3 Ways To Find Pre Foreclosure Homes In 2022

In today's video, I'm going to show you 3 ways to find homes in pre-foreclosure. Coming up next. Pre-foreclosure investing has its intricacies, making experts believe that this strategy is not for amateur investors. However, the lack of experience should not deter you from trying this out for the first time. You do need to educate yourself before attempting. Let's go over a few things first. Welcome back. I started this channel for the new and experienced investor. Make sure you like, subscribe, and share this video with anyone looking to create the life they've always wanted through real estate. What are pre-foreclosure homes? Pre-foreclosure homes are those that have been identified through public records of having the owners having stopped making their mortgage payment. Here in California, it's also known as a notice of default. This piece of paper is filed by the bank notifying everybody on public record that this seller has stopped making their mortgage payment. Advantages of buying a pre-foreclosure home are many, but the biggest advantage is you're number one. You beat everybody to the punch. Okay. Before this property goes to the auction steps and gets purchased by a flipper who is competing with other flippers, you've already dealt with the seller and been able to establish a price that you both agree on, and you can put it under contract and actually either sell that contract or buy the property yourself so that you can flip. Let's talk about 3 different ways to find pre-foreclosures. Number 1, search through public records. Now, this may take you a little bit of time because searching through public records means that you have to go to the county recorder's office and look, literally physically look for the notice of defaults that have come in from the banks. This might be time-consuming for you. This is how we used to do it. 30 and 40 years ago. There are many different ways to do it now. Number 2, seek the services of an intelligent real estate agent that knows how to search for these properties. These properties are identified through tax records, which the real estate agent has access to. They also have access to the title company reps who can also give them this information. So if you're working with a real estate agent that's knowledgeable enough to get all this information for you and share it with you, that's a good way to go. Number 3, there's apps for everything out there. So I use a program called PropertyRadar. Again, I think I talked about one time PropStream. There's a lot of programs and apps out there that get you this information. The most up-to-date information is what you're looking for. There's a process when you're buying a pre-foreclosure. It literally takes 3 months and 21 days for the bank to foreclose on an individual. So the pre-foreclosure comes in that 3-month period. When the 21 days starts, it is going into the active Notice of Sale period. So you've got to know the difference. And you can call somebody the next day after the Notice of Default is filed, and they may say no, they may say yes. You may wait all the way to, you know, 3 months later and do the same call again. And again, somebody may say no, somebody may say yes. But as they're getting towards the end, it's getting more serious for them. that they are going to lose this property through foreclosure and would rather do a deal with you. The processes involved in this real estate investment strategy are more complex than most other strategies because of the challenge of finding a pre-foreclosed property, the legalities involved, and the sensitivities required in dealing with the property owner. If you want more information on dealing with houses in pre-foreclosure, Click on this video right here or feel free to reach out to me. I've dealt with many different situations and I can help guide you through the process. Remember, I'm always here to help.