If I find several homes that look distressed as I am "driving for dollars" that have recently been foreclosed, or some may have foreclosed quite a few months ago, but they are not showing "for sale" anywhere. How do I "get the deal" before they put it on the market/MLS???
So, I pull the info on that particular property, It shows it was foreclosed back in Feb. But it is still sitting there, and not on the market. How would I go about getting that property??
Thank you for your help!
I would look up the property owners via tax record and try to contact them through direct mail. You can also do some creative googling or skip trace their phone numbers and call them directly. Its also a good idea to print some business cards and door hangers so you have some contact information to leave at the property.
you would have to contact the bank who owns the property (if it's post foreclosure). Prior to foreclosure, the original owner still owns it until the bank completes the foreclosure. I've tried contacting banks post foreclosure to no avail. Maybe it's my opinion, but it's a waste of time trying to buy from bank before they list it. They have nothing to lose so they have little motivation to sell at a discount to you. They'll list and wait out an offer. Focus on the vacant paid off houses. That's where the money is. If someone has a better answer buying directly from bank, I'm all ears.
That's great info Adrien! Thank you SO much for the advice!! This will save me a lot of time. Anything I can ever help you with down here in Birmingham, Al., just let me know!
Thank you Andrew. I actually did pull tax records. They have already been through the foreclosure process. No current owner, just a bank. I will utilize my business cards and door hangers are a good idea. Thank you!
I agree. Don't bother with bank owned properties as they aren't truly motivated. They're going to put it on the market and take the highest/best offer instead of selling it to you for quick cash.
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