New to Notes. Can I Use This to Find Deals?
My experience with notes has only been in creating them on owner finance deals. I am looking at them now as a means to buying more properties at a discount.
Rather than trying to find the owners of vacant properties that are going to auction (which has very often been a fruitless endeavor), I wonder if it would be possible to just contact the bank, buy the non-performing mortgage, foreclose, and then rehab and sell the property.
Is this a do-able strategy? What is the likelihood that the bank will sell the note? Who would be the right person at the bank to ask for to discuss their NPNs?
Thanks for any replies.