Best way to source foreclosure or pre-foreclosure opportunities?

Question

In addition to working with an agent (and building a strong relationship with agents in general), are there any websites or services out there where an investor can get access to foreclosure or pre-foreclosure opportunities in a particular market? I've checked out websites like foreclosure.com but am unsure if that is the best website to use for this purpose. Also curious if Realtor.com or some other professional body has their own foreclosure service/website that I could subscribe to.

Any pointers/guidance welcome. Thanks!

Mitch Messer · Answer

Hey @Raj Ajrawat, every U.S. state handles foreclosures their own special way! Where specifically are you interested in finding pre-foreclosures?

Georgia, for example, requires a foreclosure notice to be posted in the official county newspaper for four consecutive weeks leading up to the sale, on the first Tuesday of every month. That notice states the property address, borrower's name, lender name, and original loan balance.

Once you select a county, you can search the official newspaper's "Legal Notices" section and find all the pending foreclosures for that county.

Chris Seveney · Answer

@Raj Ajrawat

I have posted this several times on BP and I don’t think I have ever had anyone follow up on it

Find out some small to mid size note investors, ask them if they have any foreclosure sales coming up - you can strike a deal with them upfront if they get the home back you will buy it for X or work with them to start with a lower bid at auction for what they would sell it for and then you have a starting point at auction

For example we had 3 foreclosure sales last 3 months and we actually sold the properties for more post auction than what we bid and got property back at foreclosure

John Chong · Answer

There are a few websites online for property foreclosure auctions. Should be a bunch on the first page when you search it. You can also do mailer campaigns for pre-foreclosure.

Michael Ehrhart · Answer

Hey Raj,

I live in Los Angeles, CA and the method I have found that works the best is using websites like PropertyRadar and Propstream.You do have to pay to use these sites but it saves a lot of time, as you can filter to exactly what you are looking for.

It looks like you have a bigger pockets pro membership, so you might want to check out Invelo. They might have that capability as well.

That being said you can also check your local newspaper, as they are required to post the notices in California.

Raj A. · Answer

Hadn't thought of that; thanks for this Chris.

Raj A. · Answer

Very useful to know! Definitely interested in investing in Georgia but also my home state of CA. I'll do some more research on a state by state basis.

Best way to source foreclosure or pre-foreclosure opportunities?

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