Thanks, I’ll look into that, I now have a new address and I know his attorney. My question is although I know his attorney cannot provide info due to confidentiallity, since I know the attorney(I live in a very small town) I thought just telling the attorney that I know this guy is his client and I would like to work something out. At least the attorney could contact him directly. I have also come across a new address on him so I will check that out, but almost too far for me to drive and I would never go alone…the crime rate in this town is very high…murder rate rated highest in country per capita several years ago. That’s why I thought about contacting his attorney.
Pre-Forclosure Sale Question - Posted by Ronnie (Tx)
Posted by Ronnie (Tx) on June 22, 2005 at 10:46:19:
I was wondering, for those of you out there who buy pre-forclosures, does there seem to be a bump in the number investors seeking pre-forclousres after the appraisal roll puts out its list for the next auction? Put another way, do people wait to get their leads from this list?
The reason I ask is because I wonder why some of these things get to auction. I am assuming it’s because there is no value there. Or is it that these are just being missed? Just wanted some thoughts from folks with more knowledge than me.
My question is I am concidering letting my house forclose I have lots of probs with my house & i want a loan out on it but I can’t seem toget one What happens when a person forcloses?? Do I go to jail???/
Re: Pre-Forclosure Sale Question - Posted by EquityHunter1
Posted by EquityHunter1 on June 22, 2005 at 19:17:39:
I would say most people don’t walk from equity in my experience. However, as frustrating as it can be some do! I follow up on all my leads after the sale and am amazed that a very, very small minority with significant equity just let it go to sale. The problem is how do you identify the needle in the haystack? I’ve lost deals because I didn’t want to keep people in as holdovers and they let it go to sale instead. These people are not that rational to begin with. I would say the majority going to sale have multiple liens or a very large one that eats the equity. Most people in my area that have equity cure it without selling. The lenders are eager to work out deals with the borrowers. Preforeclosures imho are just a shot in the dark at this time. You can spend a huge amt of time on them or a little and get the same results. Maybe when the new BK laws kick in it will get better.
By far I am not an expert, I have just gotten into this game, but I think the most likely reason is that it can be difficult to find the homeowners before the foreclosure auction. I am working on my first one right now and am hoping the owner will contact me. I suspect these people don’t really care after being hasseled by bill collectors for the past year. Good Luck…I am learning also and will be interested in reading other responses.
Dream on, The owner will not contact you. It is up to yuo to go and knock on their door and tell them who you are and how you will get them out of their current situation. NOT HOW YOU WILL HELP THEM. Be aggressive. there are many others who WILL knock on doors. I have a bird dog who does this expertly. He will get abut 8-9 out of 10 to go along wiht the program. If you can’t do it yourself, hire someone. My guy charges 3k per deal, but as I siad he gets the job done.
Posted by hunter vick on January 10, 2006 at 17:43:26:
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