Sat, Jul 04, 2009
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Pre Foreclodure Listings From BANKS? |
willia2521
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Member Since: 08/19/2004
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Posted: 12:55 on 09-19-2004
Does anyone have any idea how to get listings from banks before property gets listed at the courthouse or what department within the bank that handles such processing?
I am willing to pay a finder's fee for bank personnel that can supply such a listing. Also, what is the first thing filed at the courthouse when a house is going into foreclosure?
Any feedback will be appreciated. 
[ Edited by JohnLocke on Date 10/10/2004 ]
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JohnMichael
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Posted: 13:21 on 09-19-2004
This type of listing will not normally be listed by banks do to the information privacy act and fair debt collections practices act.
Your best source for this information is researching notices of default that are normally recorded in your area where they record mortgage documents.
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roberth
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Posted: 13:56 on 09-19-2004
Servicing companies are often used by the banks to do (BPOs) Broker price opinions and are done by realtors that specialize in REOs they are done prior to the banks starting the forclosure process. The forclosure realtors are far and few between and usually have several investors that they work with, it will be hard to get in the door but give it a try, the one that I have a relationship with gives me properties to look at every week and no one else has the troubled property on their radar yet, it is a great advantage.
Good Luck,
Robert 
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cpifer
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Dallas, TX
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Posted: 15:17 on 09-19-2004
Now you guys are barking up my tree  :
Now - I do not mean to sound like a Texas braggard. I'm from L.A. actually BUT this is how it goes down:
There ain't no such thing as bank pre-foreclosure list.
Now, Liz and I have been in the Loss Mitigation business for almost two years now and we owe a huge debt to TCI for helping us stay in business. (even tho I have been thrown in jail a couple of times - hehe)
Some of you old-timers know that we charge a fee to the homeowner to save their homes from foreclosure.
Now, for the sake of some creeps out there that are ripping off homeowners, we don't take loss mit cases we can't win and we don't take any advance fees from homeowners - we do the work first.
Anyway. to make a long story short, last spring, we signed a confidentiality agreement with GMAC Mortgage and they have been assiging us Loss Mitigation (pre-foreclosure) leads on homeowners that they didn't want to foreclose on. These usually turn into short sales that we, in turn, give to our investors for a fee.
Now, we get Loss Mitigation referrals from (get this) Ameriquest but here is the real cool deal:
We have a nearly done deal for Countrywide to not only assign their tough Loss Mit cases to us for resolution BUT they are also going to let us put our fee on the back end of the work-out and pay us directly through their elecronic billing system.
So, in short, THAT is how you get (pre) pre-foreclosure leads. So many people are just fo goofed up on their loans that they cannot be remedied through a loan workout or modification - they have to liquidate their homes so we come across many investment opportunities to share wiht our investor network.
I am going to cut this short so I don't get thrown in TCI jail again BUT if you are looking to get preoperty leads B4 anyone else, I strongly suggest that you go straight to the source: Homeowners!
Try and help them out of their situation by NOT helping yourself to their equity first. Be part of therir solution and not such a greedy grubworm as most investor are. You will be rewarded for your efforts in the long run.
Hope this helps some of you out there.
C-
[ Edited by cpifer on Date 09/19/2004 ]
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sweetdealmaker
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Charlotte, NC
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Posted: 16:24 on 09-19-2004
I agree with cpifer: I am a RE/MAX broker who does a number of preforeclosure transactions, and I get leads directly from lenders and sellers who face foreclosure..
However, it is very difficult to get a continuing stream of reliable preforeclosures from the lenders, because of their bureaucratic processes and legal limitations in re: disclosue of financial information. It isn't easy to get anything at all, unless you know someone in loss mitigation who wants to help.
For newcomers and those not well established in the real estate profession, I suggest that you first pursue foreclosure opportunities directly from sellers, and provide them real help without demanding cash up front or tying them into contracts that give you, but not them, escape clauses. Wait until you've earned it to grab cash or tie up the house. Your reputation is going to be your greatest asset.
Therefore, you need to earn references and develop a reputation for dealing fairly and successfully with distressed sellers, so that you can market yourself effectively to them. I find the sellers to be the easier side of the deal, too. Both buyers and lenders range from wonderful to ...let's just say "challenging."
As for those lenders who are easy to work with, they will often be more helpful to those who can claim a successful record of working with sellers to the lender's and seller's mutual benefit. They don't want hassle, to be tied up with anything that could look sleazy, or damage to their reputations.
Good luck!
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JohnMichael
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Posted: 17:50 on 09-19-2004
willia2521
Some great advise has been given and let me add just one more thing.
If you have a lender to work through and they do provide such information NEVER disclose their name or information, as this source will end.
Keep in mind that eyes are all-out on the net.
I am sure that many of the investors who chimed in on this thread are just using examples!
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OnTheWater
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Roanoke, VA
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Posted: 19:51 on 09-20-2004
Hello,
Here's our experience.
We get preforeclosure and foreclosure information from our bank. They don't have many, but when we were living in our former state, that bank called me usually first.
Thanks,
OnTheWater
PS We're beginning to develop the same relationship with our current bank.
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willia2521
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Posted: 10:47 on 09-21-2004
Everyone,
Thank you for taking the time to respond. Your feedback is greatly appreciated!! 
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njtaxliens
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Bronx, NY
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Posted: 19:14 on 09-23-2004
*BOARD HUSTLER*
[ Edited by JohnLocke on Date 10/10/2004 ]
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