I have been interested in Realestate particularly Foreclosures. Currently I have a few in my area and have been following them closely, the problem is they never seem to go to auction. I check out titles, see if there are any liens, pull out my money etc… and they never go to auction. What I was wondering is there a catch that I’m missing? Why don’t they ever go to auction? I read about people who find these houses and all goes smoothly for them. But, I can’t seem to find ‘that’ house. Also, is there a company/someone that specializes in forclosures that can show me the ropes? If you have any information it would be greatly accepted. If you have any books that would be informative let me know!
I am one of the reasons the properties don’t show up at auction. Some lenders will negotiate offers during and after foreclosure, even though there is an auction scheduled. I buy and sell foreclosure and preforeclosure as a specialty, started out 14 years ago completing lease-options.
Let me know what area you are in and the price range and I will send you lists if you want. Also, any questions you have, I will do my best to answer them for you.
Enjoy your day,
Ray Rochefort, mgr. mem.
Purpose Investments LLC
How do you go about performing a title search to ensure there are no liens on the property? I am in the process of working on my first pre-foreclosure deal – and I want to ensure that I do all of the due diligence possible. I have run comps etc –
How do I find the fair market rent value for a certain area?
How do I find liens and ensure the title is clean?
Thanks – any other help on PF you may have would truly be useful!
Good Afternoon NY,
I have worked with large lenders for long enough they include a guarantee of free and clear title in every sales agreement. I just completed a deal yesterday for 6 properties, at the closing the title noted an additional $16k in taxes than what the bank had known about. I don’t suggest you take the banks word for it, they are human as well.
Because of the clause in our agreement, the bank paid the $16k.
Which lender are you working with on your preforeclosure? I might be able to help if I knew that and what part of the country the property is in, most lenders have offices throughout the U.S. and they can even deal with situations differently from office to office.
As far as FMR, sometimes the newspaper will have like properties for rent in the area or you could knock on some doors and ask people.
If you are interested in more preforeclosures and foreclosures, let me know what state and city you like to invest, I would be happy to send you a list. These would be offered with free and clear title.
Thanks for the perspective-- I am actually a private investor in Atlanta, GA. I have a realtor I work with to pull rental comps but I don’t want to have to call on her every time I pursue a deal.
You can reach me at – I can then touch base with you on the preforeclosures you discussed. Thanks.