How do I locate homes that are preforclosure? (foreclosures, rent)

[islandsunshine]

Hello!

I was told that a person can go to the courthouse and get a list of homes that are in preforclosure. Can anyone explain to me how I would do this? What do I ask for?

I don't have alot of money and I was told this is a way I can get a home below the appraised price.

Thanks!

[olecapt]

Originally Posted by islandsunshine

Hello!

I was told that a person can go to the courthouse and get a list of homes that are in preforclosure. Can anyone explain to me how I would do this? What do I ask for?

I don't have alot of money and I was told this is a way I can get a home below the appraised price.

Thanks!

That is a common misconception. Once the foreclosure process starts various documents are filed with the recorder. At this point every hot dog bottom fisher in the Valley is all over the property.

If you wish any sort of a good deal you have to get to it well before it becomes public knowledge. Then it is too late.

You find out about such proprties from friends or relatives...or you can post a few hundred signs in neighborhoods announcing that you buy houses. Neither works well and both generally take a long time.

This ploy works only in seminars given by RE gurus. In real world Nevada it does not work at all. Foreclosures and Bank ouwned RE including fixer uppers generally sell at insane premiums.

There are troubled areas...some of the condo conversions for example...where you can buy at heavy discounts. There is however no guarantee that you will not have to sell at even heavier discounts. Some of these places may well be in a death spiral.

Go look for a motivated seller on a property needing work. Then bargain hard. You may actually get a deal if you are patient and clever.

[islandsunshine]

OH NO! What if it was in another area? Or are all areas like this? So what are they talking about with the courthouse?

What if it was an area that had high foreclosures like Texas? Is it the same thing?

UGH this is sad news. So I can only find properties from the newspaper?

Thanks!

[olecapt]

Originally Posted by islandsunshine

OH NO! What if it was in another area? Or are all areas like this? So what are they talking about with the courthouse?

What if it was an area that had high foreclosures like Texas? Is it the same thing?

UGH this is sad news. So I can only find properties from the newspaper?

Thanks!

It is relative. If the market is collapsing you may well find deals...but the market may well collapse to the point where your deal is no more. This is not an amateur sport. There are people who make a living at it. But it is not an easy living.

Pick a suitable and reasonably large neighborhood. Rent a house there and move in. Wander the neighborhood looking for opportunity. Look for places that need work but might come out nice with work. Knock on the door. Tell them you live in the neighborhood and are looking for a place to buy. Give them a card with your name and phone number. Tell them to give you a call if they are interested or know someone who is.

You meet a lot of people. May even like some. If nothing looks good in a year move somewhere else and try again. May take a while but you may well make out. The best deals are owner occupied often older. They want out and you offer an easy way.

[islandsunshine]

LOL OMG I would die walking up to a door and knocking LOL. I am 5ft and 90# soaking wet LOL They woudl think I was a child!

Thanks for your advice. You are very knowledgable and kind

[olecapt]

Originally Posted by islandsunshine

LOL OMG I would die walking up to a door and knocking LOL. I am 5ft and 90# soaking wet LOL They woudl think I was a child!

Thanks for your advice. You are very knowledgable and kind

No pain no gain.

So be around the neighborhood all the time. Talk to the kids. Become a fixture. Tell all the kids parents you are looking for a place. I know a couple of RE people who know everybody who lives in a square mile or two. It works.

[islandsunshine]

LOL OK thanks for the advice. I will build up my nerve and when I get there I will learn the neighborhood. Maybe I will grow by then.