Pardon my ignorance here as i dont know much about foreclosures, but How do you find homes in pre-foreclosure? When you do these, can you go through the house to look it over? If the owner owes 100k on the house, do you offer a lower amount like 90k or somthing? Thanks
Hi there, there way many ways to find pre-foreclosures. Depending on your state you can go to your counties website and find the Trustee Sale notifications there. Where it may be public announced such as a newspaper. Get in touch with your local Title company and they may be able to help you as well. (if you are in Texas forget it though, it’s illegal for them to offer or give Title leads) Or you can use one of the online service sites that offer this information at a monthly fee. (can’t mention here) . I may be able to help you as well. Need to know what state you are in?
FYI - an offer of 90k on a house only worth 100k is not a deal. Especially if you are looking to buy it as an investment. You need a price it more aggressively- more like 55k and if it needs repairs - that would need to be considered in your numbers as well. Hope this helps.
Finding a short sale is fairly easy…
The Title company has a list or use a list provider, mail out a few letters then answer your telephone… People will call begging you to buy their house on a short… And now that there is limited tax issues the sellers dont care… And the lenders could use the money so they are willing to play more then in recent past.
Yes, Title Company is probably the best.
cruz, thanks for the info. I guess i meant to say if the loan on the house is 100,000 and say its worth $130,000. What kind of offer would i make? I dont know how negotiable banks are or how much they are going to lose.
Do i need to have cash to do these? I have a credit card that ive bought houses on before, but i only have a 30k limit on it that i am slowly trying to get to 50k. Thanks
Start your offers at $.50 on the dollar (or 50% of the 1st’s loan amount).