Can anyone recommend a preforeclosure list for Ohio?
Thanks,
sixdirections
Do a county search. Search in your counties common pleas court as well as county auditors office to learn about the properties. What county are you in? Most counties now have a web site which may contain the info you are looking for.
Mike
Hi Sixdirections,
I have had great luck with foreclosures in Ohio by working with lenders and some very large investors who are willing to sell their foreclosure property quickly at very little profit.
Preforeclosures in Ohio, atleast for me have been easier to locate when working with the lenders.
Go Get’em!
Ray - Indiana
Hi Ray,
What’s your secret for contacting the lenders. I’ve attempted to contact numerous lenders, but don’t seem to be able to make inroads into the system. Most of the numbers I’ve tried are for clients only, and I can’t seem to get through to any of the loss mitigation departments. With which department(s) are you in contact? Are you saying that lenders are willing to give you information on defaulted borrowers even though the information isn’t in the public domain yet?
What are the “magic words” you’ve used? Any tips you care to offer would be helpful.
Thanks,
sixdirections
Good Morning Sixdirections,
You are correct, the lenders are not real open to talking with investors. Because of many privacy issues, they are very leary of working with someone they don’t have a trusted relationship with.
The good news is, if you begin with those sellers in default and complete a few short sales with a lender, or even sign up a few of these sellers with lease-options and make up the back payments; you will be on your way to gaining that relationship.
Many lenders tend to send their Notice of Default paperwork to the courthouse on a certain day of the month, find out when that happens and be at the courthouse that day…and you’ve moved upstream a little. In many cases gaining the ability to contact the homeowner before it ever hits the newspaper.
It really depends on the lender and the particular person you’re working with at the lender, but complete several of these deals and you can gain the same default information before it’s sent to the courthouse.
There are a hand-full of investors who have gained this inroad with certain lenders and many of these will generally purchase packages of property at a time (not because they need all these properties, but they need to make these purchases to keep the relationship open) at with more properties than they want, they will sometimes (I know I do) flip the properties to other investors with very little mark up.
Go Get’em!
Ray Rochefort
Managing Member
Purpose Investments LLC
Indiana
Ray,
Thanks for such a considered and detailed answer to my question. I really appreciate it.
Best,
sixdirections
Ray,
You have got me interested. I have recently started investing and I am having some success. I mainly focus on contacting the owner of the Pre-foreclosure. I usually find out the information concerning the Pre the day the courthouse documents it. This process, while good, is a slow process. What you have said seems like it is quicker and a little more efficient! I am all about efficiency!! Is their anymore you can tell me or a direction you can point me in to start this more efficient process you have? I would consider purchasing some of the excess houses you have as well! However, since these are the houses you are willing to give up, does that mean that the deals are not as good or they have some problems?
Thanks,
Michael Martin
Hi Michael,
Would you be so kind as to clarify what you mean by “the owner of the pre-foreclosure” for me? Do you mean the homeowner or the lender?
Thanks,
sixdirections
Good Afternoon Michael,
You are correct, effeciency is everything. Over a LONG period of time I have been able to gain a relationship with several lenders, purchasing direct from them, many times while they are in the foreclosure process; including the purchase of properties before the process has gone to the point of being filed with the courthouse. Lenders are very apprehensive about doing this because of the privacy acts in place today.
I am currently involved in properties in over 30 states, and I wholesale the majority of them.
I have been asked the question you asked regarding what properties I sell and which ones I keep, it’s a fair question. I generally keep 10 -15 properties a year in the State of Indiana, with a purchase of approx. 100 plus a year in this State. I wholesale all other homes in all other states. As a wholesaler, I put just a little on each because it’s volume that I want. And I don’t do this because I’m a saint, I do this so the investors that buy from me will come back for more after making money on the last property they purchased.
All I need to know is what area a person wants to buy property, what type of home and what price range.
Not always, but many times I am selling the properties at a lower price than the bank would offer when moving the REO property through real estate agents.
Go Get’em!
Ray Rochefort
Managing Member
Purpose Investments LLC
Indiana
Mr. Rochefort,
Do any business in Washington State?
