Posted by brent on November 18, 2000 at 15:24:41:
Thanks Phil.
where are the foreclosures - Posted by Brent
Posted by Brent on November 18, 2000 at 07:38:08:
I have heard about great deals on foreclosures and want a piece of the pie. Where do I find these great deals and how do I get involved? Also assumable loans? Where do I find these? through a relator? Thank you
Re: where are the foreclosures - Posted by Ben (FL)
Posted by Ben (FL) on November 20, 2000 at 16:00:21:
Go to the county courthouse (the archive or recording office) and ask about foreclosures. They should be very helpful. The first step in a foreclosure is that the bank (whoever holds the mortgage) has to file a Lis Pendens. This is notice to the homeowner that they are being foreclosed on. Ask the courthouse people where you can find the Lis Pendens. Then ask them how much time, typically, passes between serving the Lis Pendens and the auction. That’s your timeline. I go to the courthouse in the middle of the month and search for all Lis Pendens filed since my last visit. My town has about 200,000 people, and each month between 50 and 100 new Lis Pendens are filed. When they are served the Lis Pendens, the closkc starts and if the bank stays with the schedule, the sale will be in 90 days.
The Lis Pendens will include a lehgal description and an owner name. From there, I look up the owner’s address and send them a letter.
This is very early in the foreclosure process, and some people may not call you until the auction is only days away. You may not be able to help them unless you have cash. Other’s will just sit and hope for a miracle, then call you. Either way, with a good letter, you will get calls.
They’re everywhere - Posted by B.L.Renfrow
Posted by B.L.Renfrow on November 18, 2000 at 19:01:38:
I second Phil’s recommendation for Joe Kaiser’s foreclosure course…it’s filled with hundreds of ideas, any one of which can potentially pay for the course many times over.
But the best deals are NOT bank-owned REOs or sheriff’s auctions. The BEST foreclosure deals are the ones made BEFORE the auction…with the distressed owner. I find most of my preforeclosures when the seller calls me…either from my ad, or word of mouth.
As for assumable loans…forget it. There are very few of them, and most of the ones which do exist require qualifying to assume, so it’s no different than getting a loan yourself. But almost ANY loan is “assumable” by taking title subject-to the existing financing.
Brian (NY)
Re: where are the foreclosures - Posted by mike
Posted by mike on November 18, 2000 at 15:07:03:
You could also go a step further and aquire ‘pre-forclosures’, put your ad in the paper to find motivated sellers, or visit your bank and find out what they have.
good luck!!!
Re: where are the foreclosures - Posted by phil fernandez
Posted by phil fernandez on November 18, 2000 at 10:11:50:
You would find foreclosures at your local courthouse. In my state that would be Superior Court. Joe Kaiser has an excellent course Totally Dominate Your Foreclosure Market.
Assumable loans are created by acquiring property “subject to” the existing mortgage. Bronchick has a great course dealing with this called Cash Cow.