I recently quit my job selling real estate because it was a second job for me and I just couldn't spend time with my family and it just wasn't paying off. I missed out on a good forecloser opportunity. This guy my wife babysits for is being foreclosed on. The house is only 2yrs old and could use about $3000 work to get it ready to sell. He owes 107k and it if fixed up it could sell between 150 and 160. The guy didn't even know he could still sell till I talked to him and I was originally going to list it for him but then he rescheduled, his phone got disconnected, I decided I wanted to by it myself and in the mean time he listed with another realtor for 150. I am really kicking myself for not moving or thinking faster on this one.

Anyway this got me interested in buying foreclosures.
Are properties like this common?
When is the best time to try to buy?
Before the bank mentions anything to the owner about forecloser or between then and the sherrifs sale?
How do you find them? Is it OK to put an add in the paper like "Bank Foreclosing on You? Give me a Call." To try to get them early. I don't think I've ever seen that around here.
Is there time to buy after the public notice and before the sherrifs sale?
Is there a good resource to learn more about this?
Any help is appreciated.

Ahh you have found out one of the big things in Real Estate.. It is a full time job... Over 90% of the people who do it part time never make money at it.. It is a wonderful industry... It just takes time and persistence...

Now as for your investing.. There are literally hundreds and thousands of opportunities just like that everyday... Remain persistent... Stay active in the local realtor association and with a broker.. it will be well worth it for you if you can... But be forewarned, most brokers prefer full time agents..

To be honest with you, the best resource is an experienced agent... And if that isn't available, there are a couple of good programs to teach you about them... Help me out everybody.. I know they are there... but I learned it the ole' fashion way... By doing...LOL...

Yes there is a tremendous market for them to you to purchase and for you too sell..
There are many ways to find them... Advertising, newspaper, honestly your best place is the local county government office... They normally have a good web presence and with a little practice you can find them and weed them out very easily...

Good Luck and keep us posted... Don't forget, if you have any more questions drop them off..

Duane

IT SOUNDS LIKE YOU KNOW EXACTLY WHAT TO DO, BUT JUST PROCRASTINATED AND LOST A LISTING. I SUGGEST READING YOUR LOCAL SHERRIFS SALE, AND BY ALL MEANS GET INTO THE BPO/REO BUSINESS. A GOOD BPO AGENT CAN MAKE 5,000+ A MONTH WORKING FROM HOME. AS FOR PROPERTY INVESTING, THERE ARE BANK OWNED AGENTS SPROUTING LIKE MUSHROOMS. CHECK MY SITE FOR SOME NATIONWIDE LISTINGS. DMADDOX.INVESTORPROPS.COM

As for finding foreclosures I think the best way is to contact your local title and escrow company for their default and foreclosure lists. I recently worked on a "notice of default" list from my title company and was able to help several clients work out of foreclosure which created business for my brokerage. This also gave me useful information concerning the property and position the (potential) seller was in and whether or not the property was something I might be interested in. Basically, I think you will find the best deals by networking and using free public information. The critical part after that is to get prequalified so that when you find the right deal, a realtor will be happy to expedite your offer and you will be more likely to buy at the right price, terms and within the required time frame. Foreclosures have been a hot market in the past and my experience has been that time is of the essence as there is a lot of competition. There are a ton of programs for these situations and I am willing to help. You can contact me at SMC Mortgage 877-767-5259 ext 5 or at matt@smc4loans.com

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Matt Williams