Once I have the info. from foreclosureradar what is the next step? Do I get with a title co. and then start calling the numbers that you supply to see if they will except an offer?
What a great question!? I’m looking forward to seeing the responses.? Our experience over the past few months has been that Foreclosure Radar has excellent information, but to get a title company or bank to pick-up the phone and talk with you is near impossible.? We are searching for a primary residence after selling our home in November of last year - what a nightmare it has been.? I wished we had never sold.
It is a good question, one for which there is a million answers. There are so many different approaches to buying foreclosures that I really try to avoid a one size fits all answer. There are lots of foreclosure gurus out there who say you just need to follow their method and you’ll be a millionaire. The reality is that like most things that offer good returns, it really just comes down to hard work. We do our best to make it easier, but beyond that its up to you.
Since this is posted under preforeclosure, I will say that the first step in preforeclosure buying is to connect with the owner and determine their willingness to sell. Since most properties are now underwater, you can also use ForeclosureRadar.com to get an idea of how upside down they are and therefore how likely, or not, a bank will be to accept your offer.
Finally know that foreclosure purchases are generally harder than standard real estate transactions. So I always recommend that homebuyers seek the help of a professional. Realtors are an obvious place to start, but make sure you find one with real foreclosure experience - unfortunately that is still a smaller list than it should be.