I was able to find a program that is web based that lists pre - forclosures ( 90 days into it ). I then use that and work with loss mitigators to negotiate the deal. Its way more involved than that but thats the short story. Has anyone out there found a great inside track to pre - forclosures ?. I am always looking for new ideas!!
Trustees are hired by the banks to handle the foreclosure process for the banks. They most all have web sites and have the information about the foreclosure, name, address, arrears, date of sale, and fees to pull it out of foreclosure. I would check with a couple of banks in your area and ask them who the bank uses for their trustees. In my area the largest trustee handles about 80% of all foreclosures. This list is available 90 days or so before the foreclosure and is enough time to find the owners and make an offer prior to the sale.
Good Luck,
Robert
[addsig]
Are the trustees considered the loss litigators for the bank? I have heard that many banks have a loss mitigation dept internaly that handles it for them is that true?
Thanks
Quote:
On 2006-11-27 12:05, roberth wrote:
Trustees are hired by the banks to handle the foreclosure process for the banks. They most all have web sites and have the information about the foreclosure, name, address, arrears, date of sale, and fees to pull it out of foreclosure. I would check with a couple of banks in your area and ask them who the bank uses for their trustees. In my area the largest trustee handles about 80% of all foreclosures. This list is available 90 days or so before the foreclosure and is enough time to find the owners and make an offer prior to the sale.
Good Luck,
Robert
I dont understand the track of this post on pre-foreclosures. I always understood pre-foreclousres as anything after the lis pens and before the sale day. The list of these in the business or legal newspaper/ court house and through foreclosure services. No bank can tell you about their customers whether they are in foreclosure or not. Nor can any foreclousre attorney disclose that information. That is the wrong way to go and a good way if you do to get your bank friends in a load of trouble if you ask them to tell you about thieir accounts.
I have bought many foreclosures and pre-foreclosures etc over the years. Find out where the LIS PENS info comes out to the public (it has to be announced publically so creditors can be notified) and then negotiate with the owners before the sale. In florida typically the lis pens happens, then in a month or so they have a court date to respond to see if the foreclosure will proceed to sale or be dismissed. Then it has to go to sale a month to 3 months later. You have plenty of time to negotiate with willing owners and buy the property. Also to note you cannot call the bank directly, the owner has to authorize you to speak to the loan officer or reo officer first from the owners bank.
Another thing stated above about realtors. True they buy them some times themselves or have a network of investors they may preview the listings to befor ethe public, but realtors only get the reo/foreclosure listings after the foreclosure auction happens. The bank cannot make the owner hire a realtor and sell the property before the foreclosure auction day. That is up to the owner only. The reo or corp owned properties you see have already been taken back by the bank and then listed on the market through the banks real estatebroker they hire. The owner is already out of the picture and has lost the home entirely.
What sources do you use most often when finding pre - foreclosures?
Thanks
Quote:
On 2006-11-29 18:04, ericamtrustfunding wrote:
Hi everyone,
I dont understand the track of this post on pre-foreclosures. I always understood pre-foreclousres as anything after the lis pens and before the sale day. The list of these in the business or legal newspaper/ court house and through foreclosure services. No bank can tell you about their customers whether they are in foreclosure or not. Nor can any foreclousre attorney disclose that information. That is the wrong way to go and a good way if you do to get your bank friends in a load of trouble if you ask them to tell you about thieir accounts.
I have bought many foreclosures and pre-foreclosures etc over the years. Find out where the LIS PENS info comes out to the public (it has to be announced publically so creditors can be notified) and then negotiate with the owners before the sale. In florida typically the lis pens happens, then in a month or so they have a court date to respond to see if the foreclosure will proceed to sale or be dismissed. Then it has to go to sale a month to 3 months later. You have plenty of time to negotiate with willing owners and buy the property. Also to note you cannot call the bank directly, the owner has to authorize you to speak to the loan officer or reo officer first from the owners bank.
Another thing stated above about realtors. True they buy them some times themselves or have a network of investors they may preview the listings to befor ethe public, but realtors only get the reo/foreclosure listings after the foreclosure auction happens. The bank cannot make the owner hire a realtor and sell the property before the foreclosure auction day. That is up to the owner only. The reo or corp owned properties you see have already been taken back by the bank and then listed on the market through the banks real estatebroker they hire. The owner is already out of the picture and has lost the home entirely.
Any good private services that you know of, bargain76? What are the price ranges of these services. Great posts everybody!!![ Edited by ESB on Date 12/01/2006 ]
I was able to find a program that is web based that lists pre - forclosures ( 90 days into it ). I then use that and work with loss mitigators to negotiate the deal. Its way more involved than that but thats the short story. Has anyone out there found a great inside track to pre - forclosures ?. I am always looking for new ideas!!
Thanks
Trustees are hired by the banks to handle the foreclosure process for the banks. They most all have web sites and have the information about the foreclosure, name, address, arrears, date of sale, and fees to pull it out of foreclosure. I would check with a couple of banks in your area and ask them who the bank uses for their trustees. In my area the largest trustee handles about 80% of all foreclosures. This list is available 90 days or so before the foreclosure and is enough time to find the owners and make an offer prior to the sale.
Good Luck,
Robert
[addsig]
Robert,
Are the trustees considered the loss litigators for the bank? I have heard that many banks have a loss mitigation dept internaly that handles it for them is that true?
Thanks
Quote:
On 2006-11-27 12:05, roberth wrote:
Trustees are hired by the banks to handle the foreclosure process for the banks. They most all have web sites and have the information about the foreclosure, name, address, arrears, date of sale, and fees to pull it out of foreclosure. I would check with a couple of banks in your area and ask them who the bank uses for their trustees. In my area the largest trustee handles about 80% of all foreclosures. This list is available 90 days or so before the foreclosure and is enough time to find the owners and make an offer prior to the sale.
Good Luck,
Robert
Hi everyone,
I dont understand the track of this post on pre-foreclosures. I always understood pre-foreclousres as anything after the lis pens and before the sale day. The list of these in the business or legal newspaper/ court house and through foreclosure services. No bank can tell you about their customers whether they are in foreclosure or not. Nor can any foreclousre attorney disclose that information. That is the wrong way to go and a good way if you do to get your bank friends in a load of trouble if you ask them to tell you about thieir accounts.
I have bought many foreclosures and pre-foreclosures etc over the years. Find out where the LIS PENS info comes out to the public (it has to be announced publically so creditors can be notified) and then negotiate with the owners before the sale. In florida typically the lis pens happens, then in a month or so they have a court date to respond to see if the foreclosure will proceed to sale or be dismissed. Then it has to go to sale a month to 3 months later. You have plenty of time to negotiate with willing owners and buy the property. Also to note you cannot call the bank directly, the owner has to authorize you to speak to the loan officer or reo officer first from the owners bank.
Another thing stated above about realtors. True they buy them some times themselves or have a network of investors they may preview the listings to befor ethe public, but realtors only get the reo/foreclosure listings after the foreclosure auction happens. The bank cannot make the owner hire a realtor and sell the property before the foreclosure auction day. That is up to the owner only. The reo or corp owned properties you see have already been taken back by the bank and then listed on the market through the banks real estate broker they hire. The owner is already out of the picture and has lost the home entirely.
Anyway, hope that helps.
Hello,
What sources do you use most often when finding pre - foreclosures?
Thanks
Quote:
On 2006-11-29 18:04, ericamtrustfunding wrote:
Hi everyone,
I dont understand the track of this post on pre-foreclosures. I always understood pre-foreclousres as anything after the lis pens and before the sale day. The list of these in the business or legal newspaper/ court house and through foreclosure services. No bank can tell you about their customers whether they are in foreclosure or not. Nor can any foreclousre attorney disclose that information. That is the wrong way to go and a good way if you do to get your bank friends in a load of trouble if you ask them to tell you about thieir accounts.
I have bought many foreclosures and pre-foreclosures etc over the years. Find out where the LIS PENS info comes out to the public (it has to be announced publically so creditors can be notified) and then negotiate with the owners before the sale. In florida typically the lis pens happens, then in a month or so they have a court date to respond to see if the foreclosure will proceed to sale or be dismissed. Then it has to go to sale a month to 3 months later. You have plenty of time to negotiate with willing owners and buy the property. Also to note you cannot call the bank directly, the owner has to authorize you to speak to the loan officer or reo officer first from the owners bank.
Another thing stated above about realtors. True they buy them some times themselves or have a network of investors they may preview the listings to befor ethe public, but realtors only get the reo/foreclosure listings after the foreclosure auction happens. The bank cannot make the owner hire a realtor and sell the property before the foreclosure auction day. That is up to the owner only. The reo or corp owned properties you see have already been taken back by the bank and then listed on the market through the banks real estate broker they hire. The owner is already out of the picture and has lost the home entirely.
Anyway, hope that helps.
Any good private services that you know of, bargain76? What are the price ranges of these services. Great posts everybody!!![ Edited by ESB on Date 12/01/2006 ]