California Pre-Foreclosure advice! I need some guidance

[Kristoffer Tier]

I am currently in Southern California (San Bernardino and Riverside Counties) and I'm looking for advice from anyone in the SoCal that has experience in dealing with Pre-Forclosure properties. I know that California is a Deed of Trust state so I am looking for information on how I can go about marketing (I was thinking about knocking on doors first), speaking with these type of sellers and the acquisition part overall.

So a couple questions that I have are..

What's the difference between Notice of Default and Notice of Trustee sale? Can I get these properties under contract from the sellers directly when they have these notices? or do I have to go to the bank? 

and are there any legal restraints that I should be aware of before pursuing this niche? 

I don't know what I don't know so any advice or info is greatly appreciated!!!

[Robert Davidson]

One interesting item in that code is that the Equity Purchase Agreement (with it's 5 day waiting period) does not have to be used if the homeowner is not occupying the residence (or one of four residences on the property.)  As to marketing, homeowners are swamped with letters all saying essentially the same thing - e.g. I'll buy your house, etc.  I have found the best marketing to be door knocking.  Even then most homeowners are not motivated to sell.  They don't want to move.  You will have to convince them why it is in their best interest.  I give them information on Keep Your Home California and the various federal prevent foreclosure and tell them I am only one solution and maybe not their best.  This establishes in their mind that I'm not one of the typical sharks trying to steal their house (and yes, that is what they think investors are.)  So establish some Then try to get a second meeting to go over all of their options.