickdog on Date 03/12/2004 ]
Quote:
On 2004-03-12 11:05, sickdog wrote:
I have noticed in my research that often times, folks who are in danger of losing thier house through bank foreclosure, don't pay their property taxes or income tax. I e-mailed my local auditor's office for a complete list of delinquent homeowners. She gave me a temporary password and ID to access their county database. I then downloaded the entire list along with all recent sales in my area!
Boom, I not only have a list of people I can send literarure to that I know for a fact are having problems, but also an udated list of all the recent sales for comps! One of the biggest wastes of money is marketing to people who don't need help! My list is so focused, I plan on a much higher rate of return for my marketing money than ever before! Fingers crossed! Obviously this isn't the only method to use because some people out there are more afraid of the government than their banker and pay all their taxes. But I figure it is a great way to locate some seriously motivated sellers!
Good Luck!
Sickdog
<font size=-1>[ Edited by sickdog on Date 03/12/2004 ]</font>
How is the list working out for you? I think I need to call my auditor and get a list like that too.
JB
[addsig]
wow. You just helped me discover another way to find motivated sellers.
I'm so glad I'm on this website.