1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Need that special someone

Discussion in 'BlackHat Lounge' started by tripphxc, Oct 1, 2009.

  1. tripphxc

    tripphxc Junior Member

    Joined:
    Mar 23, 2008
    Messages:
    106
    Likes Received:
    1
    Location:
    6 Feet Under
    Someone who works in the Real estate business, what is the best way i can find houses that are forecloses before they become foreclosure or REO or before any other investors find out about them?
     
  2. noob411

    noob411 Junior Member

    Joined:
    Feb 22, 2009
    Messages:
    176
    Likes Received:
    127
    Occupation:
    Feeding my wallet
    Location:
    Palm Bay, Florida
    what state?
     
  3. tripphxc

    tripphxc Junior Member

    Joined:
    Mar 23, 2008
    Messages:
    106
    Likes Received:
    1
    Location:
    6 Feet Under
    New York, Long Island
     
  4. pigsnog

    pigsnog Registered Member

    Joined:
    Feb 12, 2009
    Messages:
    79
    Likes Received:
    12
    Wish I knew how to do that in New Zealand :0)
     
  5. hotstox

    hotstox Jr. VIP Jr. VIP Premium Member

    Joined:
    Nov 14, 2007
    Messages:
    275
    Likes Received:
    86
    call up your local banks, and ask for their Real Estate Owned department. They should be able to point you in the right direction. Also get added to some local re agents/brokers mailing list for foreclosures. They usually can narrow down what type of property they send you info on. Feel free to hit me up on aim rei is a passion of mine, if I can help you at all I don't mind.
     
  6. vince255

    vince255 Newbie

    Joined:
    Mar 13, 2009
    Messages:
    0
    Likes Received:
    0
    You should also check nyc ecourts website and do a search for the major lenders( jpmorganchase, citibank, wells fargo, etc) as plaintiffs. Once you do this you will see existing forclosure cases which have not been closed. Yes the properties are in forclosure, but no the banks have taken possession yet. The owner still has ownership and can either refinance or sell the property (if possible) to avoid loosing the property at auction. You should verify the property information by going into acris, which is nyc property registra database. 9 times out of 10 you can match the defendant name with the correct property address & block and lot. Doing all of this will allow you to negotiate directly with the owner via mail or a personal visit to the property. Or you can track a specific property and follow its path as the bank takes over the property, then you can contact the bank about specific properties you are interested. Most experienced investors have contacts within forclosure law firms, mortgage companies, title companies etc. So the only way I see around that is to deal directly with the property owner if possible. They are usually desperate and in need of a way out. I have over 15 years of experience as a real estate paralegal working in law firm in Bklyn and mortgage loan auditor for American Home Mortgage for a short spell before they went under. Its easy to find the property but a little tricky negotiating the payoff down to make deals work, but there is always a way to get things done. Best of luck!!