Foreclosures in the Newspaper

Hello all you RE gurus :slight_smile: I have a question if anyone can answer (which I know someone here can). I have found some really good foreclosure deals (which I tyhink are good for now) in todays newspaper. I got the owners phone numbers from doing a address reverse search. How can I proceed to try and get some of these foreclosures. Is it a good idea to call them up and if I do, what would be a good thing to say to them?


First you need to spend some time at the courthouse and do a title search, what is listed in the paper may not be all that is owed on the property. If the title is free of other leins, then you should contact you appraiser and get the FMV of the houseand a few comps. If the FMV provides the margin you have set for the house, then you can contact the owner.

Remember, you should be as sympathetic as possible, some home owners do not beleive that their home will be lost in a few weeks. I have had , much like some of the others in this forum, homeowners cursed at me, physically threaten me and once even had a little old lady come to the door with a knife and tell me to leave her property( BTW, I bought it from the bank after it was forclosed on).


hey medscan,
sorry to hear about the lady with a knife!!! anyway i noticed you mentioned getting an appraisal. do you reccomend getting this before you even contact the seller to find out ther motivation level. apprasers can cost 200-400 dollars depending on certain things but to dish that out before you talk to the seller…?


Appraisers should be held close to you. I recommend finding one that you can trust and prepaying for one or two jobs. He/she will greatly appriciate it and will be willing to pull a market analysis for as many properties as you wish.