Best Way To Contact Pre-Foreclosures
I have obtained a list of pre-foreclosures
in my area and I am looking for the best way to contact them. A postcard, flyer, drop-in?
I have been doing subject to: and going to try to aquire the pre-foreclosed home from the seller that way. What would be the best way to get the home out of pre-foreclosure status with no or very little money out of my pocket?
Rob
The best way to contact the owner is to knock on their door.
Now when it comes to putting the deal together than you will need to know your laws regarding the foreclosure process. Is there a redemption period? How long does it take to go to auction? You can bring the loan current by getting a buyer with a downpayment that will used to bring the loan current. Or you can sell the house outright. Really depends on when they contact you or you contact them compared to where they are in the foreclosure process.
Good Luck,
Tom
Did you buy the list of pre foreclosures?
A newbie as well wondering where you got the list from?
Thanks,
From a website called realtrac
email me if you want the web address.
Not sure how good their info is but it is $19.95 a month but you get the first week free to check it out.
Rob
Hi:
I have exactly the same question as vcrindc put. How
in the world did you get the list of owners of pre-foreclosed
properties? Could you please guide another new kid on the block?
sayana
I use a combination of cards and phone calls to hit a higher number of potential deals.
People in foreclosure get hundreds of flyers from Investors
If I can find the phone number I call them.
Otherwise, I go knock on doors. If they aren't there, I leave them a personal handwritten note to call me.
Hope This Helps!
Mrs. Meltzer
Hey MrsM,
I have read that pre-foreclosures are overloaded with letters and flyers from investors and I always thought that was true.
BUT a friend of mine, who lives in Alpharetta (your neck of the woods?), went in to foreclosure a few months back. Luckily, for him, he got himself out.
But I asked him about all the calls and letters and he said "What calls and letters?". They had received nothing from investors.
Weird.
I guess the lesson is never presume. Try it and find out.
Forget Realtrac junk!
SKI
I have found good leads by perusing a local business paper that comes out daily here (it may even be found at your local public library). Not sure if this is found in every jurisdiction, but it's an excellent place to start. It lists the recent court filings for foreclosure, dissolution of marriage, and probate proceedings ... and also publishes Notices of Foreclosure Action, as well as the upcoming foreclosure sales (for the next 3 weeks). From there, you can take the property address and/or debtor name and do your research of the property through the County tax roll records (found online here). It will not give you the FMV, but you can generally figure the true value is (much) more than the assessed value for tax purposes. To find out what is actually owed on the mortgage (and figure out how much equity is in the property), you probably need an inside lead or to speak with the actual debtor ... I have asked friends who work for mortgage companies to pull up the info for me. I haven't had much success with those foreclosure lists found online at all.
How Interesting!
I wonder if you've stumbled onto something! I don't go after the homes in Alpharetta because they are too expensive. But now that you've told me this ... Alpharetta is my NEXT STOP!
YAY!
Mrs. Meltzer
Quote:
On 2003-08-04 10:28, Bruce wrote:
Hey MrsM,
I have read that pre-foreclosures are overloaded with letters and flyers from investors and I always thought that was true.
BUT a friend of mine, who lives in Alpharetta (your neck of the woods?), went in to foreclosure a few months back. Luckily, for him, he got himself out.
But I asked him about all the calls and letters and he said "What calls and letters?". They had received nothing from investors.
Weird.
I guess the lesson is never presume. Try it and find out.
I tried this web site also, RealtyTrac, it is not what it seems, in my area, Va, the list contained a bunch of what looked like REO props, but in reality they were investor owned props at full price. I emailed them with this info and have yet to receive a reply.
Good Luck
Why aren't any of you using courthouse records? You can start your mailing campaign early, there are names and addresses, the trustee's name (should you need to call regarding postponement of auction or bid price). I create my own list and mail off of it.
Locutus9
When you go down to the courthouse what do you ask for?
Thanks
Mike
Ask the Clerk of the Court for the recent foreclosure filings ... it is essentially the "Complaint" that has been filed by the mortgage or lien holder. Not sure exactly how the Court records are housed ... that is, whether they can give you an actual list of all recent filings ... but this information is a matter of public record, and is usually printed in your daily local business or legal paper. (Check out your public library if you don't know the name of the publication.)
Be careful on foreclosure companies, they usually give the foreclosure properties a couple of months late.. kkGood ones already scarft up!
Be careful on foreclosure companies, they usually give the foreclosure properties a couple of months late.. kkGood ones already scarft up!
Hi, everybody,
I am new to this site and I see a lot of valuable discussions here. I want to buy pre-foreclosure properties but wonder how I can get funding within 3 wks. I am Texas and the notice of foreclosure is available to public 21 days before the aution takes place. If I have to mail postcards/letters to the problem owners, I will have only about 2 wks to work on the deal. Does anybody live in a state that has a similar foreclosure law like Texas and work on pre-foreclosure? Can you tell me how you work out this tight schedule? Either subject-to or short sale, what kind of letter you send it to the lender to request for a postpone of foreclosure process?
Hi,
I know this is late, but I've been crusing the messages. To answer your question about how to secure funding when buying preforeclosures is to have your investors lined up first. Advertise in your local paper or go to a bank and see if you pre-qualify for a loan and explain to them that you are a real estate investor. Already know what kind of property your lenders are looking for and how fast they can have the money. AFTER, you secure lenders, THEN go and look for deals. By the time you find one, all you'll have to do is pull out your rolodex and call one. Hope this helps.
Dee <IMG SRC="images/forum/smilies/icon_lol.gif"> [ Edited by DeeLewis on Date 08/08/2003 ]
I've been lurking on this site for a while and started posting a couple of days ago. I just noticed that there are a lot of us here in Atlanta.
<--------- See.
Is there groups for REI in Roswell, Kennesaw, Cobb, or Marietta area? I'd certainly be interested as you all are very helpful.
Quote:
On 2003-08-04 15:11, MrsMeltzer wrote:
How Interesting!
I wonder if you've stumbled onto something! I don't go after the homes in Alpharetta because they are too expensive. But now that you've told me this ... Alpharetta is my NEXT STOP!
YAY!
Mrs. Meltzer
Quote:
On 2003-08-04 10:28, Bruce wrote:
Hey MrsM,
I have read that pre-foreclosures are overloaded with letters and flyers from investors and I always thought that was true.
BUT a friend of mine, who lives in Alpharetta (your neck of the woods?), went in to foreclosure a few months back. Luckily, for him, he got himself out.
But I asked him about all the calls and letters and he said "What calls and letters?". They had received nothing from investors.
Weird.
I guess the lesson is never presume. Try it and find out.
[ Edited by SavvyYoungster on Date 08/08/2003 ]
Besides the one listed above from the groups tab there are several in Ga.
****Must Reach Senior Investor status before posting URL's***a
Brunswick,Ga
Cartersville,Ga
Savvyinvestor,
Welcome to the neighborhood. I am in Atlanta also, and if you need my help at all, let me know.....
Prosperous investing,
td
AndersonInv:
NICE to Meet You!
A SMART REI is Just Like a Top-Knotch Carpenter...
Or even like a CHEIF Nuero-Surgeon!!!
A Carpenter whose worth her own Salt would Never go out on a job with ONLY a Hammer!!!
A Nuero-Surgeon would never begin an Operation with ONLY a SCALPEL!!!
LIKEWISE an ABOVE-AVG. INTELLIGENT RE Investor launches her/his PFL CAMPAIGNS with an ASSORTMENT OF REI MKTG. TOOLS!
Phone -
(Initial Voice-Broadcast , and LIVE Follow ups)
Letters - Personal, Hand Stamped, 3-Step LONG form COPY---tel 'Em a Story Heart-to-Heart Human Interest STUFF in a White Paper Envelope!!!
or
HeLP Kits - ECONOMICALLY (less than $1 per) Put together HIGH IMPACT (Stands Out from Junk Mail) PFL-REI Mktg Pkg. placed into a Mock Fed Ex ENVELOPE FULL of MORE of the Above(see prev. Tool LETTERS)
All of the HLP Kit's contents point back to YOU as the EXPERT and POSSER of SOLUTIONS to the PFL Homeowner's PROBLEM!!!
Door-Knocking - Use your own HLP Kit or similar type of 'Homeowner BENEFITS Pkg.'
Tom Belknap is K-REKT about this one!
I hope this helps all of you out there to TEST >TEST> >TEST and Keep ON TESTING!!!
NEVER IGNORE or OVERLOOK a Method forsaking it for a PERCEIVED BETTER METHOD---Afterall How Do YOU KNOW unless you TEST???
There are some methods which Work and/or do not work so well in in different (and sometimes even in the SAME) areas.
Marketing Guerillas know and understand this IMPERFECT MKT we call RE Investing!
So my advice (word to the WISE REI) is to GET OUT THERE in the TRENCHES and...
UNLOAD Your REI Mktg Tool Belt in order to LEARN which WEAPON has the MOST IMPACT!
Best of Success to You All!
Derrick Ali