whats the process to get a foreclosure. i am in the SF bay area and you know the housing market is so expensive , my best bet is to purchase a foreclosure. what is the step by step process to get a foreclosure ? I appreciate you help.
The short of it is to find a preforecloure and the second step is to buy it. There are a few middle steps such as make sure their are no other liens etc by doing a title search and finding the money to bring the loan current or paying cash and getting the owner to accept your offer. It can be pretty easy but it happens fast at least here in Texas. We only have 21 days from posting time to the actual sale. I believe it is different there. I hope some other members will help with this too. So far 37 folks have read this post and I am the only one to respond. Come on guys and gals lets help each other here.
I found the following book very informative:
“How To Make Money Buying Preforeclosure Properties”
by Thomas J. Lucier
You can buy it on-line, this site has it, also amazon.
You need to do your research to understand the whole foreclosure process.
Try to get a mentor locally to help you. You should go to the courthouse and reasearch the records to see what is available then once you know the process you can order them online through a service. P/U Peter Conti and David Finkel book on this website it has good negiotating techniques to go through.
Get setup where a motivated seller will call you but initially you will need to call them or knock on the door.Ted has some good posts on checking the title on the property and verifying there are no liens to deal with… Like Peter Conti advises emphasize on the sellers motivation to sell before talking about the financials otherwise you may lose the deal.