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Greensboro, Winston-Salem, High Point The Triad Area
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Old 09-20-2008, 10:57 PM
 
Location: Greensboro, NC
779 posts, read 2,934,487 times
Reputation: 272

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Hi everyone.

Not to knock the banks, but we are looking to foreclosures, and pre-foreclosures and I have to think, why not? Save a family from total financial ruin giving them the chance to purchase another home in a few years, versus starting from the scratch of bankrupty and foreclosing. How do I find Pre-foreclosure homes? Do I have to resort to those websites that want to charge me for their listings? I don't know if realtors specialize in that market or what...

Where is also a good website for me to find out all about the foreclosure purchasing process? Thanks everyone!!!
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Old 09-22-2008, 08:10 AM
 
Location: greensboro
525 posts, read 1,926,683 times
Reputation: 103
There are places like Realtytrac.com that will tell you for free but not give much information. Before a home goes into foreclosure, it is given to a Substitute Trustee (i.e. lawyer) and then the auction has to be publicly announced. These announcements are put in two places- a) the courthouse wall, so if you go to the Guilford County Courthouse, there's a giant wall of notices of foreclosure sales, auctions of personal property from storage units, etc. And b) the local paper. Usually on Thursday but a little all week. So check the classifieds of, say, the News and Record, for announcements and there they will be.

Sounds like what you are trying to do is a short sale. Which is a whooooole other topic.

Good luck!
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Old 09-22-2008, 12:43 PM
 
Location: Greensboro, NC
779 posts, read 2,934,487 times
Reputation: 272
Uh-oh. What's a short sale? I have seen that before, but not knowing anything yet, I thought it had something to do with the foreclosure process, or status, but just not what exactly? I feel like I'm asking to open a can-o-worms by asking, but what is a short sale? *gulp*
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Old 09-22-2008, 01:10 PM
 
Location: The 12th State
22,974 posts, read 58,676,334 times
Reputation: 14932
A short sale is when homeowner gets their lender to accept less than what is owed on the property as a payoff. Not everyone will take that, nor do they have to.
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Old 09-23-2008, 12:01 PM
 
Location: greensboro
525 posts, read 1,926,683 times
Reputation: 103
Sometimes the homeowner can't even do it, but an agent versed in it can. They are becoming much more common and your bank doesn't have to, but I have yet to talk to one who won't do it. It's a Win/Win/Win for buyer/seller/bank. The substitute trustee won't get as much money but who wants to pay an attorney any money? The best I have dealt with so far are BB&T & Suntrust, both of which were efficient and quick. So far the worst is Wells-Fargo- in the middle of one right now and it's been 2 months and we still don't know what is up. But at least they delayed the sale of the property til we can get it worked out. It's always worth a shot to do a short sale if you can- save your credit!
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Old 09-24-2008, 01:16 PM
 
Location: Greensboro
627 posts, read 1,866,063 times
Reputation: 432
Sushi-

Good book to read is Pre-Foreclosure Property Investor's Kit:
Amazon.com: The Pre-Foreclosure Property Investor's Kit: How to Make M Buying Distressed Real Estate -- Before the Public Auction: Thomas Lucier: Books

Also the web site Real Estate Investing: The Creative Investor for additional questions. Join the forum. Good luck!
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Old 10-26-2008, 04:02 PM
 
1 posts, read 3,036 times
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I must echo the sentiment. Wellls Fargo is the Worst! I would not recommend them to anyone. I have been dealing with them for almost 3 months on a short sale. They act like they want to go to auction. They will for sure lose money if they do that. We are only asking them to take a $4,000 write off. You know they will not get that at auction. After attorney fees and stuff.
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Old 10-28-2008, 08:47 AM
 
Location: greensboro
525 posts, read 1,926,683 times
Reputation: 103
Wells Fargo just bailed on a short sale I've been working on for 3.5 months- they want the seller to pay the difference in $100 installments for 17.5 years! Da Hell is that?
Anyhooch, back on topic, Triad MLS now has a designation for property in pre-foreclosure, so if you get a good agent and they know what to do, they can send you any property that comes up as a pre-foreclosure and get the listings to you the day they come on the market. So that might help.
Good luck!
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