Arizona Ranks Second In July Foreclosure Fillings. “ForeclosureS.com: Pre-foreclosures hit record highs in July both nationally and in 14 states and the District of Columbia. Read More
This is a follow-up to the author's first book on the subject, The ForeclosureS.com Guide to Making Huge Profits Investing in Pre-Foreclosures Without Selling Your Soul. Read More
...“[Lending] standards are changing all the time, and right now standards are really high,” says Alexis McGee, co-founder and president of www.foreclosures.com. Read More
According to new figures released today by California-based foreclosures.com, preforeclosure filings hit record highs in July, both nationally and in 13... Read More
Pre-foreclosures reached a record last month in 14 states and the District of Columbia, but California escaped the list, according to new figures from ForeclosureS.com. Read More
"You call them or knock on their doors and say, 'I know you're having a problem and I think I can help you,' " said Alexis McGee, co-founder of Foreclosures.com. Read More
Pre-foreclosures hit record highs in July 2008 both nationally and in 14 states and the District of Columbia according to new figures from ForeclosureS.com... Read More
McGee said that she's personally purchased many "preforeclosure" homes as investments, looking for properties in which owners still have equity... Read More
Preforeclosure filings nationwide already have surpassed a million in the first half of the year, nearly double the number from a year ago, Foreclosures.com reported. Read More
“If the trend continues, we could see one million properties lost to foreclosure across the country by year-end,” Alexis McGee, president of ForeclosureS.com, said in the release. Read More
That’s six of every 1,000 households nationwide repossessed by the bank following foreclosure so far in 2008, according to real estate information service ForeclosureS.com. Read More
Times staff writer The ForeclosureS.com Guide to Advanced Investing Techniques You Won't Learn Anywhere Else, by Alexis McGee (Wiley, $21.95)
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Some of the latest book titles on Amazon.com include: ..."The Foreclosures.com Guide to Making Huge Profits Investing in Pre-Foreclosures Without Selling Your Soul." Read More
Foreclosures.com,
Thank you for all your help and advice over the last three
months. You have helped me greatly with interpreting the data DDI provides
and now have helped in purchasing my first foreclosure property!
I have a lot of technical knowledge about the way foreclosures
work, and the legal aspects of foreclosures, etc., but you and the others at Foreclosures.com really helped me with the real world activities required to
actually pursue a property and make a purchase.
Here's the story. After weeks of reviewing the data for many
San Francisco properties, I finally started calling and contacting some of the
people who were in the last 21 days before foreclosure. Fortunately,
pretty early in my pursuit, I found a property that looked in decent condition
that was being foreclosed by the 2nd holder. I couldn't get in
contact with the owner, but lucky me, DDI had the name and the phone
number of the 2nd note lender, a private party, in your data.
On a whim I called him. He was surprised. He was also very
cooperative. He gave me a ton of information about the house and the
owner' situation (sad). The owner owed about $138,000 on the first and
about $38,000 on the second. My conservative estimate of the property
resale value was about $210,000. There was not a lot of room for error.
Since the sale was scheduled for the next day, he and I met right
away. I asked him to delay the sale for one week in return for some
compensation for the delay while I worked out a way to buy his note and continue
the foreclosure myself. He preliminarily agreed (verbally) although we
hadn't really agreed on a price to pay him I advance for his postponing the
foreclosure. We had agreed on a price for the note ( $33,000, a discount
from the $38,000 he was owed). This is when I also called you, a
couple of times and we brainstormed about how to work with this property and
this guy.
However, when I called the second holder at 10 AM in the morning
of the sale to firm up paying him for the delay and postponing the sale.
He told me he was going to let the sale happen on time because he had been
advised to not delay as it would just give the owner more time to be tempted to
file bankruptcy and further prolong the foreclosure. He encouraged me to
come to the sale, though. He told the trustee to reduce the starting bid
to the $33,000 he had been willing to sell me the note for to encourage bidding.
So now I had to scramble. The sale was at 2pm and I did not
have the entire $33,000 it would take to buy the property at the sale. I
was counting on getting a partner during the delay of the sale. Scramble I
did! I pulled out all the stops and in the next two hours found a partner
(someone I had previously invested with) that had the necessary
liquidity. We went to the sale with $38,000 as our ceiling to bid on the
2nd note.
The 2nd note holder was at the sale and a few others
were milling around also. It turns out that most of the people were there
for a different sale. But there was another bidder for the property
I was interested in. He knew a lot about the property, too, because he was
the tenant in it! We began bidding over the minimum in $100 increments,
with some stops and starts, until he ran out of money at $37,600. As
you can see, we nearly hit my limit, also.
Instant buyer's remorse. Did I really know enough about this
property? I had never been in it. I was only relying on the
2nd note holder's representations. Was he trustworthy?
What if he led me on just so he could get paid?
The bottom line: I got into the property, met the tenants, and it
was pretty much as represented. A little fix upwork required, but nothing
huge or expensive. I approached the tenant to see if he still wanted to
buy it (thinking of a quick flip for a small profit) but he was only medium
happy there and only wanted to buy it if he could get a good deal and resell it
himself. But he is planning on moving, so it will be easy to do the work
and resell it quickly.
Depending on the work I do, it should sell fairly quickly between
$210,000 and $20,000 with a projected net profit of between $20,000 and
$30,000. Not bad on a $40,000 investment if it can be done within 4-6
months.
Now I'm hooked. I'm looking for the next deal. I'll
try to have a little more time in the next round so I can do a little more
research about the property and do a more thorough title search. I was
just lucky this time that no one told me any big lies!
Again, DDI's information is invaluable in this process. And
your classes and support really motivated me to get going with my search.
Your coaching during this deal really made this deal happen. I
might have chickened out if I hadn't talked with you and been encouraged a
couple of times along the way.
So thanks to everybody there. You'll be hearing from me
again soon!
Very truly yours,
Michael Keenan
Broker // Attorney
