Expert: Dick Dennis - 7/22/2006

Question
I would like to know the best way to find information about homes in preforeclosure, before they are brought to the attention of the public if possible.  So how do you find preforclosures?

Thanks! Justin

Answer
You have to keep your eyes on the publications, Justin (newspapers, etc.) that publish the first notice of default as directed by the respective states. Each state has different rules and regulations for foreclosures, so you have to become very knowledgeable of what your state requires.

Each time you see a property that has just entered into the foreclosure process, you need to become very knowledgeable in the values of that particular house. And then you have to know how to approach the owner who is behind in payments. And that is the most difficult of all.

YOu have to realize that when people fall into default, your are probably the person he/she would least want to see or talk to. They are in an embarassing position and just don't want to talk to you. Plus they always seem to feel that they are going to get manna from heaven that will take care of their problems. Most of them, those who eventually do head to the foreclosure auction, wait until the very end. By then it is way too late because they owe even lots more by then.

So you better have a good personality and be able to offer the owners something the others who are looking for foreclosures don't offer.

I do wish you well.

Dick Dennis