Hmm, didn’t know about this. I’ll check it out.
How are the auctions conducted there in (?city)?
Here, the bids are assessed periodically and
the high bid is hidden.
I try and figure out the reserve price (different
for each asset management co. and offer
accordingly). Some stick, some results are a
suprise.
I call the trustee over the property to get information. Most of the time Realtytrac provides the trustee, lender, and owners contact information.
How much is realty trac?
its 29.00 a month.
So,
After finding a foreclosed or pre-foreclosed property, what is the next step?
Should I contact bank/owner directly?
On realtytrac sale date is often TBD, does it mean I can’t contact them yet? And if there is opening bid, does it mean I cant offer less?
Also, what if there are liens on the property? Won’t I be responsible if I buy a foreclosed property with all debts?
That is the thing about realty trac. Everything is listed as TBD. I do not understand it. Supposedly everything is updated daily, I guess the question is does the TBD’s turn into actual information after you become a member.
spazinbklyn
I was subscribed to realtytrac for a few months and although is a very interesting tool I rarely saw those TBD labels change, some addresses were inaccurate, and some of the bank information (REOs) was inaccurate too.
There is another website that I used, is called foreclosurefreesearch.com, this website had a more reliable info but not as much info as realtytrac, now just be aware that I’m on the research phase, I’m not an investor (just yet), but will be very soon!
;D
Icarrera - what state are you in?
wanted to ask your expert opinion on a potential deal if I may.
A gentleman has a home he is loosing. He filed bankruptcy 1.5 months ago, so he is really needing to sell his home. He owes $106K, MV is around $128K, Comps in the area is around $122K. He has been in the home for 5 years, has little to no equity do to refinancing, etc. Impsectors say there is a need for repairs of $6K (painting, carpet, these kind of things). Do you thingk this could be a good deal to venture into? I hae not dealt withsomeone in Bankruptcy and have no idea how this will effect the deal. Could you offer me some advice? His home is financed with Countrywide Mortgage. Any tips on how to deal with this company?
I am also looking for a good deal on a home that I could purchase as a first time investment/home to live in for a whle to build up equity and then move on to my next property. I would like something on the uotskirts of DFW area. Sort of Semi-country, where I can have some land as well as less of the hassle/basslt of the big city. My credit is not great, so it has to be something I can get into without having to have great credit.
I look forward to hearing from you soon, Wes. Take care.
Blessings,
Janice
star1, Im in the beautiful Colorado. 8)
Hey guys, just a little advice----find a realtor. I’m a realtor who also invests in RE and I’ve tried all the lists out there to find additional leads for my investor clients, but its a waste of time. Half of their listings are old properties that have already sold—I think they keep them on their list just to inflate the number of properties they have for you to look at. Believe it or not but there are agents that will work with investors and as long as everybody profits from it then everyones happy. If you want to get serious you need contacts and information. Contact an agent, establish a business relationship and get the information from them-MLS is a very powerful tool. We can tell when a house is in pre-foreclosure mode and when it has been foreclosed upon. Give it a try.
you could also find Pre-forecloser using the mls but the seller has to have it listed with an agent. The key words that I use are Subject to bank approval or third party approval
I am not an real estate agent I am a loan broker and Investor I have my RE agent search by key words such as vacant,REO,foreclosure,handyman special, tlc, I also have them search by the cost of sqare foot.
And on the homes that I am interested in tehy pull the cops for me and I put an offer on.
To find some preforeclosures in my state nothing is automated I have to go to the court house weekly and do my research so it does take time.
Some states you can go on-line and find the NOD listed you do not have to buy a listing and usually that is all these places that you pay 9.99 for are getting there info from and just merging it in to there system.