Where is the best place to call to buy pre-foreclosure and forclosed property?

Asked by Hd, Davis, CA Fri Mar 6, 2009

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David Staffo…, Agent, Albuquerque, NM
Fri Mar 13, 2009
Actually, you will be able to search our county records here:
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Voices Member, , Benton County, OR
Fri Mar 13, 2009
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Voices Member, , Benton County, OR
Fri Mar 13, 2009
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None, , Albuquerque, NM
Fri Mar 13, 2009
Pre-foreclosure or "Short Sales" as they are known are only listed in the MLS system through the individual agents. Although a few individual agents like myself deal mainly in the foreclosure market you can call any Real Estate office and someone should be there to help you or put you in touch with an agent familiar with the process. For Foreclosed and REO Bank owned properties you can visit these websites

http://www.southwestalliance.com H.U.D. Homes New Mexico & Texas
http://www.HomePath.com Fannie Mae Foreclosures
http://www.HomeSteps.com Freddie Mac Foreclosures
http://www.hud.gov Nationwide H.U.D. homes
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C. Lloyd McK…, Agent, Albuquerque, NM
Sat Mar 7, 2009
First of all, there is no particular place for you to go and purchase pre-foreclosure properties. You must track lis pendens, which is public record, then negotiate with the homeowners to make it happen. There is quite a bit of competition here, not for the faint of heart." For the savvy investors, it's a source great business.

Regarding Auction or REO Properties: auctions are advertised in the legal section of the local newspapers, while most REO properties will eventually reach the MLS through an agent.

There are quite a few companies like Realty Trac and Foreclosure.com that provide access on a subscription basis. Like the previous response indicated, their timing might be off.

Most REALTORS provide their clientele with this kind of information in some form of daily email alerts. Please feel free to contact for more specific details.

C. Lloyd McKenzie, MBA, CDPE, e-PRO
"Lloyd & Associates," Allstar Realty
Direct: (505)350-5882
Email: Info@LloydMcKenzie.com
Web: http://www.LloydMcKenzie.com
Web Reference:  http://www.LloydMcKenzie.com
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Brandon DENT, , Albuquerque, NM
Sat Mar 7, 2009
Toll Free : 1-877-821-8054 and ask for Brandon Dent
Web Reference:  http://www.MyPropertyNow.com
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David Staffo…, Agent, Albuquerque, NM
Fri Mar 6, 2009
There is not a place per se, but you can find REO/bank owned properties that have been foreclosed on already in the regular MLS; however, they are usually priced only slighlty less than market value and negotiate a reasonable amount. The real deals are getting to the house before it is foreclosed on, but there you will also find competition from savvy investors. There are whole books written on this topic, but the scoop is that after about 3 missed payments, lenders typically start the foreclosure process by filing a lis pendens (notice of default) against a property owner with the county. This is the first public notice and that is when investors like myself send letters or knock on doors to see if owners want to sell. The key is getting there first. Our couny site is usually a few weeks behind so you can go down yourself every few days or subscirbe to some local services that have someone down there collecting it and uploading it for you. There are national services like RealtyTrac that offer this info but they are typically a few weeks behind (at least for our county's data). If you are looking in your own county, start with county records, if you want to look elsewhere, like in my town, you need to find a local expert who can assist you on a consulting basis. Feel free to send me more specific questions anytime, and best of luck to you!
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