my .02 on the value of ‘foreclosure’ lists - Posted by NJDave
Posted by NJDave on April 06, 2000 at 15:14:24:
Actually, publications that assemble and furnish notices of lis pendens, or as some call them, ‘pre-foreclosures’
I’ve read posts that say that the info is dated and ‘the good ones’ have been picked over. To some degree, that’s true. But their value should not be discounted. Some of my best deals have resulted from lists that are 6 months to a year old. (by this time, many mortgagors have defaulted on their CH 13 plans and desperate for an alternative to losing their homes at Sheriff’s Sale)
Most folks who are first served notice that their mortgage loans have been foreclosed are in denial. They’ll waste precious time exploring conventional non-foreclosure alternatives before they’ll consider ‘creative’ strategies.
So, for real estate speculators, early intervention isn’t always fruitful. Timing is everything!
If you are a BNK atty, or subprime lender seeking new business, then yes, the freshness of info is important.
I’ve been working foreclosed, but not yet REO properties for almost 20 years. I can’t tell you how many times (earlier in career) that I’ve worked the ‘foreclosure’ lists and actually contacted the homeowners BEFORE they themselves have been served with a summons and complaint in foreclosure. I’ve learned that they are much more motivated after realizing the severity of their pickle.
To what publication do I subscribe?
Foreclosure News of New Jersey. Good articles, fresh info, but they don’t offer a classified section. They’ve got a toll free number and an e-mail address. If interested, e-mail me.