I am sitting on tons of leads of information of bank Preforeclosure/Foreclosure homes in theNY/NJ area. I have inspection info,value, name, address etc. The info. is current and I receive it directly from my bank sources almost daily. My question is what should i do with it ? and what is the true value$ of the info.? if at all? would like to know my options? can anyone help!
Hi there, Darron. I would say to check into these leads further. See if any of them have listing agents and speak directly to said agent to receive all the information you need in order to determine if your leads are actual good, solid leads. You say that lending institutions are sending you this information. Usually, it’s quite difficult to speak directly to a lender, especially if you’re new to this type of investing, to get details about one of its properties, hence the reason why it would be wise to speak with the listing agent. Now, we’re talking REOs here, of course. Are you getting information on pre-foreclosures as well? If so, it may do you well to contact the homeowners in this case. You will need to do additional things, such as determining the ARRV of these available properties and repair/renovation costs. I’m very green when dealing with bank-owned stuff and short sales. However, I will be closing on my first short-sale approved deal next month.