Pre-Foreclosure/ Foreclosure Experiance
Hi everyone, I am looking to learn more about Pre-Foreclosure/ Foreclosure homes and how to buy them. If anybody could give me any pointers that would be great. If anybody has actual experience that would be AWESOME!!
Thanks for all the help & I look forward to hearing from you
Quote from @Hunter Gibson:
Hi everyone, I am looking to learn more about Pre-Foreclosure/ Foreclosure homes and how to buy them. If anybody could give me any pointers that would be great. If anybody has actual experience that would be AWESOME!!
Thanks for all the help & I look forward to hearing from you
Hi Hunter. Pre-foreclosures has been my world for the last 10 years nearly. I have bought them as flips as investor, and listed them as an agent when flip doesn't make sense. Let's connect.
Hey Hunter! I've been buying pre-foreclosures and at the auction (Trustee's Sales and Sheriff's Sales) since 2002 in Arizona, Illinois and Wisconsin.
Each state has a unique set of rules for how the process works (judicial and non-judicial states). Utah is a non-judicial state, which means that the procedure is governed by state statute.
As a beginner, I think it's best to focus on pre-foreclosures. As a Realtor you will need to be careful and disclose that you're a licensed real estate professional when negotiating with sellers in foreclosure. You may also want to notify your broker.
I've found it's best to approach homeowners in foreclosure when their auction date is 30 days (or less away) because they have limited options at this point. Here's a link to Lundberg and Associates, they're one of the top foreclosure law firms in Utah: https://www.lundbergfirm.com/f...
Are you looking to do foreclosure deals for yourself, or for your clients?
Aloha! I am looking at a pre-foreclosure now in Hawaii, how do you contact the bank or what would be the first step?
#1 All Forums Contributor
- Investor
- Virginia
@Shenell Caldeira
Worthless to contact the bank, they won’t speak to you. You can try and see if seller will sell you the home.
How do I reach the owner if itʻs only showing the bank on the tax information?
Quote from @Marty Boardman:
Hey Hunter! I've been buying pre-foreclosures and at the auction (Trustee's Sales and Sheriff's Sales) since 2002 in Arizona, Illinois and Wisconsin.
Each state has a unique set of rules for how the process works (judicial and non-judicial states). Utah is a non-judicial state, which means that the procedure is governed by state statute.
As a beginner, I think it's best to focus on pre-foreclosures. As a Realtor you will need to be careful and disclose that you're a licensed real estate professional when negotiating with sellers in foreclosure. You may also want to notify your broker.
I've found it's best to approach homeowners in foreclosure when their auction date is 30 days (or less away) because they have limited options at this point. Here's a link to Lundberg and Associates, they're one of the top foreclosure law firms in Utah: https://www.lundbergfirm.com/f...
Are you looking to do foreclosure deals for yourself, or for your clients?
Hi Marty! One of my friends is interested in a foreclosure, but my MLS only lists pre-foreclosures. How do you find foreclosures for your clients?
Quote from @Reginald Clark:I'm going to assume these pre-foreclosure listings you're seeing on the MLS are properties that sellers chose to list for sale there (and that your MLS does not contain the full list of them in your county).
Quote from @Marty Boardman:
Hey Hunter! I've been buying pre-foreclosures and at the auction (Trustee's Sales and Sheriff's Sales) since 2002 in Arizona, Illinois and Wisconsin.
Each state has a unique set of rules for how the process works (judicial and non-judicial states). Utah is a non-judicial state, which means that the procedure is governed by state statute.
As a beginner, I think it's best to focus on pre-foreclosures. As a Realtor you will need to be careful and disclose that you're a licensed real estate professional when negotiating with sellers in foreclosure. You may also want to notify your broker.
I've found it's best to approach homeowners in foreclosure when their auction date is 30 days (or less away) because they have limited options at this point. Here's a link to Lundberg and Associates, they're one of the top foreclosure law firms in Utah: https://www.lundbergfirm.com/f...
Are you looking to do foreclosure deals for yourself, or for your clients?
Hi Marty! One of my friends is interested in a foreclosure, but my MLS only lists pre-foreclosures. How do you find foreclosures for your clients?
The best source for finding foreclosures is going directly to your county court (either their website or their office). Here's the link to the Harris County (Houston) courts website. I found 525 active foreclosures for January. These notice of trustee's sale documents include the auction date, time, location, as well as the name of the borrower, their address and original principal balance.
https://www.cclerk.hctx.net/applications/websearch/FRCL_R.aspx#
Lots of leads here! Go get them Reginald!
Quote from @Shenell Caldeira:
Aloha! I am looking at a pre-foreclosure now in Hawaii, how do you contact the bank or what would be the first step?
In the pre-foreclosure phase the ONLY person you can talk to is the owner of the property. That's who you contact to make a deal. As @Chris Seveney noted, the bank won't provide you any info. You're not the borrower and you have no vested interest in the property.
The FIRST step is to verify that there is still an auction date scheduled and the case is active. You don't want to waste time contacting the owner if they're not in foreclosure anymore. You do this by calling the foreclosing attorney (or checking their website). If the case is still active the next step is to make contact with the owner. Write them a letter, track down their phone number to call and/or text and knock on their door. But I recommend waiting to do any of these things until there are 30 days or less left before the sale. By this time the seller is running out of options and will be more willing discount their price.
Good luck Shenell!
Quote from @Shenell Caldeira:
How do I reach the owner if itʻs only showing the bank on the tax information?
You're looking for the NOTICE OF FORECLOSURE SALE. These are kept on file in the county where the property is located, and are usually published in a newspaper. This notice contains the homeowner's name, auction date and in some cases a description of the property/principal loan balance. Here's an example:
https://hawaiisclassifieds.com...
Hawaii is a judicial state so the proceedings are handled by the county courts. This means it can take several years for the borrower to lose their home to foreclosure. Keep in mind the more difficult it is to find this info the better! Less competition for you!
Quote from @Marty Boardman:
Quote from @Reginald Clark:I'm going to assume these pre-foreclosure listings you're seeing on the MLS are properties that sellers chose to list for sale there (and that your MLS does not contain the full list of them in your county).
Quote from @Marty Boardman:
Hey Hunter! I've been buying pre-foreclosures and at the auction (Trustee's Sales and Sheriff's Sales) since 2002 in Arizona, Illinois and Wisconsin.
Each state has a unique set of rules for how the process works (judicial and non-judicial states). Utah is a non-judicial state, which means that the procedure is governed by state statute.
As a beginner, I think it's best to focus on pre-foreclosures. As a Realtor you will need to be careful and disclose that you're a licensed real estate professional when negotiating with sellers in foreclosure. You may also want to notify your broker.
I've found it's best to approach homeowners in foreclosure when their auction date is 30 days (or less away) because they have limited options at this point. Here's a link to Lundberg and Associates, they're one of the top foreclosure law firms in Utah: https://www.lundbergfirm.com/f...
Are you looking to do foreclosure deals for yourself, or for your clients?
Hi Marty! One of my friends is interested in a foreclosure, but my MLS only lists pre-foreclosures. How do you find foreclosures for your clients?
The best source for finding foreclosures is going directly to your county court (either their website or their office). Here's the link to the Harris County (Houston) courts website. I found 525 active foreclosures for January. These notice of trustee's sale documents include the auction date, time, location, as well as the name of the borrower, their address and original principal balance.
https://www.cclerk.hctx.net/applications/websearch/FRCL_R.aspx#
Lots of leads here! Go get them Reginald!
Wow. Thank you!
@Marty Boardman. Mahalo! This house has been in foreclosure for awhile just trying to be as proactive as I can. Such great information!!!
These can be tricky to deal with but at the end of the day, you are offering a win-win situation to all parties involved.
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
- Austin, TX
Pre foreclosure homes is where you will find the best deals. Knock on all doors of homes that are in pre foreclosure and offer to help.
@Hunter Gibson. - message me, I can send you my script & strategy. Our entire business is pre foreclosure prospecting.
@John Slater I’m interested in learning as well
Quote from @Eliott Elias:
Pre foreclosure homes is where you will find the best deals. Knock on all doors of homes that are in pre foreclosure and offer to help.
Would you mind providing how to learn about pre-foreclosure process for TX. Any book, article, blog? The whole process is so complicated.
Thank you
Quote from @Shenell Caldeira:
Aloha! I am looking at a pre-foreclosure now in Hawaii, how do you contact the bank or what would be the first step?
Hi Shenell. Please feel free to reach out if you need assistance. I've closed over 3200 short sales in 20 years and many in Hawaii. The process is complicated so, it's more than I can post here. Actually more Like I'd need a series of books to post here. Lol.
Quote from @John Slater:
Quote from @Hunter Gibson:
Hi everyone, I am looking to learn more about Pre-Foreclosure/ Foreclosure homes and how to buy them. If anybody could give me any pointers that would be great. If anybody has actual experience that would be AWESOME!!
Thanks for all the help & I look forward to hearing from you
Hi Hunter. Pre-foreclosures has been my world for the last 10 years nearly. I have bought them as flips as investor, and listed them as an agent when flip doesn't make sense. Let's connect.
What do you like about pre-foreclosures, John?
Quote from @Will Fraser:
Quote from @John Slater:
Quote from @Hunter Gibson:
Hi everyone, I am looking to learn more about Pre-Foreclosure/ Foreclosure homes and how to buy them. If anybody could give me any pointers that would be great. If anybody has actual experience that would be AWESOME!!
Thanks for all the help & I look forward to hearing from you
Hi Hunter. Pre-foreclosures has been my world for the last 10 years nearly. I have bought them as flips as investor, and listed them as an agent when flip doesn't make sense. Let's connect.
What do you like about pre-foreclosures, John?
Hey Will, great question.
Here's a great example, working with a seller right now on the agent side. bought in 2017, got behind during covid, now $60k behind. can't catch up, lender won't work with them based on their now income. wife didn't tell husband for two years during covid she wasn't paying mortgage.
They'd like to keep it, but can't, they have other debts, so much going on, but now they have a plan. Sell, pocket $200k in equity, appreciation since they bought it, bank 25% for a new deposit in a year once they repair credit, buy two new second hand cars because they need them, pay off credit card debt, put a little extra to the side for increased rent payments for next 12 months, and reorganize to buy in 12-18 months... now they see the light, a chance to move forward, to not stress, and they're lucky the market increased so much... but if they struggle to keep it, struggle to make payments, then 10 months realize they need to sell, would they have as much equity, maybe, maybe not.. So, I got to help a family figure things out, I got to help them reorganize and get out of a massive hole, while I make money as well...
Thats example is probably the biggest reason why pre-foreclosures for me. But also, they're "need to sell" versus want to sell, so you're not dealing with affects of the current market interest rates convo etc, also many not paying their mortgage don't keep up their house, so this leads allows me to look at flips vs listings.
Hey @Hunter Gibson, I’m in SLC, UT and I’ve been working with preforeclosures for a while now. Let’s connect and work together!
That would be great what a good number to reach you at?
Quote from @Hunter Gibson:
Hi everyone, I am looking to learn more about Pre-Foreclosure/ Foreclosure homes and how to buy them. If anybody could give me any pointers that would be great. If anybody has actual experience that would be AWESOME!!
Thanks for all the help & I look forward to hearing from you
I see that you're in SLC, so I'm I. How's your search for pre-foreclosure's going?
Quote from @Marty Boardman:
Hey Hunter! I've been buying pre-foreclosures and at the auction (Trustee's Sales and Sheriff's Sales) since 2002 in Arizona, Illinois and Wisconsin.
Each state has a unique set of rules for how the process works (judicial and non-judicial states). Utah is a non-judicial state, which means that the procedure is governed by state statute.
As a beginner, I think it's best to focus on pre-foreclosures. As a Realtor you will need to be careful and disclose that you're a licensed real estate professional when negotiating with sellers in foreclosure. You may also want to notify your broker.
I've found it's best to approach homeowners in foreclosure when their auction date is 30 days (or less away) because they have limited options at this point. Here's a link to Lundberg and Associates, they're one of the top foreclosure law firms in Utah: https://www.lundbergfirm.com/f...
Are you looking to do foreclosure deals for yourself, or for your clients?
True that. Folks tend to not do anything when the heat is down low...but when that Sheriff serves them notice of the auction or eviction...it's a whole other story!
Quote from @Shenell Caldeira:
How do I reach the owner if itʻs only showing the bank on the tax information?
Look on the county recorder website for the last deed, then skip trace the owner of record.