I am a wholesaler in Michigan and would like to start reaching out to potential sellers who are in the pre-foreclosure process. I can't seem to find any info to get a list of all of the pre-foreclosure properties (at least in kent county). I've reached out to banks, district courts and county to find where I could get a list. They all tell me to got to Legal News because all mortgage related things are posted by them. Issue is, all of Legal News' info is properties going into foreclosure and being sold in a 4-5 weeks at auction. I've done deed searches and look at different documents filed. Nothing gets posted in Notice of Default. Most things are posted under some sort of lien (Lien, Misc. Lien, State Tax Lien, Fed Tax Lien. Very rarely are there postings in Notice of Judgement of Foreclosure docs and Certificate of Forfeiture of Real Property. Lastly, majority of of liens are posted in Judgement Lien Documents(JLD). I have found the JLDs to be mostly from credit card companies and banks, but I am still unsure if that's what I am suppose to be looking for or not. I know I can still reach out to the foreclosure lists and I do. Just looking to get a head start I guess you could say. Any pointers on where to go or to look to find the list would be unbelievably appreciated. Thanks in advanced!
I am a wholesaler in Michigan and would like to start reaching out to potential sellers who are
Maybe foreclosuresdaily.com, maybe see if any of your title company partners has access to titlepro software for leads. Might look at deal machine. Maybe look at PropertyRadar, PropHawk, PropStream and Podio. None of that is free, but probably well worth $30-$50/month or whatever they charge. Often that software will speed things up like crazy for you...might give you the equity number so you're only going after properties with X amount of equity. Or may help you shift lots from houses, or houses from mobile homes. Some may give you owners address if different from the property, some may integrate with post card and yellow letter mailings. Some may skip trace for you and giving you calling and text message integration.
One thought is in my experience probably 80% of the properties don't go to sale, the first date they are posted. You might take the list you get, go to the auction and see if they actually get sold. Just to give you an example, I recently saw a property that has been posted every month for about 10 years. Not sure what the issue is there. My guess is they missed a payment, then started up again. So every month, they are a month behind. Lender sends out notice, so they're ready the next time they miss a payment. Super unusual for me to see this, but I do see ones that are posted every month for a year or two. So don't get discouraged with the short time frame. That also perhaps makes people more motivated to sell. 4-5 weeks....that's plenty of time to get a deal done.
Good luck. Let us know what you end up using....and what success you have.
I am a wholesaler in Michigan and would like to start reaching out to potential sellers who are
Maybe foreclosuresdaily.com, maybe see if any of your title company partners has access to titlepro software for leads. Might look at deal machine. Maybe look at PropertyRadar, PropHawk, PropStream and Podio. None of that is free, but probably well worth $30-$50/month or whatever they charge. Often that software will speed things up like crazy for you...might give you the equity number so you're only going after properties with X amount of equity. Or may help you shift lots from houses, or houses from mobile homes. Some may give you owners address if different from the property, some may integrate with post card and yellow letter mailings. Some may skip trace for you and giving you calling and text message integration.
One thought is in my experience probably 80% of the properties don't go to sale, the first date they are posted. You might take the list you get, go to the auction and see if they actually get sold. Just to give you an example, I recently saw a property that has been posted every month for about 10 years. Not sure what the issue is there. My guess is they missed a payment, then started up again. So every month, they are a month behind. Lender sends out notice, so they're ready the next time they miss a payment. Super unusual for me to see this, but I do see ones that are posted every month for a year or two. So don't get discouraged with the short time frame. That also perhaps makes people more motivated to sell. 4-5 weeks....that's plenty of time to get a deal done.
Good luck. Let us know what you end up using....and what success you have.
I am a wholesaler in Michigan and would like to start reaching out to potential sellers who are in the pre-foreclosure process. I can't seem to find any info to get a list of all of the pre-foreclosure properties (at least in kent county). I've reached out to banks, district courts and county to find where I could get a list. They all tell me to got to Legal News because all mortgage related things are posted by them. Issue is, all of Legal News' info is properties going into foreclosure and being sold in a 4-5 weeks at auction. I've done deed searches and look at different documents filed. Nothing gets posted in Notice of Default. Most things are posted under some sort of lien (Lien, Misc. Lien, State Tax Lien, Fed Tax Lien. Very rarely are there postings in Notice of Judgement of Foreclosure docs and Certificate of Forfeiture of Real Property. Lastly, majority of of liens are posted in Judgement Lien Documents(JLD). I have found the JLDs to be mostly from credit card companies and banks, but I am still unsure if that's what I am suppose to be looking for or not. I know I can still reach out to the foreclosure lists and I do. Just looking to get a head start I guess you could say. Any pointers on where to go or to look to find the list would be unbelievably appreciated. Thanks in advanced!
For foreclosures, you reverse engineer. You look for the trustee doing the foreclosure and call their office asking for their status website. If they don't maintain a website, you ask them how they update the public with foreclosure statuses. Our clients are very active in buying pre-foreclosures. There is a way for this to be done.
But, this is not the legal posting newspaper. That is something else. This is maintained by the specific attorney’s office for the specific foreclosures they are performing.
Although very profitable, Foreclosures are a poor choice for wholesaling, unless you have substantial capital. They are better suited for other exit strategies. You have limited time to complete the transaction before the sale. There is an "arrears" that has to be identified and paid out of pocket before the sale or the loan needs to be paid off in full.
Specialist · United Kingdom · Member since 2024 · 53 posts · 7 votes
1y
Quote from @Blake Grzybowski:
I am a wholesaler in Michigan and would like to start reaching out to potential sellers who are in the pre-foreclosure process. I can't seem to find any info to get a list of all of the pre-foreclosure properties (at least in Kent county). I've reached out to banks, district courts and county to find where I could get a list. They all tell me to got to Legal News because all mortgage related things are posted by them. Issue is, all of Legal News' info is properties going into foreclosure and being sold in a 4-5 weeks at auction. I've done deed searches and look at different documents filed. Nothing gets posted in Notice of Default. Most things are posted under some sort of lien (Lien, Misc. Lien, State Tax Lien, Fed Tax Lien. Very rarely are there postings in Notice of Judgement of Foreclosure docs and Certificate of Forfeiture of Real Property. Lastly, majority of of liens are posted in Judgement Lien Documents(JLD). I have found the JLDs to be mostly from credit card companies and banks, but I am still unsure if that's what I am suppose to be looking for or not. I know I can still reach out to the foreclosure lists and I do. Just looking to get a head start I guess you could say. Any pointers on where to go or to look to find the list would be unbelievably appreciated. Thanks in advanced!
Firstly, well done for persevering and trying every avenue you thought would get you the data you needed.Most would have caved earlier and handed out there hard earned cash for old, saturated leads/records from the same prominent platforms which dump them pretty much when they receive them from either 1).the same large brokers AFTER the county has listed them on the county website or, 2). from the counties themselves directly AFTER the county has listed them on there own website, or, 3). from data scrapers on Upwork/Fiverr who scrape the data from those same platforms AFTER the counties/brokers sell those platforms the data being scraped by the freelancers.
Anyway, rant aside you seem to of made the same mistake i made when I first started branching out away from providing leads to my original couple of clients i got from Upwork who wanted me to scrape data from court records in FL for pre FC leads.Simply, I didn't know where to look for the information I needed in states outside of FL.
FL only allows the judicial route to foreclosure so I only needed to know/find/scrape the data from Lis Pendens documents for counties they requested. Nice and simple. 1 document 1 search per county and FL access to data is very good (open free searches, docs available without charge to view). I assumed the process would be the same outside of FL and I could get the info the same way. I couldn't and I now know I should of read the state property code to understand the difference between judicial and non judicial foreclosure. I also did not know the 3 different processes which are in place to inform the public via the public record of foreclosures/defaults.I thought everything was done via a court and that the process to access the data i wanted was as easy to find/retrieve in other states as it is in FL.
I was wrong.
The situation regarding data in FL is, unfortunately, not the same as other states. Many states have non-judicial options where if the contract allows for it(most contracts do) then no court involvement is required to foreclose the property. When there is no court involved there is no case number (that's a simple indicator to look for in a notice if you have not researched the details of the property code) so you have to look elsewhere, but, where and what to look for?
I learnt that there are 3 ways to access notices used across the states depending on whether they allowed judicial or non judicial foreclosure.
1). Via court docket when the case is filed. this is the fastest and earliest place to find foreclosures/defaulting loans/mortgages, via the filing of the case at the court, but, as mentioned, if the process within your state does not have to go through a court (non judicial option) you wont find records of the notices there. So if you cant find a case number then look at option 2.
2). The Clerk/recorder within each county. If there is no court involved the public still has to be notified and records kept of those notices. Those notices are recorded (surprisingly) at the county recorders/clerks office, so, search there by whatever details you have if your state offers non judicial foreclosure which it does.If there is no related documents (NOD or NOS or NOTs or appointing a sub trustee listed within the available documents list for the database) then go to the final place where the notice is filed.
3). In certain instances like GA and MI there is no requirement within the property code to file either a notice of default/equivalent or a notice of sale/equivalent so you will not find default/foreclosure notices because there is no legal requirement for the lender to do so, but, the public by law must be notified so where to look next? Again, the states property code will provide the answer, but as i have come this far, blabbing on for several paragraphs Ill tell you. Via the posting of well defined (defined within the state property code) notices which must be publicised within certain publications/online.
In MI the specific Document which must be published is called Notice of Foreclosure by Advertisement. Search for this in a Michigan Public Notice legal newspaper or an online legal notice aggregator site like USALEGALNOTICES and the fount of MI pre FC/FC data will be available to you. Now all you have to do is get there contact info and solve all there finance/credit/debt problems. Simples! This wholesale thing is easy!
That was EXTREMELY helpful, thank you so much. Basically where I have been getting the info from is the only place to get the newest info. Which is a bummer since it gives me so little time from posting to sale date, but I do know banks are pretty flexible here with the sale date and are willing to push the closing date back if there is a contract in place to purchase the property. Again, thank you for making that so clear!
Property Manager · Oklahoma city · Member since 2018 · 58 posts · 55 votes
1y
Is anyone seeing a sizable increase in pre-foreclosures in their market yet? Curious if we have to officially wait till trump is president or if some banks have already started the process. Not seeing it in my market yet.
Is anyone seeing a sizable increase in pre-foreclosures in their market yet? Curious if we have to officially wait till trump is president or if some banks have already started the process. Not seeing it in my market yet.
Still very slim pickings in DFW area. I had to add a couple more counties to my lists, and still very slim. Probably most people have equity unless they overpaid at the peak. Also most people employed, so even if it is a struggle they can still pay the bills.