Joe,
Six bucks? Holy smoley. And to be within striking distance of a disgruntled homeowner! Seems to me they would have targeted the first creep (present exempted) that even sort of resembled their enemy, namely ‘the meaney bank’. I could see an interviewer coming home with two black eyes ‘after’ a hard day at work. lol
Nowadays, I find it gutsy sometimes just trying to click a digital without the owner coming out screaming "what the #$R#$$% are you doing!? And BPO’s pay around $50. But the leads are what is priceless.
How do you find properties going into foreclosure? - Posted by Rhonda-MD
Posted by Rhonda-MD on April 02, 2002 at 09:56:28:
Sorry if this seems like a silly question but I am just wondering how you find properties going into forclosure and would their contact information be listed? or do you just know on the door?
Look to your local legal paper - look for the listing of Notices of Default. In Alameda County, Ca, such a paper is published by the Daily Journal Corp. which also operates www.redloc.com.
Foreclosure sales are advertised, usually in the paper, at least a few weeks before the auction date. The ads will give you the name of the owner and the lender, and sometimes the address.
Many areas also have foreclosure listing services you can subscribe to provide this information in a more easy-to-use format, along with other useful info, like how much the property last sold for or its tax assessed value.
You can look them up at the courthouse. A friendly bank may tip you off, if they know you well enough. You can run advertisements targeting this type owner.
Newspaper? Get in line . . . - Posted by JoeKaiser
Posted by JoeKaiser on April 02, 2002 at 17:19:41:
Looking in the papers for foreclosures is great if you’re the only subscriber, and there’s the problem . . . every other investor in town is reading the same darn paper.
Who needs that?
A smart foreclosure investor will figure out the angles that will put him on the distressed homeowners? doorstep well before notices show up in newspapers.
For instance . . . mortgage companies hire inspection companies who hire field reps to go knock on doors and ask distressed homeowners what their plans are. Now, when I did it years ago it was only five or six bucks for conducting the interview, but the leads were priceless.
I had notice of properties headed to foreclosure MONTHS before anything showed up in the paper. Even better, occasionally I’d find an empty house and with a little Rockfording, would track down transferred homeowners and pick up their properties for little more than what was owed.
See the difference?
A smart investor figures out the angles and gets there first.
Warning: Advertisement Ahead . . .
For more of this kind of stuff, check out my foreclosure course, Totally Dominate Your Foreclosure Marketplace here in the catalog.
Is being first always best? - Posted by Glen SoCal
Posted by Glen SoCal on April 02, 2002 at 21:54:47:
Joe Kaiser-
I think that if on the day a foreclosure against my property was filed, and a ‘Foreclosure Specialist’ arrived at my doorstep, I’d probably invite them in to listen to their story. I’d want to know my options.
But I know that all folks in default don’t think alike, and also I understand that many foreclosures are cured. Some say the ‘first day’ efforts aren’t rewarded as well as the last few weeks of the process.
I would think it would be best to stay in the whole time. Is that your method? …get in first and stay with it till foreclosure or cure, whatever comes first?
My sister-in-law mentioned that some investors she knows hang out down at the courthouse waiting for leads. I dismissed her (to myself) as probably misinformed, because there are people who comb those records daily and publish them, like REDLOC.
I thought later, that as I really don’t have enough information or experience about foreclosures to have an opinion about default record retreival, I shouldn’t form one!
I have no broschure. Maybe I should get yours.
Any response you have time for would be much appreciated.
