Newbies To Foreclosures
My husband and I are new to investing and have decided to lean in the direction of purchasing foreclosures. We have even gone as far as driving through neighborhoods where foreclosures are located. We receive foreclosure listings everyday by e-mail and have plenty of access to them. We are anxious to get started, but don't want to jump into anything to fast. We have set goals and are seeking to pursue them. We would like to know if this would be a good start and how do we know if we are not putting ourselves in a bad position. We located 12 properties in foreclosure and got all of the information for contact. We would be so appreciative of any advice from someone who has experience with foreclosures or the business in general. If this is not good for us please tell us where we should start. We have studied several systems and purchased some as well , like the Carlton Sheets and have been listening to John Lockes program as well and have found both quite informative. Please Help!!!!!!!!!!!!
Joyce and Kerry
If you are skiddish then perhaps you should bird dog a couple of them. If the deals sell through bird dogging you know you had a good deal and you know what to look for next time. Unfortunately a lot of these are trial and error types of deals.
Good Luck,
Kyle
Hi there,
I was wondering how you are recieving forclosures by email everyday. Are you paying a service or did you find a web site for free or did you go to the court house abnd sign up? I am interested in foreclosures as well and was looking for that type of service. You cant post web address' until you are senior investor so email me or private message me with the info if its a web site. I really appreciate your help and information. Thank you
Blair
e-mail me too ok?
also...I personally feel like you guys are being a little too cautious.
Here's the equation you should get stuck in your head: The property can be sold for "x" amount. It will cost "Y" amount to process the transaction of buying and selling and fixing and holding(yada yada yada). I want my profit to be "z". Take x <minus> y <minus> z <equals> the amount you buy for. If you can't get it for that amount, WALK AWAY and TRY ANOTHER HOUSE!!!
Hello. I have been searching for foreclosure list for ever. Woul dit be possible for you to tell how you get a list emailed to you daily. Any info would be helpful. Also being a newby myself and willing to jump right in ( not without researching of course) If you have a solid deal and stand to make a good profit then go for it. Soemtimes you have to figure it our as you go, and there are plenty of people that will help you in each step of the deal right here.
Thanks and good luck
Is the list you're receiving the Ebay foreclosures by mail list? If so, those homes are already foreclosed and usually REOs. Been thinking about bidding on some of them myself since some of those that are showing up are ones that I tried to purchase in preforeclosure.
My theory has always been get as far along as possible with the folks, even if you're not going to purchase it. You'll gain a lot of experience that way and learn a lot.
Additionally, if you just approach the sellers and say "Hey, I'll buy it for this much" it will almost always turn them off. Take a softer approach. Most folks in foreclosure don't plan on moving out - at least that's what they'll say when you talk with them.
We are newbies to this whole thing. We have been working with Robert Allen's coaches and need to locate a weekly listing of pre-foreclosures and or notice of default properties. Our coach gets his thru a Title Company...? We haven't had any luck locating such a company on the West Coast. Any one have an info on this subject???
I'm sure there are plenty of lists and sources, but here's what I have:
Your local law journal should post notice of foreclosure auctions in their "legal announcements and public sales section". For my area, I log onto the New York Law Journal every few days to check. You can do a similar online search with your area newspapers. A little legwork to the library's periodicals section would have all this as well.
I'm considering paying for a monthly Les Pendis (notice of mortgage defaults) for my county from an online service. Do a google search and you should be able to find a reliable service for about $30 per month. Once again, this info should be accessible at your county courthouse for free.
Regarding drive-by's, whenever I see a decent-looking, boarded up house in a desirable neighborhood, I note the address, details and other notes. I also take a snap shot of the property for my "potential investments" file. I then go to the "mortgage & deeds" dept at the court house and give them the address. They provide me with the block & lot and a list of any liens. Look up the property to see what the original mortgage was for, and who has title so you can mail an inquiry letter or possibly an offer.
The more you have to dig the better the odds are that you won't have as much competition.
Keep all gathered info attached and track the property all the way to auction if you have to. Hopefully, it doesn't end up as wasted effort, but all you need is 1 in 10 to make it worth your while.
Good luck!
Could you email me also with the list info?
Thanks, Keri
I receive daily postings for free on foreclosures by county.....
I'm coming in a little late on this discussion. However, could you email me the forclosure link also.
Thanks
I was wondering if someone could email the info for the foreclosure email list to me? Thanks
If you want a foreclosure list, get it yourself...this is not just a way to buy and resell for $25K worth of profit...you have to do the leg work.
The easiest way IMO is to go to the County Recorder's office...they record the NOD's from the county...that is the best place to start, ask questions to whomever you talk to.