Any way to buy foreclosures before they hit the market??

Question

Is there anyway to contact the bank to buy foreclosures before they hit the market? The reason I ask, I found 4 foreclosures today driving around after work, plus a bunch of others I have found. Thanks

Nick Watkins · Answer

quick add to your last ? Find the cheapest news paper like local Gazette or Advance etc. All foreclosures pre auction MUST be published so banks find the cheapest way to make it public knowledge.

Nick

Rene Picanes Jr. · Answer

Hi Everyone.

@Rob Grove, Look up weclosenotes.com. Scott Carson has tons of experience regarding buying non-performing notes prior to becoming foreclosures. He has excellent classes and information about what you are looking for. I just took a course with him this weekend. It was well worth the money and I think it is exactly what you are looking for.

About the foreclosure lists, try foreclosure.com or foreclosurelistingservice.com.

Hope this helps.

Nick Watkins · Answer

The best way in my opinion and has PROVEN to work for me. (short version)

Meet the owner.

Find out redemption price.

Find a hard money lender..... Im new here but i think they have a list on this site.

Buy the house from the owner saving them from foreclosure.

If you wish refi. Into a better rate.

If you would like more details I am more then happy to help.

Nick

Michael Hill · Answer

One suggestion I'm wondering about (since I purchased my current house directly from Fannie Mae, but Fannie Mae had a listing agent) would be to see who the listing agent is and meet with them directly. I'd be willing to bet they might give you a heads up just as or right before it hits the market.

The listing agent in my area had several properties listed at the same time, with Fannie Mae as owner or seller.

Jeff B. · Answer

Caveat Emptor: Many state prohibit 3rd party intervention during the foreclosure process - - having laws against "Buyers of Equity".

STRONGLY suggest you consult your state regulations in this matter BEFORE you attempt to contact the Bank or the current Owner.

Anson Young · Answer

When the notice of election and demand (NOD or NED) hits, it's public information. Some counties list it on their site, all publish in small newspapers, and some services re-package this info and sell it to investors.

Pouyan Broukhim · Answer

another way is to go to the county records office and pull the NOD or NOS and from there you will be able to get the trustee's information. The trustee is direct to the foreclosing entity and ask them for their seller's information. Once you have the seller's information you can reach out to them and ask them if they are willing to sell the note and they are interested in selling the note you are in business. Just an FYI this strategy rarely works but its worth a try, just note that hard work pays off, so don't give up.

Good luck

Rob Grove · Answer

Grrr. Do any of you know the best way or anyways to get preforclosure lists?

Elio L. · Answer

I've always heard that smaller more regional banks and credit unions MAY work with you, and that the larger ones are impossible to buy from prior to the property hitting the market. Good luck.

Thelonious Jones · Answer

Unless you have direct contact at the banks/mortgage companies, it will be pretty hard, based on my experience.

Any way to buy foreclosures before they hit the market??

Any way to buy foreclosures before they hit the market??

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