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I am looking for an quicker way of finding homes in default. Does anyone have any ideas for me?
My intentions are to purchase these homes for a discount from the lenders, of course with the approval of the present home owners. I am now working with a lot of home owners in default to help them get out of a foreclosure situation. I am finding that the process is taking longer than some of the people need for us to purchase their home before the sheriffs sale. I am still able to purchase the home from the bank but, I would like to do so before the people have a foreclosure on their credit. Could someone help steer me in the right direction. Thank you.
Mon May 12 2008, 10:42 - South Bend - Foreclosure - 5 answers
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As a realtor, I recently helped a couple buy a home 3 years after they had lost a home to foreclosure. Out of curiousity, we pulled the listing of the bank sale in the mls of their previous home. To their dismay, the bank had sold the home for a large sum above what they had owed on the property and in only 30 days. When I asked them, "Didn't you try to sell the home yourself?" Tthey aswered, "No, we tried to keep our home, not sell it." Frankly, most people hang on quietly to the end. I think your best bet is to keep track of which lenders you have the most success negotiating with and cut your losses on the others. And of course, network with lenders and realtors.
Tue May 27 2008, 23:43 Web Reference: http://www.creditbuildersinc.com
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Hi, Adam: Have you thought about developing a relationship with a realtor? They likely are aware of homes in which people are close to losing their homes. One such option is short sales. If you can find a realtor familiar with this process, this will likely hasten the process. Oftentimes, the reason the process takes so long is because the right paperwork is not submitted in the order needed for the lender. Keep in mind...there are many people in this situation; therefore, the lenders are being inundated with paperwork.
If you happen to be looking for these kinds of homes in Oregon, please feel free to contact me. I'll be happy to help you. Mon May 26 2008, 16:31
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Look on line under HMBI.com and enter the zip code. Good Luck.
Fri May 23 2008, 17:46
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Market your idea to an area. "I specialize in helping you prevent foreclosure." List the home at a low price. When the first offer comes in, forward to the bank so they can see what a buyer is willing to pay. Adjust the price as needed until an offer is acceptable to seller. It will almost always be enough for the bank to short the sale and for the seller to save the foreclosure step.
Carl Mon May 12 2008, 11:42
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There are many resources that will give you good information. Be careful of those that charge thousands of dollars.
Mon May 12 2008, 11:35 Web Reference: http://www.foreclosuremillionaires.com
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