Lis Pendens as Preforeclosure Leads

15 Replies

Are the websites like Foreclosure.com and RealtyTrac helpful or is there so much lag time it's better to pull them myself at the County Clerk's office?

Originally posted by @Account Closed :

Are the websites like Foreclosure.com and RealtyTrac helpful or is there so much lag time it's better to pull them myself at the County Clerk's office?

 Hi Michael. I have been told by BP that if I tell you how to get this or wish to provide it to you for free that I am soliciting, however if you connect with me I will gladly assist you on how to get these lists.

Thomas

@stephen 

@Stephen Torti  

I'm not completely sure because each state is somewhat different in how they do it but my guess is that corresponds to 'Trustee Sale' on your picture. Some states call it sheriff sale. On the forums here it's often just referred to as 'Buying on the courthouse' steps. 

Basically it all comes down to the procedure that is followed when you don't pay your mortgage. Here in Georgia we are 'non-judicial' meaning the bank does not have to go to court to foreclose. They have to give notice of default which is just an add in the legal paper for the county for 4 weeks in a row. What I linked above was my guess at your legal paper. 

Your notice process seems more involved. 

Then they hold a sale on the courthouse steps and the property is sold to the highest bidder for cash. The bank will generally bid in at the amount they are owed but if you bid above that you can buy the house. 

Here in Georgia, an attorney or someone they hire holds the 'auction' between certain hours on the first Tuesday of the month literally on the courthouse steps. In other states the sheriff does it or in your case it sounds like it may be the Constable.

If you truly want to understand it the best advice I can give you is to actually read the state law that pertains to foreclosure. Google 'Rhode Island State law' or statute. then search for the part that relates to foreclosure.

I've read the Georgia law several times and still don't understand some parts of it because it is vague and there is also case law involved. So I followed several foreclosures and attended the sales to see what was going on.

Be careful, you can lose a lot of money quickly if you make a mistake, try to find someone doing it there and try to get to know them and learn how it's done.

Hi @Jeff Kehl , ok thanks for all of this in depth info, much appreciated and I do need a little coaching here on wholesales.  I haven't been able to find someone that's experienced in this area to bounce ideas off of yet.  Either way, I'm going in on this process while simultaneously buying my first rental... I learn by doing anyway, just sticking to my standards so if I do make an error it will be mitigated by small risk / small reward.  

The ProJo is just the local newspaper but they cover pretty much everything in the area

In Non-Judicial States there is a public notice process... obviously covered above... (for example, in GEORGIA it is GEORGIA PUBLIC NOTICE ) the location of the post or filing will be the quickest because that is where the attorney starts. Realty Trac, Foreclosure.com, ForeclosureBidsList, Zillow, and all other sites all work on syndication of the source (TAX RECORDS, MLS, etc). Here is a good chart provided by RealtyTrac on what state has what type:

http://www.realtytrac.com/real-estate-guides/foreclosure-laws/

Any idea on the time frame for that source syndication? Do the web sites capture the data quickly or is there an advantage to pulling your own docs?

Originally posted by @Stephen Torti :

@Jess Kinzel yes, always looking!  I have my portfolio up to 6 units but looking for the next!  Why do you ask? 


Congrats! That is awesome! 

I ask because PreForeclosures is what I am pursuing.

I am in Missoula, Montana and it is a sellers market here. Preforeclosures are hard to come by.

I am still trying to get my first deal.

I work fulltime for low pay, so dont have the money to invest in systems or mail campaigns.

What I do is find my leads through Zillow, auction.com ane from free ads I place on CL.

Then I door knock. So far, no deal.

I wondered if maybe you had any advice?

Thank you! 

@Jess Kinzel , i will say that door knocks have got me some attention and a position to make an offer but the seller wouldn't accept.  I've also been networking with realtors and a few people that are "in the know" and that's helped me get closer with off markets but still haven't had a deal i've self generated.  i'm working FT too so it's a struggle, spend 2-3 hours a day commuting, now i have 6 units to run, i rent my car out on turo plus my job is sales so it's really never "off."  

I would network, let people know your intentions very clearly.  the specific deal you're looking for; number of units, location and price and they'll think of you when it comes up.  if you just say "i want a deal" then nothing happens, it's like when you introduce yourself and the person forgets your name a min later haha. 

Originally posted by @Stephen Torti :

@Jess Kinzel, i will say that door knocks have got me some attention and a position to make an offer but the seller wouldn't accept.  I've also been networking with realtors and a few people that are "in the know" and that's helped me get closer with off markets but still haven't had a deal i've self generated.  i'm working FT too so it's a struggle, spend 2-3 hours a day commuting, now i have 6 units to run, i rent my car out on turo plus my job is sales so it's really never "off."  

I would network, let people know your intentions very clearly.  the specific deal you're looking for; number of units, location and price and they'll think of you when it comes up.  if you just say "i want a deal" then nothing happens, it's like when you introduce yourself and the person forgets your name a min later haha. 

 True lol. Ok, thanks for the reply!

I see ypu are super busy as well, it gets frustrating not having the time to put towards what you would rather be doing!

Originally posted by @Jess Kinzel :
Originally posted by @Stephen Torti:

@Jess Kinzel yes, always looking!  I have my portfolio up to 6 units but looking for the next!  Why do you ask? 

Congrats! That is awesome! 

I ask because PreForeclosures is what I am pursuing.

I am in Missoula, Montana and it is a sellers market here. Preforeclosures are hard to come by.

I am still trying to get my first deal.

I work fulltime for low pay, so dont have the money to invest in systems or mail campaigns.

What I do is find my leads through Zillow, auction.com ane from free ads I place on CL.

Then I door knock. So far, no deal.

I wondered if maybe you had any advice?

Thank you! 

 Hi Jess, I'm building out a 3 unit commercial property, but can't link to any of my sites or businesses without getting deleted for self-promotion. I'm in Bozeman though, but still familiar with the Missoula market. You want to be looking at East Missoula. No zoning, no covenants, reasonable price, and the market out there is getting HOT. Haven't checked prices in a few months, but I saw some killer deals out there.

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here