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
Foreclosures are my bread and butter. My approach is probably fairly unique in that if the homeowner wants to keep the house and would traditionally not be able to, I point them in the direction of their equitable remedies and have had success helping folks keep their house and work out a sweet deal with the finance company to boot; I've retained a minority equity stake in the properties as a result.
In the case where it's a non-owner occupied property and the investor no longer wants the headache, I negotiate either an acquisition in trust of the LLC/Corporation that is holding the deed, or have the deed quit claimed to me individually. I'm primarily in a judicial foreclosure state and so that's where the fun lies for me because I create standing for myself to beat the bank/finance company at their own game and walk away with either the paper or the property free and clear. This is a long-term strategy for me as litigation can take years in some cases, but with a decent backlog of these types of foreclosures, especially commercial properties, it's well worth the time investment!
Quote from @Shawn Shawnell:
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?
I am still looking for the best place to find connections or information on where I can get pre-foreclosures. So as of now not very well. How about you?
I am looking to learn more about pre-foreclosures and foreclosures in MA and NH as well. Any advice or help would be greatly appreciated. Thanks!
Steven
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?
I just reread this post and the part about focusing on leads where they have no other options completely changed how I think about prospecting...I've been focusing on the new foreclosures because I have so much value to give...but, better to talk to the people who can use my value the most today!
Quote from @Blake Billups:Smart strategy Blake! The last two pre-foreclosure deals I closed the homeowner had just 24 hours left until their auction. I was able to save them from a terrible financial outcome.
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?
I just reread this post and the part about focusing on leads where they have no other options completely changed how I think about prospecting...I've been focusing on the new foreclosures because I have so much value to give...but, better to talk to the people who can use my value the most today!
Wow! 24 hrs huh? If it was a non-judicial state, did you file a TRO or something?
Quote from @Marty Boardman:Wow! 24 hrs huh? If it was a non-judicial state, did you file a TRO or something?
Quote from @Blake Billups:Smart strategy Blake! The last two pre-foreclosure deals I closed the homeowner had just 24 hours left until their auction. I was able to save them from a terrible financial outcome.
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?
I just reread this post and the part about focusing on leads where they have no other options completely changed how I think about prospecting...I've been focusing on the new foreclosures because I have so much value to give...but, better to talk to the people who can use my value the most today!
Wow! 24 hrs huh? If it was a non-judicial state, did you file a TRO or something?
Quote from @Blake Billups:
Quote from @Marty Boardman:Wow! 24 hrs huh? If it was a non-judicial state, did you file a TRO or something?
Quote from @Blake Billups:Smart strategy Blake! The last two pre-foreclosure deals I closed the homeowner had just 24 hours left until their auction. I was able to save them from a terrible financial outcome.
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?
I just reread this post and the part about focusing on leads where they have no other options completely changed how I think about prospecting...I've been focusing on the new foreclosures because I have so much value to give...but, better to talk to the people who can use my value the most today!
Wow! 24 hrs huh? If it was a non-judicial state, did you file a TRO or something?
No injunction needed, I called the attorney and told them I had the funds to reinstate the loan. They sent me the figure with wiring instructions and I sent the money to bring the loan current. This cancelled the auction. Of course, I had the deed in hand signed by the seller prior to doing this (subject-to).
i am looking for pre-foreclosures in Houston tx
Quote from @Marty Boardman:
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!
Marty, this is good advice. So only contact the attorney to see if the foreclosure is still active? This is the only question to ask the attorney? What about asking if the seller is motivated/interested to sell? Can the attorney "broker" this deal or not their job?
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What specific questions do you have? It is like buying any other property. You approach the seller, and work a deal directly with them. You make sure you get the property closed before the foreclosure date.
Quote from @G Pyros:
Quote from @Marty Boardman:
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!
Marty, this is good advice. So only contact the attorney to see if the foreclosure is still active? This is the only question to ask the attorney? What about asking if the seller is motivated/interested to sell? Can the attorney "broker" this deal or not their job?
The only information the attorney will provide you is whether or not the case is active, cancelled or postponed. The attorney works for the bank, not the borrower (homeowner). The attorney won't know or won't care if the homeowner is interested in selling. And no, the attorney can't broker the sale of the property.
It's very simple, if you want to buy a house in foreclosure prior to the auction you MUST deal directly with homeowner. That is the only person/s that can sell you the property. You're wasting your time contacting or speaking with anyone else other than the homeowner/s.
Quote from @Marty Boardman:
Quote from @G Pyros:
Quote from @Marty Boardman:
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!
Marty, this is good advice. So only contact the attorney to see if the foreclosure is still active? This is the only question to ask the attorney? What about asking if the seller is motivated/interested to sell? Can the attorney "broker" this deal or not their job?
The only information the attorney will provide you is whether or not the case is active, cancelled or postponed. The attorney works for the bank, not the borrower (homeowner). The attorney won't know or won't care if the homeowner is interested in selling. And no, the attorney can't broker the sale of the property.
It's very simple, if you want to buy a house in foreclosure prior to the auction you MUST deal directly with homeowner. That is the only person/s that can sell you the property. You're wasting your time contacting or speaking with anyone else other than the homeowner/s.
Understand. I called a few leads for pre-foreclosures. Some attorneys this question was very normal, had a system and prepared, others weren't and said "I need to ask the attorney"
I am simply asking; "I am inquiring about property XX if it is still active in foreclosure"
Is this safe to ask? Anything I can add or more information? What about stage of foreclosure?
Quote from @G Pyros:
Quote from @Marty Boardman:
Quote from @G Pyros:
Quote from @Marty Boardman:
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!
Marty, this is good advice. So only contact the attorney to see if the foreclosure is still active? This is the only question to ask the attorney? What about asking if the seller is motivated/interested to sell? Can the attorney "broker" this deal or not their job?
The only information the attorney will provide you is whether or not the case is active, cancelled or postponed. The attorney works for the bank, not the borrower (homeowner). The attorney won't know or won't care if the homeowner is interested in selling. And no, the attorney can't broker the sale of the property.
It's very simple, if you want to buy a house in foreclosure prior to the auction you MUST deal directly with homeowner. That is the only person/s that can sell you the property. You're wasting your time contacting or speaking with anyone else other than the homeowner/s.
Understand. I called a few leads for pre-foreclosures. Some attorneys this question was very normal, had a system and prepared, others weren't and said "I need to ask the attorney"
I am simply asking; "I am inquiring about property XX if it is still active in foreclosure"
Is this safe to ask? Anything I can add or more information? What about stage of foreclosure?
All you need to provide is the case number, trustee's sale number, etc. They should be able to look it up in their system and tell you if it's still scheduled for auction.
Ask this..."hello, I was calling about case #1234 or trustee's sale #1234...can you tell me if this is auction is still scheduled for 1234 date...or has it been postponed or cancelled?"
Most attorneys have an automated number or website you can check with the case number to verify. It's only the small, less sophisticated law firms that make you call them and speak to a rep.
Hi all, just getting into the world of foreclosures after building new construction for the last six years.
I have the data mining of pre-foreclosures and auction detail down.
I’m wondering what kind of documents/purchase agreements are needed or work best?
Also, I know someone who shows up knocking on a door with certified checks for certain situations. Is this common practice to close a deal?
Any info would be helpful and appreciated. Looking to turn my leads into deals!
Thx
Hi John, do you do foreclosure deals around DFW? I would like to check it out. Also, all foreclosures cannot be inspected, I read some can be inspected, however, if it; 's a cosmetic problem I have no problem buying it in, as I am looking to invest in the DFW market at the moment.