Posted by phil fernandez on May 23, 1999 at 18:05:54:
If you want to work foreclosures you have to be at the courthouse yourself and not wait for a magazine to come out with information that is at least 3 to 5 weeks old.
By the time you get the magazine someone has already bought the property.
As far as their claim about e mails, I would take it upon myself to get down to the courthouse and get these deals first.
Foreclosures - Posted by Rich[FL/GA]
Posted by Rich[FL/GA] on May 23, 1999 at 11:24:54:
Has anyone tried the information service at http://www.foreclosureworld.net to get up to date foreclosure information? How good or up to date is this service? Do you think it’s worth the $368 “lifetime” membership investment? Just wanted to get your thoughts before I “wasted” any time checking out their services.
Thanks…
Rich
Re: Foreclosures - Posted by Sue (NC)
Posted by Sue (NC) on May 23, 1999 at 18:37:47:
I could be mistaken, as I have never subscribed to such a service… but the site you reference says that the listing contains ADDRESSES and CONTACT persons for the institutions that will sell you the homes. To me, this implies that they are selling lists of HUD, VA, FDIC, etc. Homes that have ALREADY been through the foreclosure process & went back to the lenders- not homes to bid on at the courthouse.
Most of the government institutions that resell homes have their own sites, which are FREE.
If you want to spend money on a list of properties to be sold at the actual foreclosure auction, go to your local courthouse, find out who is composes their own databases, and see if anyone is selling. Be prepared to get rejected on several attempts. I, for one would never sell my database- but there are several local folks who do so. There might also be a legal newspaper, which would make things even easier.
Re: Foreclosures - Posted by Jim IL
Posted by Jim IL on May 23, 1999 at 14:47:42:
Rich,
This topic has been discussed here many times.
I too saw the “Foreclosure world” magazine and their great marketing, talking about all the GREAT under market value prices.
I’ll tell you this…imagine you goto the county and obtain a list of homes that are facing foreclosure or are already foreclosed.
you have this list immediately, and can make your offers now. Most investors who target foreclosures get them this way. It is fast and up to date.
Now, you are the magazine people.
You do the same things to compile the info. You then have to publish it in the magazine and then circulate the info.
How long do you think that takes?
And, who got the info first and was able to act on it?
So, for the fee of $368 versus a couple hours time/week getting it yourself, I’d say “skip the magazine”.
Just my thoughts,
Jim IL
Re: Foreclosures - Posted by Rich[FL/GA]
Posted by Rich[FL/GA] on May 23, 1999 at 18:59:54:
Hi Sue. Yes, the contact person is a bank REO official since these are true foreclosed properties, not those going thru foreclosure.
The way I understand it, there are two ways to profit from the foreclosure process: 1) pre-foreclosure, deal with current owners, and 2) post-foreclosure, deal with the new owners (the banks.) This site gives you information on ALL bank owned REOs. Yes, some will be government owned (HUD, VA, etc) but not all are owned by the government. Many are from the bank portfolios too that you probably can’t get from the free goverment web sites. That’s why I’m wondering about the utility of having all this information available in one place. According to the site:
You Will Have Access To All Of The Foreclosures In Your Area, Which Will Include The Following:
The Address.
Residential, Commercial and Land Listings.
Government Agencies: FDIC, VA, HUD, Fannie Mae, Freddie Mae, Farm Credit.
Description of the property.
The bank asking price.
The name and telephone number of the bank officer or agent (to inspect the property).
Every listing is dated (according to the time the bank listed each property).
If I have time at work tomorrow, I may give these guys a call to see what their story is, especially as concerns how they view getting ahold of the gov owned (VA, FHA, HUD, etc) homes. Another good question is how they get their information.
Thanks for replying.
Rich
Re: Foreclosures - Posted by Rich[FL/GA]
Posted by Rich[FL/GA] on May 23, 1999 at 15:05:20:
Thanks for the response Jim. Yes, I’ve seen some of the discussions here regarding foreclosures. I’ve been out of town quit a but the last few weeks and haven’t been able to thoroughly read through each post.
I understand the problems with the “paper magazine” foreclosure information and how late it usually is. However, the way I understand it this company sends out periodic (daily, weekly, monthly???) emails with all the latest updates in your area. If this were true then this WOULD be a vaulable resource. Hence my question. Has anyone checked out this service before? How current is the information they send out?
Just trying to save sone legwork before I spend the time and effort to (probably) find out it isn’t worth it.