I work in CO, last I heard #1 state for foreclosures. Can you suggest best ways to find houses pre-foreclosure that I can contract and assign to investors? My background is flipping rehabs.
Drive around looking for vacancies, give flyers to mort brokers? These any good or other ideas?
“If you market, they will come”
I don’t know how CO is, but in lots of areas you can get the Notice of Default lists by paying for them or looking through a legal newspaper. Then you market to those owners.
rsupplee,
You can’t get away with that nonsense on this forum. OHIO is P R O U D to be number one in the Nation in foreclosures. Other states dream of being number one, but our anti-business government has driven every job that pays over $1.50 per hour to other states. WE’RE NUMBER ONE! WE’RE NUMBER ONE!
In all seriousness, depending on your market, you can find preforeclosures in the legal notice section of the newspaper; at the courthouse; on your county’s website, etc. Obviously, I would not focus exclusively on pre-foreclosures.
Mike
Hey now, Michigan is right up there too now, don’t forget about US! 
Honestly, I use RealtyTrac for pre-foreclosure leads. IMO, it beats sifting thru the legal newspaper and mass mailing. We door knock, and have pretty good results, I guess.
I live in michigan which has to be a close second in foreclosures, if your market is anything like ours, I would just go right for the listed and post foreclosures, less headaches, and awesome deals can be found. For example I just picked up a commerscial store front and 3 bed 1 bath home for 17k. should sell for 70k with about 7k in work. I hope the market never straightens out.
I like post foreclosure properties because there are no loose ends, I find them cheap, buy them cheap, then sell them cheap. No waiting, no negotiating with banks, no tying up homes then finding something wrong with contract, or wierd owners.
Eric Medemar
Eric:
Okay, I’m a little slow today and not thinking entirely about real estate and mortgages. (Sunday is NCAA game day after all. LOL)
Isn’t post foreclosures REO-owned? Or is this a listing that means it hasn’t been auctioned off yet?
Apologies for the dim-witted question. I’m sure I should know the answer but it escapes me.
Ed Bisquera
P.S. I live in Washington State; not sure where we sit as far as foreclosures, but with the mortgage industry taking a hit and the news of more bad debt/paper, I’m sure will be jumping into the running to rank among high foreclosures. California sure to follow… :biggrin
Again, if you want another source for pre-pre-foreclosures is to network with loan consultants and loan officers. See if they’ve had anyone call in to try to refinance to save them money on their loan. Or if they’ve called in to see what the loan officer can do for them in restructuring their debt to avoid foreclosure. Usually they are on the brink of receiving a Notice of default or beyond the late notices and they are calling JUST before their names are publicly listed in pre-foreclosure. Not all the time, but you may find some opportunities out there by asking.
Has this worked for any other investors out there?
EB
The problem I have with RealtyTrac and rehablist is that while they do give you the lead, it still costs you a trip to the court house to find contacts. What are you really paying for?