Finding property from Bankruptcy?

Question

So I'm using a service foreclosure.com that provides people who file for Bankruptcy here in Illinois how do you go about finding out if they want to sell the property?  I know Chapter 13 usually people keep the property renegotiate the terms but chapter 7 is this a buying opportunity? Can I call the bankruptcy attorney direct and ask them to ask their client if they want to sell? Or do you guys send yellow letter or try to contact the person? Any advice would be awesome.

Alex Bok · Answer

Post cards work well but sometimes there is confusion on the addresses if they could be an absentee owner but generally they work well. What else has worked for you here? I have tried reaching out to probate attornies to get contacts but it is pretty tough I have found

Anson Young · Answer

Thanks @Brandon Johnson!Knock, mail, call, smoke signals...  whatever it takes to get a hold of the seller!

Account Closed · Answer

@George Gounaris My firm use to deal heavily in foreclosure defense and short sales. Also many of my investors are in the same line of work as you. My firm used to send post cards to a anyone who a foreclosure was filed against advertising our legal services. However, the return rate was very low. In my experience, many homeowners who are in foreclosure are not prompt to respond to mailers or take advantage of self help.

I'd be glad to put you in touch with someone who can sell you that list. Good luck!

George G. · Answer

Well, I called auction.com and confirmed my suspicions that the person filed bankruptcy isn't always the homeowner its address listed on the bankruptcy, so I think that would be less of a response rate as well maybe barking up the wrong tree don't want to waste money on marketing will have to figure a way to cross check ownership for better response rate.

Brandon Johnson · Answer

@George Gounaris

I don't know much about bankruptcy, but the best way to find out if someone wants to sell is from the horse's mouth. Ask the homeowner directly. Mail or telephone are two ways you can do that. My favorite way, however, is how @Anson Young says he does it in podcast show 96. He goes and knocks on their front door.

Finding property from Bankruptcy?

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