Using foreclosure.com on BiggerPockets

[Andrew McManamon]

Hello BP family, I'm wondering how accurate and useful the foreclosure finder on the BP is? Any feedback would be cool, as I'm eager to find motivated sellers to start wholesaling

[Bram Spiero]

Hi Andrew,

I have no experience with the foreclosure finder on BP but I can tell you the majority of people saying they want to get into real estate investing are looking for the path of least resistance. They perform shallow searches on the MLS and use other platforms expecting deals to pop out at them.

In short, most people are lazy and greedy.

There's a reason why people spend so much time, money and effort on marketing for wholesale deals. That's because the deals that are easy to find are being fought over by the majority of people. 

Discovering a way to find a-typical deals, through effort, a deeper understanding of the market or any other competitive advantage is the only way to get away from the crowd.

Good Luck!

[James Green]

@Andrew McManamon, why would you use the foreclosure finder to find motivated sellers? There is no motivated seller in the equation when a property has been foreclosed on. A REO/Foreclosure is sold by a bank & they are NOT motivated in the way an actual individual is.

Now an actual individual that is actually going through the foreclosure process is motivated, but that is entirely a different beast to tackle to wholesale, you have to know the foreclosure timetables, mortgage payoffs, possible liens, also any particular laws that may apply in your state with buying pre-foreclosure properties. In some states, an investor CAN"T buy a pre-foreclosure property that is owned by an individual, they can buy one owned by an entity such as an LLC.

There are plenty of articles on here about finding motivated sellers in the wholesaling forums.