How to Search for Pre-foreclosures in Your Market

by
Chris Goff

Pre-foreclosures make great real estate investment deals andare a constant business you should be working. Follow the basic steps below andget started working the pre-foreclosure business. It’s all about helpingpeople!

 

1) Research Pre-foreclosure leads using the REIPro software.You can also search the Auction leads as well. These homes are inpre-foreclosure, they just have an auction date scheduled so you may need towork these sooner rather than later depending on the actual auction date. Anyauction date within 1 week should be avoided, as this will not leave us enoughtime to work.

 

2) You should filter the leads that have at least 20% LTV(Loan to value) as these leads have equity in them.

 

3) Now select all leads, create a direct mail campaign andmove them to direct mail.

 

4) Sending direct mail letters or postcards is the best wayto contact the owner since calling them will be difficult. Most pre-foreclosuresellers are screening their calls, which makes it hard to contact them byphone. Having them call you from either a letter or post card is the best way.

 

5) Once you receive calls, go through step 2 in the softwareand ask the following questions.

 

Some of the most important questions to ask are:

 

a. Find out their situation?b. How much are they behind in payments?c. Loan balance?d. Does the home need repairs?e. Are the taxes current?f. Do they still live in the home? Is it vacant?

 

6) Once you have this information, you’ll need to researchthe potential value of the home using REIPro and running comps.

 

7) Schedule a time to look at the property!

 

Now, you’re on your way! Continue to follow the 10Executable Steps and you’re on your way to closing your first pre-foreclosuredeal.

 

Go to www.myreipro.com.com andstart your 30-day free trial.  It will be worth your while.

Made with lots of and in Georgia