Re: Getting Foreclosed properties before auction - Posted by Sheri in OK
Posted by Sheri in OK on January 12, 2004 at 16:44:28:
I hope you get some more answers, because I’d like to hear other’s opinions on this. I’ve been researching REI for several years, and have been trying to buy pre-foreclosures for the past 7 months. So far, no luck. In my area there are few homes with any equity, and of those homes, many of the owners are in complete denial, up to the day of the auction! Others are in the process of filing bankruptcy, some owners I just can’t locate in time to stop the auction. In 7 months I’ve only had 2 owners who were even willing to admit they were being foreclosed, and of those 2 one owed the bank about $20k more than he told me he did, which made the deal worthless to me, and the other guy would have sold to me but he was being sued and there was some type of restraining order that he couldn’t sell any assets.
I do think it’s possible to find a house in preforeclosure with some equity and buy it from the owner, but it’s not as easy as it sounds. These people won’t answer their phones or doors, and even if they do they sure don’t want to talk to me about their money problems. I’m going to keep trying, because I know it can be done once I find a truly motivated seller. Good luck, and I hope more experienced investors chime in here.