| Locating high potential pre-foreclosure and | | | | the relevant owner names and document |
| foreclosure property investments is a crucial | | | | numbers, and take this with you to the county |
| part of the business of pre-foreclosure and | | | | recorder's office. Once there you can review |
| foreclosure investing. Especially when it | | | | the corresponding documents (i.e. notice of |
| comes to pre-foreclosures, a lot rests on | | | | default or Lis Pendens, as the case may be). |
| your ability to find promising properties as | | | | These will give you the loan details and the |
| soon as possible... and before any or many | | | | address of the properties being subject to |
| other property investors! Unless you hire | | | | foreclosure proceedings. |
| someone to find potential investments for you | | | | |
| (a good idea in many cases) here are the main | | | | 3. Foreclosure Listing Sites |
| sources of information about pre-foreclosure | | | | |
| and foreclosure properties that you'll want | | | | There are various companies offering lists of |
| to be familiar with. | | | | foreclosures on their websites. In most |
| | | | cases, you'll need to pay a fee in order to |
| 1. The Local Newspaper | | | | access such information. An up-to-date |
| | | | foreclosure listing site can certainly save |
| Your local newspaper will typically have a | | | | you time in locating information about |
| "legal notice" section where you will find, | | | | properties undergoing foreclosure. However, |
| among other things, notices that a certain | | | | just be sure that the information is, in |
| lender has filed, or is filing, a notice of | | | | fact, up to date. There is no advantage - and |
| foreclosure on a particular property. This | | | | in fact there is a disadvantage - to paying |
| basically indicates that a property has gone | | | | money for out-of-date information. |
| into pre-foreclosure. Alternatively, | | | | |
| newspapers also publish notices of trustee | | | | 4. Property Finders |
| sales and foreclosure auctions that are about | | | | |
| to occur, including the time, date and place. | | | | Finally, you can hire a property finder or |
| | | | "bird dog" to do the leg-work required to |
| 2. County Recorder | | | | find suitable pre-foreclosure or foreclosure |
| | | | properties for you. Rather than you do all |
| The local county recorder will keep a | | | | the research, you can hire such individuals |
| database of notices of default. Depending on | | | | to scour the newspaper, county recorder's |
| the county recorder in question, you may be | | | | database and/or foreclosure listing sites. |
| able to search this database online. For | | | | |
| example, you may be able to search by | | | | Even better, though, is to hire someone who |
| "document type" and get all the notices of | | | | has connections in the area you are |
| default, including the relevant owner names | | | | interested in investing, and who is on good |
| and document numbers. | | | | terms with the real estate agents in the |
| | | | area. That way, such hired guns may be able |
| If the online database does not provide | | | | to uncover - and reveal to you - new |
| details of the loans and properties to which | | | | opportunities as soon as they crop up. |
| these notices relate, you can still note down | | | | |