Pre-foreclosures in Virginia?

Question

Helo all.  I've done all my investment activities on the MLS; seems like everyone says there are no deals on the MLS.  I've come across some pretty good ones I think, I've just for beaten out with cash offers (I have 25% down).

That brings me to my question... I've started seeing some potential in pre-foreclosures but my agent is apprehensive as he doesn't feel it's worth the effort.  But he will do it, reluctantly, it seems.  Anyone have experience?  I'm primarily looking for buy and holds and possible flips in the south Northern Virgina area (Stafford, Fredericksburg, Culpeper, etc.). I'm doing this work on the side, so it's not a full time gig (yet!).

Thanks for any advice!

Levi T. · Answer

It’s not worth his time, he will drop you as a client, and go do simpler dealers that give him quicker cash for less work. You'd do better chasing off market deals yourself.

Bobby Montagne · Answer

Brian, think about looking at some areas that have some density (rooftops) and an aging housing stock. You can easily see which houses have been abandoned or are in dilapidated condition. Just leave a note saying you are willing to buy the home as-is and also close at their convenience.

Cesar Rebolledo · Answer

@Brian Car, Are you finding these pre-fore on Zillow? What I would do if I were you is go direct to seller if your agent isn't willing to cold-call some pre-fore. Inventory is low so I'm not sure why an agent isn't aggressively looking for new opportunities is beyond me. Plus... flippers are repeat business! You can utilize a service like theredx.com or cole resources to find associated phone numbers and such. Hit me up if you need help with any of those.

Aj Parikh · Answer

@Brian C. That's great. I think staying consistent with one method is the key. Thanks for the response.

Brian C. · Answer

No, I never did.  I did end up finding a couple REO's and I got a short sale, but they were all on the MLS.  I haven't been able to find a good deal that way though for well over a year now.  Lately I've just been finding decent deals on the MLS, buying at, or close to, market value.

Aj Parikh · Answer

Hi @Brian C. I am late to this thread but I wanted to know if you ended up pursuing pre-foreclosures in VA. I am trying to find off market deals as well so I was wondering if you had any luck.

Brian C. · Answer

Not a bad idea.  Maybe the wife and I can go driving around looking for potential.  We already do that with new houses being built because we enjoy it; this is just on the other end of the spectrum.

Brian C. · Answer

Some of the Zillow stuff seemed out of date. I was using the foreclosure.com; not sure if that's much better.  theredx.com looks promising, I'll have to take a look at that, thanks!

Brian C. · Answer

Thanks, that makes sense.  I had thought I'd start pursuing them in parallel.  I do the leg work for the more complex deals and let him continue finding the listed or or to-be listed deals.

Gregg Hutton · Answer

@Amberle Farthing

Pre-foreclosures in Virginia?

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