Be a PreForeclosureFinder
Be First and Succeed
You can be a successful PreforeclosureFinder if you know where to look. It's easier than you think.
What are PreForeclosures?
Properties whose owners are no longer
making payment on a mortgage or lien and the entity (most commonly: a bank, private lender, home owners association, construction company, hospital, County)holding the mortgage or lien has recorded a Complaint and Lis Pendens in the county that the property resides in. The easiest way to be a PreForeclosureFinder is to search the county official records by document type "Lis Pendens".
The objective is to locate the owners, prior to the auction and purchase directly from them. By searching the official records for preforeclosure properties you will be able to: find mortgages and liens held against the property, locate owners, find conveyances. This is invaluable information for making an informed decision on which property owners to contact. The best tip for being a PreForeclosureFinder is to be the first to know.
Here's the result of being a preforeclosurefinder, we sent out a flyer and purchased this exquisite corner parcel from the owner. Gated community, very expensive golf course lots, million+ dollar homes on street, association dues included golf and country club membership, 90 days hold time profit of 27%.
Purchasing preforeclosure property is time sensitive.
I search the official records in 5 day intervals when
running a query by document type for a random Lis Pendens. The
sheer volume of foreclosure filings that can be found is
startling. I typically
find the commercial pay sites take 60 to 90 days to list a property as a
preforeclosure, after the recording of the Lis
Pendens. By going directly to the official records and
locating the Lis Pendens
yourself, you will have 60 days to make contact, negotiate and contract
the property before most investors know about it. The
preforeclosure property will not yet found by the commercial sites
(60-90 days out), the
legal ad
will not be running (typically 3-5 months out) and the property won't
be on the Clerk of Courts
auction
calendar (depending on county anywhere from 5-11 months out). The
initial 60-90 day window will give you ample time to make your
pitch.
To locate the official records for your county see my Florida County
Auctions Page where you can locate a link to the Official Records for
your county.
PreForeclosureFinder/Official Records
A few smaller counties, such as Taylor, don't have
online viewing of their official records at the current time, but great strides are being made to correct this. For those counties not having official records viewing, the
link provided from my county auctions page will be to MyFlorida where document viewing is very limited. If this is the case, pick a different county
because viewing availability will shorten your research time.
What can be accomplished in one county can be mirrored in other
counties. Most counties allow you to search official records by
document type and
that is what you need. Counties which allow this are far easier
to locate preforeclosures.
The two page links below outline the step by step process to locate documents within the official records. One property per page is broken down to the basics, step by step as a follow along tutorial with: added tips on what to look out for and avoid, preforeclosures research time saving tips, how to locate added information you will need from the Property Appraiser's office. Once you have followed through the tutorial pages, you will be able to locate the official records for your county of interest and conduct the same PreForeclosure Finder research in a different county. All information is FREE, no site registration required.
Florida PreForeclosureFinder
A single document source for success.
What Pay For Access Sites Don't Want You to Know.
A free guide to finding Preforeclosure before anyone else.
FloridaPreForeclosure Tutor
Broward county is an excellent example of what can be found in many Florida counties.
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