Re: which foreclosure info service to use??

Posted by Julio Martinez-Clark on December 20, 2007 at 18:10:22:

In Reply to: which foreclosure info service to use?? posted by ned on December 20, 2007 at 17:22:55:

Hi ned,

You can go to your local county court house (circuit civil division) and as a matter
of public records accessible to everyone, you can ask for all the mortgage
foreclosure cases filed within a certain time period. Once you have all
the cases, you then have to contact the homeowners/defendants in
every case by direct mail, telephone, etc and see if you can buy their
homes. Be aware that getting the list of foreclosures in your county is the easy
and cheap part of the whole process. Once you have this list, you have to invest a
considerable amount of time and money sending letters to the homeowners
facing foreclosure lawsuits and/or call them and/or knock on their doors to make
them sell their homes to you. Do you have the time, money and disposition to do
all this?

Foreclosure.com and other companies have people in their staff or via
subcontractors who go to the county court house in a regular basis
and do the research on cases filed and for a monthly fee will provide
you with the information.

I'm not sure what your goal is by looking at the list of your local
foreclosure; I suppose you are trying to buy a property in foreclosure. If your
intention is to buy, you could also engage a Realtor
to help you locate all this properties in MLS (Multiple Listing Service). In
most listings, the selling agent will specify that the home is a "pre-
foreclosure."

You also have to take into consideration the timing of your real estate
purchase. It's not advisable to purchase an asset that is deteriorating in
value as (residential and commercial) real estate is. As stated by the prominent
economic research H.S. Dent Foundation in its Special Update dated October 30,
2006:

“deflation is the worst environment for most assets, especially stocks
and real estate! From 2010 onward, stocks and real estate will enter a
major, long-term decline into around 2022 or so”… “Real estate is likely
to lag the stock market by a year or so; hence home prices are likely to
start weakening seriously from late 2010 onward, specially from late
2012 into early 2015 when unemployment levels and bank failures are
likely to be the highest (like early 1932 to 1934 in the Great
Depression)..."The crash that follows will be similar to the long-term
bear market in Japan from 1990 to 2003, and the American Great
Depression of the 1930s. So, as bullish as we have been in recent
decades, our fundamental indicators suggest an extended slowdown in
the US and most Western economies that will last from around late 2009
into 2022 or so."

H.S. Dent is not the only prominent economist predicting an upcoming
Great American Depression; there is even a documentary about it
(whatawaytogomovie.com/). You can also check in any bookstore and
you will find a myriad of books by prominent economist and researchers
that talk about the upcoming Greater American Depression and its depressing
repercussion on real estate.

I have written some more about this topic in the link below.

I hope this helps,

Julio Martinez-Clark

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