Do a title search to determine the owner(s) names and mailing addresses and to see if there are any leins, judgements and or mortgages on the property. If the leins come anywhere near the 50 - 60K equity forget it… unless you can buy them at a huge discount. If the first is a pre 1989 HUD or VA(generally) it can be assummed without qualifying. To find the owners call directory assistance. Ask for the name in whatever area code, don’t give them a city name you’ll get a larger search area. I would say use the net but those dbases are not as current. Otherwise, use “Pro CD” (telephone dbase on CD).
If you need to, hire a PI to find the owners, do it.
The early bird gets the worm.
I once missed a preforeclosure fourplex with a $1,600 plus monthly income stream (for the rest of my life)because I was one day late, I was “to busy”, the guy wanted 23K for it.
Need help with a pre-foreclosure - Posted by Jeremy B.(FL)
Posted by Jeremy B.(FL) on November 01, 2000 at 07:18:00:
I have recently recieved a a good lead on a pre-foreclosure. It shows how much is owed. If this is the only lien against the property there is at least 50-60,000 equity. Although I am not a newbie to this business I have always bought my propreties through wholesalers or FSBO’s. I have a general knowledge of how to pick these up but, I am way to busy to learn this process right now. So, I am wondering if there is any one in the Orlando area, who already possess the ability to pick these properties up? I would of course pay you for your services.
I’m not sure if this is already public knowledge and if there are people already pursuing this property. Also the house is vacant. Anyway, if you are interested contact me by e-mail JBLL23@yahoo.com. Or if you have any advice on how to find the owners I would apprecaite it.