Foreclosure and Pre-Foreclosure Data Service Benefits
If you've read through the previous section, you know how to find pre-foreclosures almost for free, if you don't consider your time and miscellaneous expenses. Eventually, most investors will subscribe to a service that compiles the basic information on the foreclosures, such as loan and property information. Why?
Because time is usually best spent either looking at the pre-foreclosures or talking with the homeowners, not doing preliminary research.
If you know you don't have any interest in fee services, you can skip to the next section with the link at the bottom of this page.
Free information on pre-foreclosures is going to be very, very basic. You've probably already discovered that, if you've looked at the information available from your county recorder. What the compilers of lists of foreclosures do, is take that basic information, reference it with property ownership records, and provide you with more complete information. The level of completeness is usually reflected in the price you'll pay for the data on foreclosures.
The cheapest services will compile data only on the property owner, the loan the default has been recorded on, and basic property information. The most expensive services will have all the previous data, plus information on any other loans against the property, and some will include local comparable sales. Prices will range from about $40/month for the cheapest services to about $100/month per county for the more complete information.
Your needs will often determine how much information you want from a data provider. If you plan on mailing letters or postcards to owners in default, a low cost service with data available in a format you can mail merge with your letter/postcard will be sufficient. However, if you want to target select property types, or only select properties with large amounts of equity, you'll probably need a higher price service. Comparison shopping is the best way to find a service that will get you what you need, without paying for information you won't use.
Finding
Foreclosures |
Owners of Pre-Foreclosures |
Foreclosure
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