Where can I find the foreclosure houses information? What are the procedures of bidding a foreclosure house?
Question:
Answer:
There are many ways of finding foreclosure information.
I have found that the pre-foreclocure is probably the most adventageous way of getting into a foreclosure. This is contacting the people that own the house and are currently in foreclosure.
You can make a deal, solve their problems and purchase their equity simply by bringing their loan current, giving them some money or a note for their equity.
Once the foreclosure has gone through to the end and the owner had failed to bring the foreclosure current, the lender post a "Notice of Sale" after which the present owner now has 20 days to bring the entire mortgage note current.
if after 20 days the mortgage is still not brought current the lender now selects a place to hold the sale. At the sale you must have the very minimum bid in cash, cashier's check or money orders in order to bid. A pre-approval or pre-qualified letter from a lender is not cash. If you do not have any of the instruments mentioned above you will not be allowed to bid on the property.
There are several things you need to know when flipping properties.
First of all you should go to the nearest book store, purchase several books on buying, fixing and flipping properties. There are several that you might be interested in.
Once or while you are doing this you should buy one of the TV guru's distressed property programs. These programs will give you some legal forms you might use when writing an offer to purchase a property. You will also find several scripts to use in taking to your potential clients. The also give you tips and a formula on how to figure if you have a property that you can make money from before buying.
If you are without funds to accomplish this business, you will have to find some investors that will assist you. You will have to make a deal with them about a certain percentage of the profits made from the sale of the property.
Normally this is 50/50 however it could be more or less depending on how your relationship is with the investor.
Now you have to determine how you are gonna market yourself to get.
#1 You can advertise in your local paper that you are in the business of purchasing foreclosures.
#2 You can do a direct mail to people in your city stating that you are now in the foreclosure business.
#3 You can select an area of your city that you want to work and target your that area with your energy. You can walk the area pass out flyers that you are now in the business of buying property distressed, divorced and foreclosures as well as probate property.
Pass out these flyers for at least 2-3 months after which you should go to a newsletter of some sort while still explaining that you purchase properties.
You will want to form a professional team to assist you in your new career field, which should be composed of but not limited to an attorney, cpa, tax preparer, notary public, title rep, real estate agent and others that you feel will make you successful.
They should pass out your business card to their clients that need your services and you should pass out their cards to your clients that need their services
I hope this has been of some use to you, good luck.
"FIGHT ON"
Contact a realtor they can help. Most foreclosures are listed with Realtors anyway.
The alternative is to look in the news paper [legal notices] and go to the court house on the day of the sale and pay all cash for a foreclosure property. By law all foreclosures need to be advertised in a local paper first, and if they don't sell that way, they go to a Realtor to be listed for sale.
Don't believe the hype. Although you can make money it's not as complicated as some make it sound, and it's not as easy as others lead you to believe.
Email me if you have more questions.
You can go to your county courthouse and find foreclosures. You can also get a schedule with the dates that the houses will be auctioned off.
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