Posted by keithk2 on April 14, 2000 at 12:34:01:
I use the legals to generate leads all of the time and, yes, I have made money with them. I also follow up on bankrupcy and IRS filings, mechanics liens and anything else I stumble accross that indicates a potentially distressed (read motivated) property owner.
Whether they work for you is entirely up to you and your determination to succeed. Are you willing to talk to homeowners in trouble? Can you deal with their feelings of anger and helplessness? Can you package the deal in a way that solves their problem and results in profit for you? Are you willing to break the ice by lifting that phone and dialing their number? Can you knock on a door and introduce yourself gracefully? If you can do these things you can probably make money in pursuing foreclosures.
Don’t worry about the competition. Most of them aren’t doing the things I’ve mentioned; they’re waiting for a phone call to drop the deal into their lap (and yes, I do put my ads out to attract those too).
If you’re not sure if a bank will talk to you, CALL THEM. They can’t tell you yes or no unless you’re on the other end of the line and sometimes the answer is yes.
I’ve purchased before the foreclosure as well as after the sale during the redemption period. Banks are variable as to how cooperative they will be with you. Some REO departments will send you just about everything they have in house just for the asking. Others refuse to deal with anyone other than the Realtor that they gave the listing to. Call. Ask. It won’t hurt.
Courses are great for absorbing the basics. I heartily suggest going to the library and reading up on the foreclosure laws for your home state. Knowing the legal requirements is vital to putting together succesful deals that won’t fall apart.