Research And Finding Deals
I was online at google and found a sight that lists properties going into foreclosure. It had notations NOD, REO, and one other. My questions are; are these sights useful and at what point of the foreclosure procedure is best for making a profit?
hey jfoley,
Some sights offer current info. others don't. I would inquire from someone in your area. I personally like doing pre-foreclosures. Just because of the short
time frame for a decision to be made
by the homeowner, and myself. Offering
some options to these people and getting it done by the date of the sale.
Great adrenaline rush trying to get deals pushed through, or having the mortgage company postpone the sale, giving you more time to work something out . You could also deal with the banks, after the auction. If they take those properties back that don't sell at the auction. I like the profit margin in pre-foreclosure. Its all up to what your niche will be.
You should join a local real estate investment group. This will help you get educated and help you find out how people in your area locate foreclosures. Call 1-888-7NAREIA for locate a club.
Brenda
jfoley,
In my experience, many sites have info n pre-foreclosures, but most dont update regularly. They lure you inbuy telling you to do a search in your area and then give you a huge list of properties in your area...you unkowingly and also able to recognize some of the areas, will buy into this as it usually is inexpensive and looks great! Well my friend...once they have your cc number, you do the same search and find that none of the "free search listings" exsist. You now only have maybe 1 or 2 and you figure that maybe they were wrong and the listings are also as you observe, OLD! You do the search again. same results. Please be careful and remember, you get what you pay for. Good luck!
This is a link to the Clark county official records request page. I did a quick search and pulled up lis pendens for dec. Check it out FREE. http://www.accessclarkcounty.com/recorder/or_srch.htm[ Edited by wpruett on Date 01/02/2004 ]
You can make money in all stages of the foreclosure process, depending on the equity in the property. If you know of any realtor, have them look bank own properties on the MLS. I'm working on on right now. I have a contract for $74,000 the property is worth $150,000. It's listing on this site under TCI properites. There are some of these deals out there. If they don't know how to look them up, tell them to put foreclosure in the comments section of the search. Good Luck
jfoley,
In the post above, wpruett gave you the link to the Clark County Recorder’s office. If you go to the Search by Document Type and input 127 into the Document code section with whatever date you select, you will get that days NOD filings.
These are averaging between 27 and 35 per day.
This should keep you busy and like it was said above...FREE
John (LV)
Since I live in Santa Clara County, California, I went to
****Must Reach Freshman Investor status before posting URL's***
and searched a few days. I see a lot of NOD's, and a few minor bits of information.
Since the information online is limited, do I "order a copy" from the bottom of a page that would provide the property address? (Same for the Clark County site.)
Thanks
eric
Hello,
I definitely advise CAUTION when signing up for one of those internet sites that provide foreclosure listings. Many, if not most, of those sites are run by a network of people that go to the county courthouse and find out information that you can find out in the same manner. They prey on those folks who are new to real estate and think that the word "foreclosure" means "I will be rich any minute now by buying just 1 of these deals". I spend many hours at my county's courthouse and public records division. I occasionally bump into a guy who reports for one of these websites. I find it humorous that I know about most of the deals long before he has a chance to get them on his webpage. But, these guys are making money from somewhere....not from me!
This business is so beautiful! You can make great profits at it...and the initial investment does not have to be $ money $! I have spent very little cash in aquiring what I know about foreclosures. The knowledge required can be obtained virtually for free. Below are listed some excellent places to learn about the foreclosure process and laws concerning it.
Study hard, long, and remember, don't give your money to someone for his/her services until you are sure you can't do what he/she does yourself....for free.
Free References:
-Local Library
-Book Store(read, don't buy...have coffee)
-County Public Records
-Public Records Web Page
-State Web Page(Look for your state's listing of general statutes)
This is not a complete list. There are many other places to find free information about foreclosures. Just beat the ground a little, you'll find them.
Luke