Foreclosure in Arlington>Question Details

Arne De La P…, Home Buyer in oveseas military

How we do tap into foreclosure properties? I feel like they're all barricaded by scam artists trying to get

Asked by Arne De La Pena, oveseas military Tue Mar 25, 2008

you to join with a monthly fee or something?

Arne

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10
Don't waste your time. The reason the people quit making their payments is because the property is worth less than the loan balance. The owners then try to sell at an inflated price to pay the high loan balance and legal fees tagged on.
2 votes Thank Flag Link Tue Mar 25, 2008
Great answer Deborah...

Arne, You can tap into this market yourself. The question is - where does those companies that sell the information to you get their information from? And Deborah has practically given you the answer. As she said, this is really a legal issue therefore you can find this list in the county / parish civil court filings and also in the news papers. It's all PUBLIC RECORDS and most city newspapers actually print the list of "distressed" home owners. Embarrassing, isn't it? But this is done according to the laws controlling "notice and intent" to foreclose. Just call the clerk of court and the newspapers and ask them the relevant questions, or visit you local law school or university and ask the law clerk in the law library. They are always helpful.

That is the only way to do it independently, but that requires a little more work. That's why people just pay those scam artist that you mentioned. The problem with those guys is that "sometimes" their list are old and outdated and their leads are bad. You have to be careful with the company you pick if you choose to use their services.

If you don't mind, I would like for you to contact me and tell me why you want to get into foreclosures right now anyway. Personally I don't think this is a good idea and I'll explain why. But I wont do it here and now because it was not asked.

Hope I said something to help you.

Khazeem Asadullah

email: info@serapisdebtserices.com
1 vote Thank Flag Link Tue Mar 25, 2008
Companies that provide data on "pre-foreclsoures" are not providing a list of properties for sale. They are providing a list of properties that are the subject of a legal proceeding. In most cases, this legal proceeding is a past due mortgage payment. Buyers are under a common micsconception that these lists are properties for sale, and wonder why they can't get into see them.

Yes, many companies collect the data on foreclsoures and try to make money from sellng the data or selling ad space on a web site that houses the data.
1 vote Thank Flag Link Tue Mar 25, 2008
Deborah Madey, Real Estate Pro in Rumson, NJ
MVP'08
Contact
Get hooked up with a good Realtor in the area you are interested in. You will need to find one who has dealt with foreclousers before. If you need help finding one e-mail me and I will be glad to help search one out for you. Have a Great Day!
1 vote Thank Flag Link Tue Mar 25, 2008
go to foreclosure.longandfoster.com and call us if you need more assistance.

AMAL LAFHAL
0 votes Thank Flag Link Tue Apr 15, 2008
The advice about using a Realtor, who can search for such properties, is excellent. However, I do have to take issue with the characterization of people/companies who sell that information as "scam artists." I subscribe to a local (Washington metro area) service that compiles listings from local papers, attorney web sites, and other sources. I know the guy who owns the service; he's a local real estate investor. And it's not a scam. Every day, he has people go through papers, log onto web sites, and make calls, then compile the lists, enter them into an Excel spreadsheet, and e-mail them to me and his other subscribers. He's got his expenses, and he's trying to make a profit. (Costs me all of $10 a month for a large county.) Here's his link (I don't make a penny from it, but it's a good service): http://virginiapreforeclosurelist.com/contact_us.html

As Deborah says, these are properties in pre-foreclosure, not necessarily properties that are on the MLS. Actually, though, from an investor's standpoint, that's fine. I can contact those owners and ask if they want to sell me their property. I'm not competing against the hyper buyers who figure the only good deal is a short sale or REO. And if I (or another investor) buys directly, and it's not listed, the seller can save the real estate commission. That can be a persuasive argument when talking to someone in preforeclosure.

So, if you want to pursue foreclosures listed for sale, your best choice is a Realtor. If you want to pursue foreclosures that may not be listed for sale, you can either do the research yourself (combing through the newspapers, compiling the data) or pay someone else to do it for you. Not a scam. Just capitalism and free enterprise.

Hope that helps.
0 votes Thank Flag Link Thu Apr 3, 2008
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Are you looking to buy a foreclosure property? If so then find an agent who works with foreclosures and short sales and knows how to find them and how to make offers on them. There are some "secrets" to being successful but finding them is not that hard for a real estate agent who has access to the available databases.
Web Reference: http://varealestatetalk.com
0 votes Thank Flag Link Wed Mar 26, 2008
there are many free listings
i posted a link several days ago that contains many
that are free listings of foreclosures

anyways

good luck
0 votes Thank Flag Link Tue Mar 25, 2008
If you're talking about those sites that offer you access to foreclosure filings and borrowers who are going through foreclosure proceedings, you're not alone in how you feel. Everyone, inlcluding real estate agents have to pay those monthly fees.

As far as properties that have already been foreclosed on, are now bank-owned (REO) and are for sale on the open market, you can talk to an agent who can set you up on an automated system that emails you bank-owned properties for sale that fit your specific criteria.

The area you're looking in (Arlington) utilizes the local MLS, which is called MRIS. The MRIS has special fields an agent checks to filter the search in order to find REO and short-sale properties for sale.

If you wish to use an agent, find one that you feel comfortable with and ask them to set you up with those updates. If they don't know how, then find another one that does.

I'd be happy to chat with you more about doing so if you'd like. I focus on Fairfax and Loudoun Counties in Northern VA. Here's my bio - http://realdiablog.typepad.com/about.html
0 votes Thank Flag Link Tue Mar 25, 2008
I have to agree with Ron, Forclosures are listed with agents after the bank has taken pocession of them, which in turn will be listed on the local MLS in the area you are looking. Wish you luck in your home buying.
0 votes Thank Flag Link Tue Mar 25, 2008
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