Pre-foreclosure/foreclosure leads in a Judicial Foreclosure State
Hi everyone, I have a question regarding locating/purchasing data.
I live in Pennsylvania and when I research foreclosures and pre-foreclosures in PA I am unable to generate any leads. One site (either listsource or listability) advised that when searching in PA you have to search for properties that are up for auction. Well by that point, you've more than likely missed the window of opportunity to interact with a motivated seller. I'm sure it's not impossible but it's well beyond the 60-90-120 day range where you have a greater chance to purchase the house. Moreover, how motivated can a seller be when they know they have plenty of time (upwards of ten months) before they lose the property?
I read Steve Cook's article on judicial foreclosures: foreclosure-update-happier-days-on-the-way-for-judicial-states/ and in that article he indicates how long the foreclosure process is in judicial states and the impact it has on investors by reducing the number of houses available.
All of this brings me to my question, which has two parts:
1) is there a viable way to obtain a list of homes in the pre-foreclosure/foreclosure process in judicial states where no public notice of impending foreclosure is required?;
2) I noticed on RealtyTrac that they actually list homes in pre-foreclosure/foreclosure process, yet I've seen in some threads that RealtyTrac can be unreliable and out of date sometimes. Is RealtyTrac's information legit and if so, what price ranges has some people seen when using it (some quick criteria for the sake of the question: 3 bedroom sfh, 1000+ sq. ft; 50% or less LTV)?
I am seeking these properties for the purpose of wholesaling. I have cash buyers lined up but I need to locate the properties. I am now preparing my yellow letter campaign and I will more than likely use one of the marketing companies I've seen on the site (www.yellowletters.com). I have a list for absentee owners but I would really like one for foreclosures if possible.
If there are any details I've left out, please let me know, I'm happy to include them.