Notice of Default, Trustee Sale, REO data

[Honna59]

I have available on a weekly basis, information like that contained
in the two attachments below. However, I'm not that well educated
about Preforeclosure (Notice of Default) investing or court house
steps (Notice of Trustee Sale) investing yet to know what to make of
the info. I'm sure that there needs to be title searches performed
on any such properties....but let's say you did a title search and
found that the only lien on the property is a first mortgage (i.e.
the amount shown in the info as "Loan Amount") plus the delinquent
amount....how would one go about helping the home owner? Send one of
your letters and let them contact you? Also, I imagine you'd have to
have the funding in place or very readily available to be able to
help them out.
FYI, on the NOD Moraga Dr EDH.doc file....just so you know, nothing
is selling in this area for less than $430k. Prices out here are
ridiculous.

[Just Information]

First, let me welcome you to what is my opinion one of the bet upcoming forums for real estate investors.

You will find a wealth of information not only in the forum section of this site but by going to the primary side of this site at http://www.magicbullets.com/ you will find tons of links and free stuff along with 4 free ebooks by the man him self Dan Auito just scroll down to the bottom of the page.

Make sure you introduce yourself at the introduction side of this forum at http://www.magicbullets.com/forum/forumdisplay.php?f=28

When dealing with Nod's (Notice of Defaults) and NT's (Notice of Trustee Sale) a few factors play into this game and you will want to establish a strategy on how you plan to deal with them.

One strategy will be how you plan to acquire the subject property:

Cash purchase before or during the sale.

No or limited cash, now you will have to use one or more creative strategies such as:

Lease Option purchase

Subject two

Trust transaction

Just to name a few.

I have found the post productive way to market Nod's and NT's is by way of direct mail and I use the USPS's on line mailing service for that.

After the mailing I give 5 days and start my telephone calls to them by using the Polk City Director for locating the home telephones.

I work all responses first by asking a few questions over the telephone to establish what I can do such as:

When is the sale date?

What is the balance of the mortgage?

Do you have any other mortgages and the balances?

Any other liens?

Any taxes due?

What is your monthly payment and does it include PITI?

How many payments are you behind?

Are you in bankruptcy or considering bankruptcy?

If I do buy your house what do you plan to do?

If you do not sell your house what do you plan to do?

If this goes well I will do my title research at the courthouse and than establish market value to see if I have a deal!

Now for the ones that do not contact me I do my title research at the courthouse and than establish market value to see if I have a deal and if so I simply go visit them and see if I have motivation.

Now this is just a 101 type of reply as it is a little more involved than listed.

One vary important key factor is to determine what lien position the foreclosing lender is in.

You are simply in a vary hot market and you will have to move swiftly to get a jump on the game.

Email me so that I can send you my ebook on foreclosure investing and you can just pay me when you get to your first million.

[Corphelp]

Buying pre-foreclosure properties is very competitive as well and very difficult. As there large profit to be made you will be up against some very savvy and well finance competition. Recommend you read all you can and get listed on message board were other will share there experience with you because in addition to it being very difficult there can be a large financial risk, if you make a mistake. Don’t get me wrong, I love the real estate business and personally owned 4 homes and one 5 unit apartment building by the age of 25. Lucky for me I brought right. Now to comment on your list, it is every important that you buy only NOD list that report same day filing. I have looked into buying list before and found that price will vary, mostly because the less expense one are stale dated. By the time you receive the list possibly several hundred people have already made some kind of contact. May want to look into begining as a bird dog and after several closed deal you’ll have a better understanding. Not currently, but I would not mind help you along a little later in the year. I am also located in California, but in the southern portion (L.A).