Pre-foreclosures/Short Sale Newbie need help - Posted by Obi (San Diego)

Posted by deirdreb on July 25, 2002 at 15:19:39:

Thanks.

Pre-foreclosures/Short Sale Newbie need help - Posted by Obi (San Diego)

Posted by Obi (San Diego) on July 24, 2002 at 13:53:46:

I’m interested in these type of deals and would like to know how to find/locate these kind of properties. Should I work with an agent? I have a 9-5 job and a new baby, so time is very tight. I would appreciate any help/advice.

Re: Pre-foreclosures - Posted by Al - So Cal

Posted by Al - So Cal on July 24, 2002 at 15:41:03:

As a newbie dont waste your time on this market. There are a lot of people with a lot of money doing it and they know what theyre doing.
Youre in a big city. If you were out in the boonies it might make sense but I still wouldnt do it.

Re: Pre-foreclosures/Short Sale Newbie need help - Posted by JC

Posted by JC on July 24, 2002 at 15:14:20:

The trick is to be the first investor to contact the owner. The local legal papper is fine if you are broke,but the way to go is pay for your info and sort it fast. Also get to know someone at a title company they file the foreclosures for the lenders and have the info before it becomes public record.Try It’s A Fact if it’s available in your area another good sevice that is nation wide is Dataquick

Good Luck!
JC

Re: Pre-foreclosures/Short Sale Newbie need help - Posted by Kevin

Posted by Kevin on July 24, 2002 at 15:12:04:

Hey,
Check out Ron Starr’s article about foreclosure for newbies before you start. Hope it helps.

http://www.creonline.com/mm-56.html

Kevin

Re: Pre-foreclosures/Short Sale Newbie need help - Posted by Mark

Posted by Mark on July 24, 2002 at 15:00:01:

Call your local county courthouse & find out the ‘pre-sale’ procedures. In my state (and many others, I presume), the properties are advertised for 3 weeks prior to the sale. Find out which newspaper(s) are used in your county. The newspaper will have all the info you need. There’s no reason to pay someone when it’s freely available. That’s what this web site is all about!

Good luck!
Mark

Re: Pre-foreclosures/Short Sale Newbie need help - Posted by Maria

Posted by Maria on July 24, 2002 at 14:00:25:

Hi- In northern California we have a website called foreclosures.com which lists daily default listings for several counties. For about $79 a month you can get the daily lists for your particular county for 20 days. You can pay naturally for as many as you want. Then you begin to send the owners in default a postcard, along with the thousands of other investors who are doing so. Sometimes after many months, you might actually get a phone call from an owner! We have had one owner call us in about 3 months of working the lists. Good luck to you.

Re: Pre-foreclosures - Posted by deirdreb

Posted by deirdreb on July 24, 2002 at 20:35:06:

As a newbie, what would be a good market in a big city?

Re: Pre-foreclosures - Posted by Al - So Cal

Posted by Al - So Cal on July 24, 2002 at 22:12:34:

Pick an area and know it like the back of your hand
and find DEALS. Sounds pretty trite huh?
But it always boils down to the same old addage -
BUY LOW AND SELL HIGH.
Its finding deals where you can make a lot of money and the better you can create or recognize them the better you can do. Too many of us out there are looking in the wrong place - REOs, Fixers etc. Its really putting time and effort into your area and knowing it better than anyone. Its starts with the individual investor and not
chasing after the phoney baloney or you can wind up
doing goofy transactions because you can and not
making big profits.
Excuse me one second. Some just moved my soapbox!
I hate it when that happens.