What is the best method in obtaining a list of foreclosure properties.

General Real Estate Investing
1

I was just made aware that NYC no longer gives out a list unless you pay a substantial amount. It’s was brought to my attention that private investing firms buy from local branches at an alarming rate to get these properties. What is my best option? I went to atleast 5 to 6 banks and all the same results.

Thanks ;D

2

Chosen1,

There are several websites that offer foreclosure listings. Personally I prefer going to my counties recorders website and just searching through all the lis penden. I’ve never been to an auction before, but the competition is pretty fierce. Have a good day.

~Simeon

3

Thanks Simeon.

4

I do the same thing. I search online my county’s Assessor/Recorder’s office and look for Notice of Defaults from a certain date to a certain date. The public records in my county do not list the property address, only the person’s name that is in default.

So, I just Zabasearch the person’s name for my area and that is how I get their address. Telephone number is not available unless you pay a fee which doesn’t matter to me anyways because I’m going to be mailing letters.

5

What would you suggest I do once I locate a couple of foreclosure properties which I already have in NC, but I don’t have a lot of money to purchase them. Isn’t there a way I can get No Money Down payment on theses properties and rent them out monthly?

Thanks

6

Well, my credit score isn’t all that great nor is it terribly bad. I have no money to really spend for investing. The advice I have received is for me to wholesale some properties, use the money to pay off debts and clean up my credit and also save some money to use for investing.

From what I have learned, having a lousy credit and having no money doesn’t really excite lenders especially if you are starting out. I have no credibility, no money, lousy credit so I don’t blame lenders from being hesitant.

I don’t know completely what your financial situation is but the recommendations to begin by wholesaling is a very good one and also look to join a Club to hook up with a trustworthy investor who will take the time to show you the ropes. That’s what I’m doing and the education and experience is invaluable in me eventually being able to do this stuff all on my own.

7

I appreciate the info.

Thanks RK

8

I use my title company. they routinely obtain this info from public record on a daily basis. The best part is that they give it tom me free/24/7. well almost free, i use them for title services adn they reciprocate their good will. I use 3 national company’s.

#1 - Fidelity title
#2 - Chicago title
#3 - First North american Title

they will give you an account online to access the info 24/7 and my account s will generate a “Property Profile” giving you comps and loan history and tax info, school info, flood zone, zoning, maps, etc… do not underestimate yor title company. It is all public record, so if the county does not report mortgage history, it just will not show up in my report [you get the point]. These people will bend over backward for you if you treat them nicely.

I use them to find absentee owners and will use them for marketing campaigns. the will even give you the info in a format that will print address labels for direct mail marketing. They understand what we do so use them, and be loyal to them. it will pay off.

I also use them to “farm” an area. I can search for all of the private 2nd mortgages in a zip code and direct market them to take a discount or use the info to cross refrence homes that are on the market for sale and buy their note at a discount knowing that when the home sells in a few months or even weeks, I will get paid at Face Value! how do you like those apples!

did I say this is all FREE of Charge!

9

Steve,

Can you expand on your knowledge of buying 2nd mortgages/notes please. Is there a lot to learn with this strategy, and would this be a good option for the S.Californian current market?

Thank you.

10

SANINV,
buying mortgages and notes is just another type of investment strategy, just like pre-forclosures, short sales, lease options, etc… they all have different principles and strategies and timing when to use them and not use them.

As for using this strategy in SOCAL, I do not know. It will work anywhere , but you just have to study the market and the transaction has to make sense.

If you could be more specific about what you would like to know, It would be easier to give you the info that you are looking for.

11

Steve,

Not sure WHAT kind of questions I need to be asking since I am just looking to see what RE money-making opps are out there. I guess I’m looking for an opportunity OTHER than knocking on people’s doors cold-calling etc.

Thanks.