pre-forclosure - Posted by bob

Posted by JFinke KC on July 12, 2002 at 12:49:27:

Hi Derek,

Actually, I don’t send letters. I usually just work leads from other investors (flippers and rehabbers). Occasionally I run through MLS and REO listings, but I’m starting to rely on other investors bringing properties to me, saves me alot of time.

I seem to recall some examples mentioned in the past. You might want to search the archives.

Sorry I couldn’t help.

Good Luck,

JFinke KC

pre-forclosure - Posted by bob

Posted by bob on July 12, 2002 at 10:03:10:

How would I find properties that are going onto forclosure?My county clerks office says I need to know the name of the person and the property address. What I am trying to find is the addresses of properties and people that may be in trouble. Any suggestions would really help. Thanks


Re: pre-forclosure - Posted by Stew(NE)

Posted by Stew(NE) on July 12, 2002 at 11:13:14:

In my state, I go to the county Register of Deed office and get a Notice of Default Listing. It will give me a listing of all the properties where the Trustee has notified the world that these people are behind on their payments and a full Foreclusure MAY occur. They charge me a $1.00 per page.

Re: pre-forclosure - Posted by JFinke KC

Posted by JFinke KC on July 12, 2002 at 10:55:49:

When a lender forcloses on a property they are required to give public notice. These notices are published in a newspaper local to the county the property resides in. Look in the Public Notices section (many time located in the classifieds) for announcements titled “Notice of Trustees Sale” or something similar, could vary depending on your area. These notices will detail the auction date, legal description of the property and other information.

Some major metro areas have specialized legal newpapers that publish these notices. These publications many times are available through subscription only and are very expensive (compared to standard newpapers). For example, here in Kansas City, the main newspaper, KC Star, does not list Trustee Sale notices (at least I’ve never found one). The notices for the main county in the area are published in a legal paper. But for the county I live in, they are published in the local county paper.

The amount of time between the publication of the notice and the actual auction date will depend on your local laws. Each state is different. Once a notice is published, you can fire off a letter to the current owner and try to snag the property before it goes to sale.

Good Luck,

JFinke KC

Everyone, Can we put our States after our Name… - Posted by Stew(NE)

Posted by Stew(NE) on July 12, 2002 at 10:19:48:

It helps if you want to get advice.

Letter of intent - Posted by Derek(NC)

Posted by Derek(NC) on July 12, 2002 at 11:30:57:

Hi JFinke, do you have an example of the letter of intent that you send to the homeowner?