Finding Pre-Foreclosures For Investing and Profits
Pre-foreclosure investing is very profitable and alot simpler than dealing with the bank after the sale has progressed far or taken over by the bank.
So I wanted to share this great article and let you see the methods by which you can find pre-foreclosure homes
Secrets to Finding Pre-Foreclosures for Short Sales
By Jarad Severe
By far, the most essential step in the short sale process is finding motivated sellers in pre-foreclosure. If you can't find motivated sellers in pre-foreclosure, then it will be very difficult to do short sales.
I will share with you a few of my secrets of finding motivated sellers and you just need to choose 3 or 4 of them to use that fit your style. The idea behind this is to maintain a constant flow of pre-foreclosure leads - potential homeowners who need your help and expertise. There are several ways in which to find motivated homeowners. Newspapers, ads, signs, courthouse, attorneys, just to name a few. See, when a homeowner is delinquent on their mortgage, a legal notice or notice of default must be sent to the homeowner to let them know that their property will be going to auction soon.
Once the legal notice has been recorded, you can go to the courthouse and research these files to find homeowners in default. These legal notices are published weekly, sometimes daily at the courthouse. This will be the first place to look. Go down to your county courthouse and ask to speak to the clerk of courts. Then ask him where they publicize the legal notices or notices of foreclosure or lis pendens. Depending on what state you live in, they may call it something different.
If you can't get any answers, then go to the recorders office. Any legal action must be recorded. You are looking for notices that show homeowners have defaulted on a loan and are now trying to collect the debt. Once you find them, make sure you don't take any of these notices or files out of the building, just ask them if you can make copies. Before you leave, ask the clerk or recorder if there is a county website or newspaper that publishes all the legal notices so you can save time by just looking them up on your computer. Most newspapers have a website with everything on it - yes even legal notices. Let me clarify one thing.
Ideally, you are trying to find homeowners who are 90 days from the auction because this gives you more time to negotiate a short sale with the bank. Every state is required to notify the public, usually by newspaper, that there will be a foreclosure auction on such and such a property anywhere between 3 to 5 weeks before the auction. So be aware that if you find legal notices in a newspaper, the auction is only 3 to 5 week away. You must act very quickly and know what you are doing. On the other hand, when you go to the courthouse or recorders office, typically the homeowner still has a few months before the auction. Real estate agents can become very useful to you. They are constantly looking at real estate, it's their job. Start networking with them. Come up with some sort of win-win.
Let them know if they ever see a property that is upside down or over-leveraged, to give you a call. If you buy the property, let them list it for you. Agents make their money from commissions. You treat them good, they will treat you good. Business cards are another great way to find pre-foreclosures. You can hand them out to everyone and let them know you buy distressed properties. Give them out to real estate agents, attorneys, friends, neighbors and so on. Anything that gets your name out there that you are looking to invest in distressed properties. Make them attractive so people want to call you back. Send them out in all your letters. Money talks for most people. So set up some sort of referral program where you give them money if they know of anyone who may need your help and you buy their home.
I don't know how many people I've talked to just because of a small finders fee. Most of the time it's friends and neighbors of the people you are doing the short sale with. They are so pleased with what you've done with them, they want you to help their friends or family, plus they get a finders fee. You could have something like this - “this card is worth $1000 to whomever finds me a property!” Attorneys work well because a huge number of people are filing for divorce or bankruptcy. If you know any attorneys that specialize in these areas, work with them. They can become one of your greatest assets. Other methods include flyers, magnets, newspaper ads, and signs you see on the side of the road. Try all these ways to find pre-foreclosure leads and then focus on the ones that bring you the best results.
Jarad Severe is a leading authority and expert in Foreclosures. He is President and CEO of Foreclosures and Flippers Inc. Jarad can be reached by email at: info@foreclosuresandflippers.com or you can visit his website at: http://www.foreclosuresandflippers.com to receive more information on foreclosures, short sales and more. Article Source: http://EzineArticles.com/?expert=Jarad_Severe
So I wanted to share this great article and let you see the methods by which you can find pre-foreclosure homes
Secrets to Finding Pre-Foreclosures for Short Sales
By Jarad Severe
By far, the most essential step in the short sale process is finding motivated sellers in pre-foreclosure. If you can't find motivated sellers in pre-foreclosure, then it will be very difficult to do short sales.
I will share with you a few of my secrets of finding motivated sellers and you just need to choose 3 or 4 of them to use that fit your style. The idea behind this is to maintain a constant flow of pre-foreclosure leads - potential homeowners who need your help and expertise. There are several ways in which to find motivated homeowners. Newspapers, ads, signs, courthouse, attorneys, just to name a few. See, when a homeowner is delinquent on their mortgage, a legal notice or notice of default must be sent to the homeowner to let them know that their property will be going to auction soon.
Once the legal notice has been recorded, you can go to the courthouse and research these files to find homeowners in default. These legal notices are published weekly, sometimes daily at the courthouse. This will be the first place to look. Go down to your county courthouse and ask to speak to the clerk of courts. Then ask him where they publicize the legal notices or notices of foreclosure or lis pendens. Depending on what state you live in, they may call it something different.
If you can't get any answers, then go to the recorders office. Any legal action must be recorded. You are looking for notices that show homeowners have defaulted on a loan and are now trying to collect the debt. Once you find them, make sure you don't take any of these notices or files out of the building, just ask them if you can make copies. Before you leave, ask the clerk or recorder if there is a county website or newspaper that publishes all the legal notices so you can save time by just looking them up on your computer. Most newspapers have a website with everything on it - yes even legal notices. Let me clarify one thing.
Ideally, you are trying to find homeowners who are 90 days from the auction because this gives you more time to negotiate a short sale with the bank. Every state is required to notify the public, usually by newspaper, that there will be a foreclosure auction on such and such a property anywhere between 3 to 5 weeks before the auction. So be aware that if you find legal notices in a newspaper, the auction is only 3 to 5 week away. You must act very quickly and know what you are doing. On the other hand, when you go to the courthouse or recorders office, typically the homeowner still has a few months before the auction. Real estate agents can become very useful to you. They are constantly looking at real estate, it's their job. Start networking with them. Come up with some sort of win-win.
Let them know if they ever see a property that is upside down or over-leveraged, to give you a call. If you buy the property, let them list it for you. Agents make their money from commissions. You treat them good, they will treat you good. Business cards are another great way to find pre-foreclosures. You can hand them out to everyone and let them know you buy distressed properties. Give them out to real estate agents, attorneys, friends, neighbors and so on. Anything that gets your name out there that you are looking to invest in distressed properties. Make them attractive so people want to call you back. Send them out in all your letters. Money talks for most people. So set up some sort of referral program where you give them money if they know of anyone who may need your help and you buy their home.
I don't know how many people I've talked to just because of a small finders fee. Most of the time it's friends and neighbors of the people you are doing the short sale with. They are so pleased with what you've done with them, they want you to help their friends or family, plus they get a finders fee. You could have something like this - “this card is worth $1000 to whomever finds me a property!” Attorneys work well because a huge number of people are filing for divorce or bankruptcy. If you know any attorneys that specialize in these areas, work with them. They can become one of your greatest assets. Other methods include flyers, magnets, newspaper ads, and signs you see on the side of the road. Try all these ways to find pre-foreclosure leads and then focus on the ones that bring you the best results.
Jarad Severe is a leading authority and expert in Foreclosures. He is President and CEO of Foreclosures and Flippers Inc. Jarad can be reached by email at: info@foreclosuresandflippers.com or you can visit his website at: http://www.foreclosuresandflippers.com to receive more information on foreclosures, short sales and more. Article Source: http://EzineArticles.com/?expert=Jarad_Severe
posted by Mr. Foreclosure at 1:33 AM
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