I have a list of foreclosures in my area... now what?

5 Replies

My mother recently became a realtor and sent me a list provided to her by the Company. It lists something like 600 addresses, class, legal description, mortgagor, mortgagee, trustee and origional/unpaid balance.

My question is, what now? Will these be going to auction, do I contact the Mortgagee, do I wait for it to go on the market?

Obviously I am new at looking at foreclosed properties. My mother owns a few rental houses, which she got through word of mouth. She now has another job and am looking to start my Real Estate Empire.

Thanks in advance.

I have bought tons of foreclosures. All were on MLS. Find one you want to buy. make an offer and get it.

Originally posted by @Arlan Potter :

I have bought tons of foreclosures. All were on MLS. Find one you want to buy. make an offer and get it.

I looked at 3 properties on the list that are in an area that interest me. 2 were not on the MLS. Does this mean they are going to auction or will eventually make it on the MLS?

Thanks,

@Austin W.  Now that you have your list, go to the houses and knock on their doors. Introduce yourself and let them know that you are an investor and looking to buy houses in the area and if they are interested in selling their house.

Be prepared for some people to be hostile, but just keep pushing and doing it. 

George

I have a similar question. I have Seen a few great properties while driving for dollars and in doing my research found out that they have recently been put in foreclosure and now are owned by the bank. I want to make an offer on these properties but I am not a licensed realtor. Can I make an offer or does a realtor have to do that?  Who do I make the offer to, the bank who now owned the property?  

Originally posted by @George Makakaufaki :

@Austin W.  Now that you have your list, go to the houses and knock on their doors. Introduce yourself and let them know that you are an investor and looking to buy houses in the area and if they are interested in selling their house.

Be prepared for some people to be hostile, but just keep pushing and doing it. 

George

I would not advise knocking on a persons door that is getting foreclosed on. You might get killed. 

The way I see what is happening is that most if not all foreclosures hit MLS, and banks don't sell before that. Unless it is a local bank and you know the bank officers. And most local banks don't keep home loans so not many there.

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