All Forum Posts by: Gary Parker

Welcome

@William Hochstedler shared some very valuable links. As he said, this is a very broad topic. I am in Utah, specifically the Salt Lake City area, and the laws vary from state to state and possibly area to area. My answer is based on a non-judicial foreclosure process in my area. Foreclosure is the process the bank uses to take the house back when one does not pay their mortgage. Pre-Foreclosure typically refers to the period from Notice of Default (NOD) to the actual foreclosure (sale at auction or the bank takes ownership of the property). In my area, one can not "help" or "discuss" foreclosure with a homeowner unless they are an attorney or a licensed real estate agent; although, non licensed people solicit homeowners in default all the time here. One can simply offer to buy the house if not licensed. These are general statements but get the point across. Make sure you learn the laws in your area, and I would suggest getting licensed if you will be working with people in the foreclosure process.

I agree.  During the last downturn at least the Wasatch Front area took less of a bumpy ride as the obvious Phoenix, Las Vegas, Florida, Mid West markets.  This area had a history as not so up and down and more smooth growth.  We have the ups and downs but not so pronounced.    

In my market it sure seems like many investors including myself sometimes are working on thin margins.   But, the rehabs are going under contract very quickly.  

Will each date have the same content or is there new content for each date?

First I would become very familiar with the law in your area concerning pre foreclosures.   Most pre foreclosures are going to be short sales, so an agent to work with will probably be necessary.   After learning the law and finding a good agent to work with, figure out an approach from you to the homeowner that is positive considering you are using an agent, know the law etc.

If you will be approaching owners in notice of default with equity only, than you will need to know the law.   "Helping" people in foreclosure can be tricky especially with equity.  

Find out which attorney firm is handling a lot of foreclosures in the area for the banks and contact them.

You could negotiate (short sale) the 2nd or 1st and 2nd depending on loan balance and market value.  

Are you looking for houses that have been foreclosed on and are probably bank owned, or are you looking for pre foreclosure?  For pre foreclosure, there should be a way to access the recorded documents at the county Accessor's office.    Search for the Notice of Default.  Could be different in your area, but that is how to get the info the quickest.

My experience has been time to start over with the new mortgage holder.