| If you're considering making money by doing real | | | | value and the balance owed on the property) |
| estate contract assignments, and are focusing on | | | | I only approach distressed homeowners with at least |
| properties in pre foreclosure you will need a steady | | | | 40% equity. This insures you can repair and hold the |
| source of quality leads to make steady profits. | | | | property while still offering the homeowner some sort |
| Working with an online foreclosure-listing database is | | | | of cash at closing. |
| the best way to source new and profitable leads. | | | | Second, make sure you can ensure the listing is still |
| Remember "pre foreclosure" happens when the | | | | active. |
| homeowner has missed one or maybe a few house | | | | A good foreclosure database will always list the |
| payments and the lender has in turn issued an NOD or | | | | attorney handling the case. |
| Lis Pendens. | | | | A quick phone call can verify if the case is still open or |
| With so many foreclosure databases online how can | | | | not. If the homeowner has worked out a loan |
| pick which service to use? | | | | modification, he probably doesn't need your help |
| These 3 pieces of information should be included in | | | | anymore. Go to the next one... |
| any pre foreclosure database, without them you'll be | | | | Third, general accuracy and updated regularly.You'd be |
| wasting your time and losing money. You | | | | amazed how many databases contain erroneous |
| ABSOLUTELY must research your leads and choose | | | | information, such as wrong owner/trustor, incorrect |
| which property owners have profit potential. | | | | payoff amounts, and even incorrect address's or |
| First, look for a service that provides the equity position | | | | worse addresses that don't exist. |
| of the homeowner. | | | | The wrong leads in this business are as good or |
| This is SO critical yet many so-called foreclosure | | | | worse than no leads. I find 40-50 good leads a month... |
| websites never include equity. | | | | the link below contains access to one of the most |
| It would be foolish to approach a homeowner with little | | | | robust pre foreclosure lists you'll find...plus it's free! |
| equity (the difference between what the after repair | | | | |