Foreclosed properties

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From: David Buch


HI all
I have been contacting banks all over the place to try and get listings of foreclosed properties BEFORE they get sent to the real estate agents with no luck. Does anyone know where or how I can get hold of this information.
Also does anyone know how I can find properties from deceased estates and or divorce etc? (Again before they hit the real estate agents)

Thanks

David
david@seti-enterprise.com
 
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Reply: 1
From: Jeremy Laws


foreclosureworld.net
Its a US site - best available!
You won't get Aust properties pre Banks. Won't happen, our market is too small and controlled.
 
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Reply: 1.1
From: Robert Forward


Yep, JL is right on the spot with that one. Having known a person who worked in the repossession section of a bank peoples names are held extremely close to the chest, mainly for legal reasons as JL suggested.

Cheers,
Robert

Get your Property Inspection Reports @
http://www.CreativeFinance.com.au
 
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Reply: 1.1.1
From: Stirling Reid


I have noticed that when some properties are sold the vendors have large outstanding rate bills. If you could get hold of a list of these properties, they are likely to be motivated vendors. Also overdue Strata levies.

Stirling
 
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Reply: 1.1.2
From: Mike .


Hi David,

Once foreclosure has occurred the bank becomes the registered owner of the property and will, therefore, seek to obtain best price on the open market rather than sell to an investor looking for a discount to FMV.
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If the bank is the new owner they must have registered that with Land Titles Office. The following site allows searches. Perhaps you can search for banks as owners. http://www.lpi.nsw.gov.au/about/
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"Land and Property Information New South Wales (LPI) is a Government Business Enterprise providing land, property and valuing information and services."
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Ideally, you want to locate and purchase distressed property before foreclosure proceedings start so that you can negotiate with the vendor directly. Some form of advertising seems about the only method I can suggest to find these properties.

Regards, Mike
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PS: A U.S. foreclosure forum: http://www.1ownerhomes.com/foreclosure/index.html
 
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Reply: 1.1.2.1
From: Simon H


Hi Mike
you said

"If the bank is the new owner they must have registered that with Land Titles Office. The following site allows searches. Perhaps you can search for banks as owners. http://www.lpi.nsw.gov.au/about/

"Land and Property Information New South Wales (LPI) is a Government Business Enterprise providing land, property and valuing information and services."

This method will not work because the bank will exercise a Transfer Under Power Of Sale. This means that the bank is directing the Transfer of ownership from the old Registered Proprietor to the new owner. At no stage does the bank have their name as the owner under the First Schedule.

Regards
Simon H
:)
 
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Reply: 1.1.2.2
From: Owen .


Mike,

You said : Ideally, you want to locate and purchase distressed property before foreclosure proceedings start so that you can negotiate with the vendor directly.

I recently found out about a foreclosed property. I did a title search to find out the lender and contacted them 6 weeks before they even processed the paper work and chose an agent. There was no way I could buy if from the bank directly or from the previous owner. I kept pursuing them until they nominated an agent and contacted them 15 minutes after they received notification from the bank. I viewed the property and put in a written offer on the same day and I still couldn't buy it. I eventually had to go to auction.

By doing all this I was able to influence the thinking of the bank by promoting myself as the real buyer, setting a price expectation via the offer and making the agent shorten the advertising campaign to just 4 weeks because I was the real buyer. There were 2 other bidders (I have seen one around the open homes in the area and I know the son-in-law of the other) and I only bid twice and still got it for under my limit.

Lessons learned :

- It's pure luck finding a foreclosure.
- Get in the faces of the vendors and agents and become the only one that matters.
- Condition the price by making offers and following up even when there is no chance of buying before auction.
- Stand firm and bid confidently at the auction.

I settled 2.5 weeks ago and the renovation will be finished at the end of next week. Foreclosures are great if you can find them.

Owen

"Gambling promises the poor what property performs for the rich – something for nothing"
 
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Reply: 1.1.2.2.1
From: David Buch


Thanks all for your answers..
I will bear it in mind.

One question : I see that two of you have offered US sites. How easy would it be to buy US sites from here?

Thanks

David
 
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Reply: 1.1.2.2.1.1
From: Mike .


Hi David,

I spoke to the legal dept of Land and Property Information New South Wales and apparently foreclosure is registered with Land Titles Office only when the bank can't find a buyer and is forced to buy the property itself, which rarely happens. Normally, a buyer is found and the transfer is called Transfer by Mortgagee Exercising Power of Sale.

The new buyer will only realize they have bought from a bank after settlement when they check their title documents.

I'll reiterate what I said before that advertising for distressed sales is your best option. Usually, the vendor is looking for a quick cash deal so advertise cash for property, quick sale guaranteed etc.

Call me a cynic, but I wonder whether RE agents flog these properties to their favoured buyers who buy regularly for a quick sale rather than work for best price? Unfortunately, the price will include the RE agent's commission as well.
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There are also people who miss mortgage payments due to unexpected financial problems and may welcome the opportunity to stay in their home by selling to you and then buying back via a wrap or lease option. Again, find these by advertising.

Regards, Mike
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PS: Council records will show when property last sold so what is the likelihood of a distressed sale if present owners are selling again within three years with interest rates higher today than their level 3 years ago? Could the hike in interest rates have forced the sale?
 
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