Foreclosures? Have I found the right records?

Question

I believe I have found the right records, but I'm not sure. I found these records of NOTICE OF FORECLOSURE SALE and Notice of Substitute Trustee Sale. Once these properties have been scheduled to be auctioned like this is it too late try and contact the homeowner?  Most of these filed yesterday the auction isn't until September. Should I go after these leads?

Jay Hinrichs · Answer

average borrower who is in foreclosures like you describe will get no less than 100 to 200 direct mail pieces

from investors  wholeslaers  real estate agents  mortgage brokers.. and foreclosure rescue fraudsters.

this is in a active or bigger MSA .. if your in some little town out in rural America there will be a lot less competition.

So what happens in the real world is the homeowner is overwhelmed with solicitations..

everything from the sappy  Hey I was once broke too or I lost my house too so I know what your going through

etc etc.

WE found the only way to really do this was to knock the door and make a reporte' and usually within a few days of the sale.. have the cash on hand to rescue the deal  a few days before and be able to prepare our own deeds get them notarized and recorded.. this is how you get the very best deals.

Poem Turner · Answer

Not to repeat @Jay Hinrichs, but he's absolutely right, they are going to be inundated.

Depending on your goal for the house I'd focus your efforts on the ones that would work for you. You probably have the best chance if you're purchasing directly (not wholesaling), so get everything lined up and get out there.

Good luck!

Khanh Tran · Answer

@Jay Hinrichs : When is the cut off time that you would buy from the owner? Do you buy the property from the owner on the auction date too? I am just curious the deadline that mortgage company would accept the owner to bring the loan to current.

Khanh Tran · Answer

@Jay Hinrichs: Do you usually paid off their mortgage at closing too? Or you buy the property with SubjectTo?

Khanh Tran · Answer

@Jay Hinrichs: If you prepare your own deeds and notarized them by yourself then  I guess you will not go through the title company. What can you do to prevent the owner from create another deed of trust just few days before you sign the contract? So the new deed of trust would be in the first position. What can you do to protect yourself?

Thanks

Bruce Lynn · Answer

Yes....just be aware they may or may not go to sale for the posted date.  Sometimes it may take years before they go to sale...sometimes the lender extends and extends and just reposts.  That may be good for you as it may give you more time to put a deal together.

You can also buy the lists for maybe $30/month or so....and that may give you more info....maybe the mortgage balance or the appraised value...or contact info.

Don't mail anything.  What I see in foreclosure is stacks of unopened mail.  If they're not paying the mortgage, they're probably not paying a lot of other things too....so mail is tough...they're getting a ton of it and a ton of phone calls.

Door knock and leave a flyer.

Mitchell Benson · Answer

Yes, these are the public record that all of the wholesalers in your area are looking at and going after. They are all probably getting lots of mail and phone calls.

Foreclosures? Have I found the right records?

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