what's the best way to find foreclosures in your area?

Question

What's the best way to find foreclosures in your area? Is it to look on websites like Foreclosure.com? or some other website?

Kieron Osullivan · Answer

Hi Marc, I am assuming you want to know so you or a client can consider/use them as a deal source?

The basics which most investors(particularly new ones) dont know.

All foreclosures originate from a legal process initiated via either a court filing, document filing or a notice being published.

The big data brokers (core, ATTOM), the prominent platforms (propstream, propwire, property radar etc) all buy there data from those sources or one another.

Because the point of origin is a legal filing set up within law/statute/code which must be made publicly available because the public pays for it to be made public, the courts/clerks etc have obligation to make the information available to the public before anyone else. This assumes you dont have special access to people involved in this process which allows you to know these docs will be filed before they are filed or can get to them before they file(is this legal, IDK).

Point I'm making here is to go to the point of origin of where these leads originate from which is either a court, a clerks office, or a legal notice board. The state and type of foreclosure determines which one.

Where ae you/your client looking to invest so i can point you in the direction of where to look?

If you are not going to the point of origin but an intermediary(data brokers/platforms) then you are receiving these leads after the courts/clerks offices have made them publicly available and, after they have been sold to the intermediary by the county who usually cleans and then updates its platform so its users can access these leads.

For t least TX, CA, FL on propstream and propwire they update there data 2 weeks later than they are filed with court/clerk.

Its also important to know that platforms update all data at once so not only are you getting the data late you are getting it the exact same time as everyone else.

Im envisioning a tank full of hungry sharks attacking a piece of chum a second after its been dropped in the water.

Good luck!

-------------------------------------------------------------------------------------------------------------------------

Links to the studies I done to prove PS data is behind by 2wks and only 1/3 what is provided by county records.

Please download to get full functionality in Excel. If you open it in new tab it is a lot harder to navigate.

Any issues with links please contact me

PS Preforeclosure Leads Data Is Only a Third of What Is Available from County Records

https://drive.google.com/file/d/1vmGk8l_YIcUk5awBIu_D_sp5ifT...

PS Preforeclosure Leads Behind County Data Deep Dive Sept 2024

https://drive.google.com/file/d/1RNXH3mBgJLq-uJRHJ6nH9OPVZFg...

What TX, CA, FL preforeclosure leads are available. Amounts and type (based on 10 yr scraped document counts).

https://drive.google.com/file/d/1oeUBp7gLOwWTSR4EU7JwatLu48a...

Ty Coutts · Answer

Hey Marc,

You can check your local county courthouse or their website for notices of default or upcoming auction dates, as many foreclosures are first listed there. Another option is to keep an eye on public foreclosure auctions in your area, where you can often find good deals directly. Definitely, working with a real estate agent who specializes in foreclosures can give you access to listings that might not be found online.

Hope this helps! If you have any questions, feel free to reach out.

Jay Hinrichs · Answer

subscribe to Property Radar hands down best service for this type of activity.

Meghan Carson · Answer

@Marc Shin

In my market, the county clerk provides a list of auctions in the area, and the MLS is another great resource. Local title companies, as well as probate and bankruptcy attorneys, often have lists of available properties too. Don’t forget to check your local newspaper for foreclosure notices as well.

I hope this helps!

what's the best way to find foreclosures in your area?

4 Replies