I have aquired a preforeclosure homes publication. The publication gives name of owner(s), Mortgage Co., the ($) amount and Interest % of the mortgage and the date the foreclosure sale is to take place. My question is, Are the owner(s) still in control of the property or is the mortgage Co. in control of it now? If the owners are still in control, what would be the best way to contact them about purchasing the home from them before the foreclosure sale?
Until the foreclosure sale, the owner is still the one you have to deal with to buy the property. Of course if it is a short sale, the bank will have to approve it, but the bank can’t sell it to you becuase they don’t own it yet.
where sis you find it ? preforeclosure homes publication list ?
There is no need to buy preforeclosure lists. There are easier ways to go about getting houses without everyone subscribing and paying for the same list. You will always have competition with more money, larger credit lines, better ratios etc. You have to understand foreclosures enough to get these deals BEFORE everyone else does. It is a beautiful thing when you know how to beat all the competion to the punch almost every time.
What are some of the easier ways that you use, and is this something you do already or something you are preparing to do?
Hi Buckeyes, this is something I currently do, and have been doing. In my market 25% of all homes sold are being bought by investors. With that type of influx of investor money your competition is rough. We made a better way, a smarter way. I have had some of my people sit in on seminars and classes but they dont ever tell you the full story. Beating the competion to the property and knowing how to close the deal is the easiest way to find the perfect flips and rentals. So far this year I have 1 condo, 3 single families, 1 townhome, and one commercial office building. And I spend maybe a few hours a week doing this. I have a mortgage brokerage that takes most my time.
will you give us little guys a shot at learning how you do these forclosures…please ;D
Hey Gene how did you go about getting that pre-forclosure list was it though a realtor, you county courthouse or off the internet?
the county I live in publishes a weekly paper (Legal News)you can buy at the book store.
Does anyone else have some ideas to quickly find pre-foreclosure lists- hopefully before some of the competititon?
“will you give us little guys a shot at learning how you do these forclosures…please”
Veleno45 may have given you enough information in their last post: “I spend maybe a few hours a week doing this. I have a mortgage brokerage that takes most my time.”
I mean think about it…if you “have a mortgage brokerage” who’s gonna know before you that the borrower’s defaulting!
Hi guys, i’ve ben working on my first forclosure and i have found a web site that you have to check out buybankhomes.com it is a new sit from fidelity and it is free they are still updating this site but I think you should check it out
I have seen buybankhomes.com. Has anyone had any success using this website??
I just accessed the web site. www.buybankhomes.com try that…
Why would you want to go to a website to find REO properties?
99% of all bank owned properties are listed on the MLS, so why go to all the trouble of signing up for a website (especially one that will spam the crap out of your email account) that is only going to give you a list of properties that any agent could get for you, especially when you’re going to need an agent to make an offer?
You are saying you need an agent in order to make an offer on an REO (to the bank)??
Does that depend on what state you are in?
As stated, practicall ALL banks/lenders now use agents to sell their foreclosed properties. So you will either need to make offers through the listing agent, or through your buyer’s agent.
No it doesn’t really matter what state your in. It’s not a law or something, it’s just the way lenders are selling their properties now. You always here, “banks aren’t in the business of owning real estate.” Well, it seems that most have decided that they’re not very good at the business of selling that real estate that they don’t want either.
Do you get your leads from your mortgage brokerage? Do you have any other suggestions? I agree with you about the “lists” - everyone is working off the same data.