I live in indianapolis, IN foreclosure are on the rise here like 500 or more a month. How i get these pre-foreclosure before my investore get them. How can i get foreclosure attonery to work with me? Also could i get these leads from mortgage brokers also? Could someone tell me how do they get there pre- foreclosure besides going to court house. I heard title companies give this info out, but not here in indianapolis, IN

Howdy Indiana:

The foreclosure attorney or trustee is hard to work with. They will not even return calls. They will not give you any information. They tell you to call the owner or bank. They are mostly just doing their jobs. Back in the day before all the privacy BS they would work with you and tell you all kinds of stuff. Different world entirely today. You first need to get releases from the owner giving you permission to deal with the bank to get information to either cure the default or do a short sale.

Mortgage Brokers do not deal with pre-foreclosures. They are sales agents for many lenders perhaps and do not know information unless they too are investors.

There are companies in most large counties that will go to the courthouse and then post the listings on the internet or send you hard lists for a monthly fee. Better to get the owners to come to you prior to the listing via Bandit signs , ads etc

Hey Tedjr I contacted like 20 foreclosure attonery last week. I had one email me back and said that she willing to work something with me next week. Also there is a a new company that goes down to the court house to get listings that are updated everyday for a fee of $49.00 a month in Indiana and Texas. Do you think it is worth it? Also you told me that you get all your deals from MLS. What do you say to the realtor to get what you are looking for. I hope this foreclosure attonery is really willing to help out

Howdy Indiana:

The foreclosure company is worth 10 times the price if you use it and find even one deal. No brainer there. If you get it and look at it and never call an owner and find a deal then it is a waste of money. Your call there. I have done both. Even looking hard and not finding a deal is worth the fee. If you pay a year up front you may be able to get a discount.

I search the MLS on my own thru Realtor.com and other sites and look for what I want and also Loopnet. I find the listing agent and call them directly and try to share the commission. I missed the one in Corpus but will still pay the sales agent as I talked to the wrong in house agent. He has worked hard and earned his share dealing with appraisers, inspectors and saving me some trouble and also writing up the contract etc.

Tedjr on realtor.com are these foreclosures or homeowners listing there house. When you look on there what are you looking for a good deal? Do you look at the price and then call a realtor for comps?

Howdy Indiana:

It is the MLS listings but without all the information They are all Realtors listing foreclosure and homes that homeowners have for sale too There are other sites too. Our American Statesman newspaper has an MLS search as well again with limited information… The last one I made an offer on was an $11K duplex. I already knew the area and comps were in the $50K’s It needed about $15K work and would rent for $450 per side. I did not get it. I was going to fix and keep. It was a Fannie Mae foreclosure but I did not know that, The site has limited info about that sort of stuff. I do call my appraiser for comps If I am unfamiliar. I am doing mostly commercial deals now and using Loopnet. The last building I made an offer on they were asking $5.54 per foot for a 30,000 foot building. I wrote the offer that Thursday the morning in hit the listings on Loopnet and had it in the title company by Friday at noon and then went to look Saturday. It was 3.5 hour drive. I close Oct 1 With $200K rehab it will rent at $9K per month. I am looking for some more of these deals.

whats wrong with a fannie mae foreclosure?

Howdy IndianaREI:

Nothing wrong I just did not know it was a Fannie Mae until I met the Realtor.