Pre-foreclosures on Propstream

[Trent Brodbeck]

Hello everyone,

I am adding pre-foreclosures to my Propstream shortlist. There are many pre-foreclosures going back a few years. I understand that the foreclosure process may not last that long. 

What dates should I look at for pre-foreclosure to ensure I am reaching out to the owners at the right time? 

[Chris Seveney]

Quote from @Trent Brodbeck:

Hello everyone,

I am adding pre-foreclosures to my Propstream shortlist. There are many pre-foreclosures going back a few years. I understand that the foreclosure process may not last that long. 

What dates should I look at for pre-foreclosure to ensure I am reaching out to the owners at the right time? 

 Be careful what states you are also reaching out to people in as some states like Maryland and several others it is considered predatory to reach out to people in pre-foreclosure.

[Jon Mitchell]

Quote from @Trent Brodbeck:

Hello everyone,

I am adding pre-foreclosures to my Propstream shortlist. There are many pre-foreclosures going back a few years. I understand that the foreclosure process may not last that long. 

What dates should I look at for pre-foreclosure to ensure I am reaching out to the owners at the right time? 

 I also use PropStream for foreclosure leads. I was able to compile a list of a little over 200 prospects. I dated them back from the beginning of this year to now. 

First thing is to know what type of foreclosure state you're investing in: judicial or non-judicial. In a judicial foreclosure state, the process must be conducted through the courts with a judge making a ruling. The foreclosure has several stages which can last a year or longer. The timeframe can also be influenced by whether or not the homeowner has legal representation. Homeowners without representation are likely to be foreclosed on much quicker compared to someone that does for obvious reasons: they don't how to defend themselves in a foreclosure proceeding, they don't know how to raise arguments in their favor, or how to negotiate. Florida, where I'm at, is a judicial state.

In a non-judicial state, the lender can foreclose on a home without going through the courts, and can foreclose on someone within a couple of months. Much quicker. Texas is a good example of that.