However, so-called preforeclosures are more difficult to track down. That's because there may be little or no indication that a home is a preforeclosure.
There are ways to identify some. For example, many short sales are preforeclosures. The homeowner is telling (or must persuade) the lender that he can no longer continue to make payments due to some "hardship." That might be a job loss, a job relocation, medical issue, death of a spouse, and so on. Admittedly, some people are just trying to get out of their properties because they're worth less than what they owe . . . even though they can continue to pay the mortgage. But many/most short sales do reflect people who, if they aren't able to sell the property, eventually will end up in foreclosure.
Plenty of people in preforeclosure, though, haven't listed their properties yet. And some will never list. Some investors I know use one or more of the following methods to identify people who are in trouble and may not be able to pay their mortgage at some point in the future:
-->Leads from real estate agents. Now that more agents are handling short sales, that method is used less. But someone may approach an agent and express interest in listing. Then, when they find out how little their home is worth, they don't list.
-->Leads from mortgage brokers. People who are in trouble often will approach a mortgage broker to try to refinance a mortgage. A lot can't be refinanced because of a decline in the property's value.
-->Direct marketing: Postcards, letters, and so on, to people. You can't precisely identify preforeclosures, but there are ways to identify communities and owners who are more likely to be facing foreclosure. (For instance, anyone who bought in 2004-2006.) Or, if a large business has closed down in a town or city, it's likely that some of their former employees will be facing economic difficulties.
-->Bandit signs. Those 18"x24" signs you see nailed to telephone poles or stuck in the ground. Often yellow with black print. They're quite effective in some areas. (They're also often forbidden by the city or county.)
-->Postal carriers. They know what's going on in a community. There are some investor "gurus" who have a specific marketing strategy that taps into the knowledge of postal carriers. One of the leading ones is a former mail carrier himself.
-->Post ads on Craigslist.
Those suggestions should generate plenty of people who may be in preforeclosure.
Hope that helps.
Simply go to http://www.NHMSI.com, it is a website most brokers use, and does not cost you a dime....also, ,locally, http://www.A1-Reo.com , owned by Dawn Marie Vann, is a great site........if you go to these sites, you will have a great start - if i can be of any further assistance, do not hesitate to ask me.
A lot of times you can check local bank sites as well as county sites...one misconceptipn is a foreclosure means a good deal...not necessarily; a million dollar home can be in foreclosure just as a fifty thousand dollar home...if you need any help finding your home feel free to contact me...I am local and will be able to assist you...
Jason Bustelos; LREB
New York Realtor Group
Please check these two (2) Blogs I wrote ...They are to the point and provide you with information on how to find Tax sales and Foreclosures FREE directly from sites created for the Public by the BANKS and Government..
Please give them a quick look and see if they help..They are simple to understand and as mentioned consist only of Gov, sites and Bank sites. NO REALTYTRAC GIVE ME YOUR CREDIT CARD INFO STUFF...
4 points more towards my
does not represent
Professionalism or anything else
except I post a lot VIP Badge
Best of luck, Geoff!