Posted by Stacy (AZ) on January 23, 2001 at 16:21:03:
Todd, I’m not a foreclosure expert, but I’ve bought properties in default. The key, in my mind, is getting to the owners before the default becomes public knowledge. These are pre-foreclosures. Much of the competition would be eliminated. How do you find these people? Actually, they find you, through your marketing. Sometimes, you can buy the property before the arrears, penalties and legal fees take the equity out of the deal.
I’ve read many posts and articles concerning foreclosures. I went to my county courthouse and did some research. I did find foreclosures properties with very little equity. Some of these properties actually had negative equity. I could go to other cities in other counties but am I just wasting my time? From the posts I have read when a property in foreclosure has enough equity in it to make it worth buying there are literally dozens of investors contacting the people about buying it. What are the odds of being the investor who is fortunate enough to close the deal?
The odds are very much against you… - Posted by SCook85
Posted by SCook85 on January 23, 2001 at 17:59:59:
The odds are very much against you if you believe that there are dozens of people for you to compete with on every deal. You will never be the first to a deal if you think you are going to be beat. In fact it probably doesn’t work where you live because you live there.
I’m not trying to give you a hard time (actually I am). You won’t get anywhere with the attitude that there is to much competition, or there isn’t enough equity where you live.
Do you think that all the people who post their success stories on this site are just doing it to have something to do, or do you think there is some truth to the stories? Yes it will work where you live! Yes you can buy Foreclosures! Yes you can buy preforeclosures! Yes you can buy homes for 50% of FMV! Heck you can even get homes for 10% of FMV! And yes you can do this business with no money or credit!
If you don’t believe it can be done, then you can’t do it. Get over your hangups and give it a shot. All the people on this site aren’t just blowing smoke.