I get calls everyday from investors wanting to know how to find great pre-foreclosure homes and I am glad to help them. But, they are watching the news and think that a thousand a day are going on the market right here Oregon. Well, that just isn't the case!
There are maybe 50-60 homes a week in all of the tri-county area that make it on to the default list, the foreclosure process has begun for them, and they are starting to get letters from their lender besides the letter saying they are late by a few days.
To get on the Notice of Default list you have to be at least 3 months behind, your bank has to have filed with the local courts that you are in default, and that they are going to start the foreclosure process. Once a person is on this list, home owners are inundated with mail, phone calls and drop bys from every investor and con artist in the state.
You can sometimes get a deal from these, but you have to fight through the wave of other investors and set yourself apart. What I do, is advertise to homeowners that are in trouble and tell them they can either save their home from foreclosure by taking certain steps, or I can help them try to sell it. A homeowner will contact me, usually the month before they are late with their first payment, or the month they are late. This puts me and my investors in contact with these owners two to three months before anyone else even knows the owner is in trouble.
It is true that sometimes these people have plenty of equity and don't need the assistance of a short sale, and can get full price for their home and put money in their pocket. But, other times, there is just no equity and this is the time for me and my investors to shine, and get the homeowner out from under the debt, and negotiate a great deal for my investors directly with the bank.
You see the bank doesn't want the home back and if the owner can't pay to sell the home, they have no money, the bank has to take a loss in order to not get the home back in a foreclosure. We negotiate with the bank the amount they will take for the home and then they pay for my services, in most cases. We can sometimes negotiate to get a home from a bank for 60-70% of what the fair market value is. It really depends if there is a first and a second loan on the property.
For more information on buying a home in pre-foreclosure with a bank short sale, please feel free to contact me anytime via e-mail or by phone.
Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8739
Todd Clark and the Friendly Home Team
Knipe Realty
Todd@IFoundYourNewHome.com
Phone: (503)524-9494
Fax: (503)746-9573
I am a licensed Realtor who specializes in Washington County, Oregon and also work in both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard. All information contained in these posts are copyrighted and cannot be used without prior written approval authorization from the author me Todd Clark. If you are looking for an outstanding agent please give me a call I would love to help you with all your real estate needs.
What if there was a way you could search the MLS for FREE just like Realtors
Now you can access the MLS using similar tools as Realtors. You are in control of what you want to search for, and you can search the MLS at your leisure. The information you submit in the form below can also be used to put you on an automated system where you'll be emailed all homes that meet your search criteria. You'll get internet access to a website that includes pictures, prices, and addresses to real estate that's listed in the MLS!
yes they look so nice but Foreclosures are such tough on to stomach.