How to find foreclosures and short sales

Question

Hello All!

I am trying to find out strategies to finding foreclosures and short sales outside of the mls. Has anyone had good experience with RedX? I called my local County Clerk and they said they don’t compile a list. The Records Dept isn’t of much help either. They occasionally put a list out for tax liens, but that’s it.

Thanks all in advance!

Minna Reid · Answer

99% of all short sales and foreclosure get listed in the mls. If you are looking for leads that may become foreclosures/shorts sales you could look at NOD/lis pendens lists, or lists of people late on their mortgage. A list of people in forbearance would be amazing, but I couldn't tell you how to get access to that.

Xavier Randall · Answer

@Todd Sullivan....I've been in the default industry for some time. There are still some asset management companies with their fingers on the pulse of foreclosures that become REO. They have established relationships with banks for bulk purchase. We just don't see them until they hit the MLS for a bidding war. I've been looking into https://www.bid4assets.com/ & https://www.hudforeclosed.com/. Bid4assets will be handling the upcoming LA County tax and foreclosure auction in February. It also still pays to do some leg work mentioned by @Wayne Brooks. Also, reach out to banks like FifthThird to find the REO department.

Todd Sullivan · Answer

Thank you all for your input!  I’m brand new to investing, and trying to figure out a strategy to follow is tough with so many options out there. Again, thank you all!

Wayne Brooks · Answer

@Todd Sullivan Correct, your local clerk/land/records office don’t create “list”, but....the info is there to create your own list, just search online for whatever the first recorded document is in a foreclosure.  Here it is an LP (Lis Pendens).  I would assume many others are already doing this, I did it years ago.

Eli Lederman · Answer

@Todd Sullivan Hello. I do business mostly in Sullivan County and occasionally Orange County.

How to find foreclosures and short sales

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