Just curious about when you guys are striking deals. Are you typically closing things quickly, or right before the auction? I can see reasons for both. I can see people wanting to deal with their situation quickly, and getting out of it asap, and the quickest investors getting that property. I can also see people waiting til the last possible minute, and then deciding, meaning that the speed you contact them, relative to their listing, wouldn’t be as important.
:cool you plug in your # s and if it works that is when you strike >>> if there is no deal as owner still in home and thinks the mortage fairy is comming to fix his or her troubles in the 12th hour move on to the next this is a # s game and the #s are good in the preforeclosure game as in there are more than you could ever count in a day
As soon as you can if the deal looks right. I got mine when he was 60 days late. I told him to try to sell the house or whatever before the bank puts him into foreclosure. He was adamant about me doing a ss on his house. I told him that I cannot talk to the bank until he was officialy 90 days late. Now I’m talking to them!!!
steve
Let me rephrase, I’m not implying I’d turn away from a deal where the numbers work just because it was earlier or later in the process. Rather, my question was to people who have experience buying at large discounts from people in preforeclosure - do you typically find that you’re buying from people who are in the earlier or later stages of their preforeclosure period?
Good question. I would like to know too
:cool all across the board as each is not the same
I would strongly suggest the later stages of pre-foreclosure because 1. the lenders wont talk to you until the borrower is 90 days late and 2. lenders typically "get back " to you when the forclosure date approaches. 3-5 months ahead will reequire a lot of waiting on your part.
The lenders? Not talking about short sales.
By that, are you saying vaguely that your understanding is they come at all times? Or do you mean that you actually do buy lots of houses in preforeclosure, and you’ve found that the purchases you make do NOT correlate significantly with how many days there are left til auction?
The bottom line is, before the bank will even consider a short sale, they need the HO to be 90 days late, they need the house to have been listed with a realtor, they possibly need to have tried forbearance and/or modifications, and maybe other avenues that each bank requires, so by nature, you’re usually fairly late in the game.
that’s not the bottom line, as we’re not discussing short sales here. :banghead
Oops, sick twin, no sleep, too much to drink last night, :beer :flush
What I should have said was the HOs typically leave it to the last minute because they’re in denial.
cool, i get it. That’s what I was thinking, but part of me assumed that there must be people who would just deal with it asap. Although now that I’m typing that, I’m thinking that that is just me projecting how I act onto other people, where in real life, those who are in foreclosure are probably more likely to be pushing things off at their own expense (which is probably part of why they’re in foreclosure, instead of just having sold it once they got behind on their payments and realized their income didn’t match their expenses).
It’s cool :beer Happened to me last week, seldom drink too much, and was reminded again of why :flush
Maybe this real life situation may help:
About 3 months ago, I knocked on someone’s door who was in foreclosure. Apparently, they took care of it b/c it the home was not auctioned.
I just saw the home back on the auction list. Auction is on 1st Tues in April. I’m going to follow up this week to see if they want to pursue a SS.