Buying Foreclosures

Rental Property Investor · Charlotte, NC · Member since 2016 · 293 posts · 88 votes

Hey BPer's!

We are making offers and so far nothing has quite panned out...which means we are getting closer!! With that said, I'm wondering if we should be looking for closely at foreclosures. Anyone have tips on buying them? I've read some on it but curious to hear from those that are currently doing it in the Charlotte area. Also open to Danbury (only 30 minutes from me) or surrounding areas in Connecticut.

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Jason Hirko

Lender · San Antonio, TX · Member since 2016 · 1k+ posts · 1k+ votes

@Brian Loper @C.J. Baumann There are lots of pre foreclosure lists out there, but what I was referring to was finding someone who is already in foreclosure, going to them before their house gets auctioned, buying it from them and immediately paying off their mortgage, to stop foreclosure. That way you could potentially buy it for the amount of the lien and not have competition of the auction.

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Audrey Truesdale
Wholesaler · Charlotte, NC · Member since 2013 · 269 posts · 66 votes
10y
Melissa Nevich the courthouse auctions here are not really a decent source for inventory to fix and flip... A lot of folks bid those properties way! Up and thus don't allow for a great return just curious what methods are you using to locate properties currently here in Charlotte? Feel free to reach out if I can be of anyhelp....
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Melissa N.
OP
Rental Property Investor · Charlotte, NC · Member since 2016 · 293 posts · 88 votes
10y
@Audrey Truesdale I'll PM you! I'm not interested in flipping. We are looking to BRRR so more long term value add.
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
10y
there is a BP member who publish's a list of the coming foreclsoures in some area of NC>. its pretty nice.. helps a ton
I looked at sales there you have a very convoluted way to buy them you bid and someone can upset you.. etc.
but generally speaking someone who will pay near retail and is either going to buy and hold and or live in it.. can EASILY compete... becaseu your competition wants EQUITY instantly and wants to rehab flip for profit or wholesale for profit.. if your willing to pay more this should be a slam dunk for you.
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Melissa N.
OP
Rental Property Investor · Charlotte, NC · Member since 2016 · 293 posts · 88 votes
10y
@Jay Hinrichs Do you know who that is? I'd love to get in contact with them.
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
10y
send me a PM I get a daily e mail from them .... and when it comes in I will forward to you.. can't recall their name as I am not active in that market for the reasons I stated above.
in the PM have your direct e mail address.. I no longer give mine out on BP as there are too many scammers and phishers working the site these days and for whatever reason they seem to be attracted to me !!!
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Jason Hirko
Lender · San Antonio, TX · Member since 2016 · 1k+ posts · 1k+ votes
10y
@Melissa N. if you're interested in buying foreclosures, you should consider trying to pick them up in the days before the auction. Those owners, if they care about their credit at all (lots don't by that point) are where you can make big profits.
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Phil Z.
Real Estate Broker · Orange, CT · Member since 2013 · 951 posts · 218 votes
10y
Its its not 6 months on market, I would expect your offers will need to be very close to list price.
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Brian Loper
Red Bank, NJ · Member since 2016 · 14 posts · 3 votes
10y
@JasonHirko do you have any more detail on buying just before the auction date or can you refer me to any blog posts that provide that detail?
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C.J. Baumann
Camp Lejeune, NC · Member since 2016 · 7 posts · 0 votes
9y
@Jason Hirko glad to see you're a Texan! I'm from the SA area too, can't wait to get back.. Quick question in regard to your last post: Where can you see foreclosures before they go to auction? I'm not real familiar with the process... correct me if I'm wrong here. Someone can't pay their mortgage, so the bank claims it back as a forclosure, it get's auctioned out to then be put back on the market by who ever bought it out (if they so choose to sell). I've seen some foreclosures listed on real estate sites (zillo, trulia, etc.) but those are passed the auction phase at that point right? Thanks for you feedback in advance...
CJ
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Jason Hirko
Lender · San Antonio, TX · Member since 2016 · 1k+ posts · 1k+ votes
9y
@Brian Loper @C.J. Baumann There are lots of pre foreclosure lists out there, but what I was referring to was finding someone who is already in foreclosure, going to them before their house gets auctioned, buying it from them and immediately paying off their mortgage, to stop foreclosure. That way you could potentially buy it for the amount of the lien and not have competition of the auction.
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