Do I target Nod's or NFS's

Foreclosures, Short Sales, Tax Foreclosures
1

I don’t know if I should target just the nod’s in pre-foreclosure or if I can make a deal with the nfs’s (notice of foreclosure sale). If the house is going to auction soon can I still make a deal out of it before the auction? Thanks

2

Hi,

I was always taught the period between the last payment made and the filing of the notice of default is the pre-foreclosure period. That the notice of default being filed to the day of the foreclosure sale was considered in foreclosure. And at the point a lender buys the paper back at the foreclosure sale then becomes an REO (Real Estate Owned) property.

Now the lender can postpone the foreclosure sale at any time up to the moment of sale (Subject to State Laws), however most lenders would much prefer initial “Short Sale” offers prior to filing the “Notice of Foreclosure (Trustee) Sale” as the lender saves the legal fees and cost’s, but it also does not drag out the lenders ownership of the property longer than required.

With this said go for properties with newly filed “Notice of Defaults”!

Good luck,

             GR
3

I tend to market to nod’s… Once you get the foreclosure part it’s almost killed right there. Usually sellers who are 60-90 days late will cooperate and start the process with you. I get all of my nod leads at http://www.short-sale-data.com You can also filter a little more with your leads to get better qualified leads…

Hope this helps

4

Another consideration for some people will be the length of the redemption period in their state. My state has a 6 month redemption period and I’ve done many short sale in that 6-month window. Some mortgage companies will roll back the sale some won’t. Find out if the company you’re dealing with will cooperate before spending any time on one.