Thread: Networking for foreclosures

Where can you get a pre-foreclosure /foreclosure lists that are free to the public here in California?I've tried the foreclosure.com and bargain network but there's always a fee attached after 1 free week of usage.

Originally Posted by Kreative Maverick

Here is my problem....... I feel the best properties are being snatched up very very fast. I get the feeling that there is someone working in the bank who has a relationship w/ an investor and getting them the bid.

Im not ruling out that competent investors usually have their network within the banking circle. Its about how you build your contacts with these people. And there are a lot of ways to do it. Join the bankers club for a start or for a more inexpensive method the web is always filled with social groups of this profession.

You may post your requirement on real estate agents sites, there are many who especially deals in foreclosure property. Shortlist the real estate agents more active in your preferred area. Before finalizing a deal directly with a customer, pay a physical visit to the site. To know more about latest real estate business practices and trends, one may visit the site of foreclosureworkouts.info also.

Originally Posted by Kreative Maverick

Here is my problem....... I feel the best properties are being snatched up very very fast. I get the feeling that there is someone working in the bank who has a relationship w/ an investor and getting them the bid.

One question I have is... Are the properties you talking about hitting the MLS and automagically entered at the "Pending" state? This usually happens when the REO agent has a list of investors just waiting for the deals, and have proven themselves as being able to close very quickly. The only way to get those types of deals, is to "join the club," by finding out which agents are listing and then prove your worthiness with them.

Originally Posted by Kreative Maverick

There has to be a better way than just waiting on a foreclosure list from the REO agent or using the net.

There is... it's called PRE-FORCLOSURES. The game is much easier during that stage, as you have a lot more options, other than coming up with CA$H for the purchasing of the properties. Maybe you should look into that stage, instead of waiting until it enters the REO stage. Another way to get in to some good deals is to attend and bid on the Sheriff/Trustee auctions, if you are CA$H FLUSHED, since the winning bidder needs to pay quickly.

A couple of ideas.

Later.

Many banks/asset management companies require the property be on the MLS for a certain amount of time before they will start accepting offers. The complaint that some REO listing agents are giving first dibs on properties to their clients may have merit, but may not always be true. You may need to hire an experienced REO agent to represent you as your buyers agent and call you as soon as these properties hit the MLS.

Originally Posted by Kreative Maverick

Ok, board....for the last 3 months I have been looking to buy foreclosed homes and hold them and rent out to section 8.

Here is my problem....... I feel the best properties are being snatched up very very fast. I get the feeling that there is someone working in the bank who has a relationship w/ an investor and getting them the bid.

I am not complaining I just want to know how to get in that game. Where do these guys hang out at? There has to be a better way than just waiting on a foreclosure list from the REO agent or using the net.

Thanks in advance,

I am agreed. I notice that good property snatched up even prices so high.