What are the methods to find newly listed foreclosures, only source I have found is realty trac .com , are there any ways free?
Also how much profit should there be after purchase price and repairs in order for investors to be interested from me wholesaling.
Come to think of it…can I offer a purchase agreement on a foreclosure and if so does my purchase agreement stop foreclusre action
The home is $50,000, I plan on having comps done soon to figure fmv.
Howdy Njbirddog:
A contract will not stop the foreclosure. The bank may delay the sale if you contact them but there are no guarantees and it is not easy to get them to delay. You will need financing approved and ready to close. The good sites cost money. To get up to the minute info you need to pay about $45 per month. Well worth the money if you want fresh deals. The best way ti get leads is to have the sellers calling you before they even get posted. Newspaper ads, bandit signs, etc may help you get these type calls. I want at least $10,000 net, net before even wasting a minute talking about a deal and this is with a $100,000 or less property. You better hurry, the first Tue of July is coming up really fast
LOL
Ok got it, so a purchase contract are for non foreclusres as I expected.
Could you refer me to the $45 a month sites because all I have found is realty trac and its like $25 a week and I am not impressed with the site one bit.
Also I am assuming I can find foreclosure listings ay my county clerks office and probably for free.
As you say though it’s better to find people before foreclosure avoiding having to finance, any additonal drama, and competition.
Also I noticed a similiar question on the board and you saying it isnt a problem and I think thats my fault as I meant “preforclosures” particullary a few days old not “foreclosures”, dont know if that will make a difference about wholesaling but just wanted to clear that up.
Howdy Njbirddog:
You can still use the sale contract, it just will not stop the sale.
I do not know a service in NJ. Some local investors will know. Here in Travis County the sp’s have a table set up at the sale each month trying to sell their service. Your guys may do the same. Here is one in Austin and Dallas just for grins FLS.com
The lists are posted on the courthouse wall 21 days prior to the sale. It is legal mumbo jumbo and a bit hard to get off the wall but it can be done.
LOL
Ok let me see if I am clear here…
Preforeclosure: Can use a contract but must move fast and find another investor to buy quickly, until some financing is put in to place or cash the preforeclosure continues at it’s pace.
Forclosure: Same as above just way less time and lets say the house was to be sold from the courthouse on the 20th if someone paid cash or financing and could close on the 19th the court sale would stop.
I hope I have it down now.
A sales contract does not stop or delay foreclosure period.
If you are wholesaling, you should always offer:
Less than 70% of market value minus the cost of repairs.
You should never start at 70% - cost of repairs.
You can try the Pacer system which is what I use. It’s only a few cents to view pages online. You set up an account, get a User ID and Password sent to you. At that time, you can run Queries. The system is set up by district courts. Follow this link and find your areas bankruptcy court - http://www.bankruptcyinformation.com/fed-courts.html. Ohio is set up for Pacer - see if your’s is also.