Where is the best place to find foreclosures?

Question

I'm looking for the best place to find a foreclosure deal in Chicagoland. I can't do the legwork work involved in direct mail, door-to-door, etc. I'm talking, easy, amateur hour finds. Thanks!

Gary Parker · Answer

I just realized Mart can not door knock because I misread the the original post.  I'll leave this here, s it might be useful.

Door knocking as soon as the Notice of Default is recorded will yield some deals for sure if you stay consistent assuming you are in a non judicial foreclosure state.  Find out how to research recorded NODs, get the address and knock on their door.

You need to be prepared to offer genuine help.  The first thing to find out is if they want to sell or stay and go from there.  Have a solution that benefits the owner of the house like modification or CH 13 bankruptcy.  Stay in contact through out the process.  Most owners want to stop foreclosure as soon as they can, but there are those that will deny it is happening until the end.  We see houses with equity go up for auction all the time because the owners did nothing.

Follow up and an attitude to help the people will help make you successful.

Nick C. · Answer

For easy amateur hour finds your best bet is to network with wholesalers. Unfortunately you'll have to pay easy amateur hour prices, which are pretty high. Finding good deals takes a lot of work, money, and knowledge. The foreclosure auctions are best left to professionals who understand title and liens, and can make sure they know what they're getting.