Getting started - preforeclosures

4 Replies

Hello all,
I wanted to know where this community stands on preforeclosures and how to go about acquiring one. One method I've read about is finding someone who is defaulting on their mortgage and sending them a letter offering to help. But how am I to find these people? I've looked at the registrar of deeds in my county (their website) but I can't search it the way I'd like (by looking for "notice of default" or "lis pendens."

Also there is the yahoo/realestate site which will have some properties but I'm never sure if the price listed is a second mortgage or what.

Any techniques for finding motivated sellers in default or divorcees looking to sell?

I don't think putting up fliers on a lamp post saying "we buy houses" is a viable business plan -- am I wrong?

halln27,

Putting a sign on lamp posts is a viable marketing plan, but I wouldn't do it. In my opinion, focusing on preforeclosures is nothing more than a fad. Are those the only source of deals in your area? Why not put a small ad in the newspaper; join your loca REIA; and let everyone know you're in business. I get most of my great deals through personal contact, not a guru fad.

Mike

Go to realtytrac.com they have a huge list of pre foreclosure, REO, Auction, or FSBO properties. They give u a free trial too for 7 days if u like it keep it, if not, cancel before the 7 days