How does one find NODs?

[jpinpb]

Scarlet – I am fortunate to have a source that provides me info and I’m paying it forward by marking them on SDL for the ZIPs I’m interested in and if it helps anyone else, then it’s not just a selfish act of me databasing online and wasting time trying to be proactive while searching in frustration.

Jim The Realtor has a list of foreclosures on his website and it’s free. There are other pay services out there.

I have not approached owners who are in default. The reasons why: more times than not their loans are way more than the comps in the area and the only way to buy would be a short sale which takes forever and it seems that when a bank (ever dragging their feet) eventually takes it, it lists it for less than the last attempted short sale price.

However SDR did assist someone w/a quick bank owned on Chambord 😉

If you come across any w/NODs, watch carefully. If you have mastered being unemotional, then patience is the key. In other words, don’t fall in love. If you don’t get the short sale or bank owned, it’ll just help the next one sell for less. If you see one being sold by the bank that you have to have, be ready to strike, cash preferably, but alternatively good credit, income, DTI ratio in order, etc. and be prepared to offer more, but quite possibly selling for cash for less to someone else.

We are discussing this on the foreclosure thread. It just takes such a long time to go from homeowners not paying to NOD to foreclosure. Really, I don’t even think there is an incentive on the part of the owner to sell beforehand. I mean, why. They live there for free until the bank takes it, which can be over a year all said and done.

The only time this would make sense is if the owner is out of the city/state and it is strictly an investment property. Particularly if it’s not rented. Those are the ones the banks act on the quickest from NOD to foreclosure.

[SD Realtor]

Thanks JP but my client did the legwork on that and we submitted the offer only after it hit the MLS so it was a standard deal.

[SD Realtor]

Thanks JP but my client did the legwork on that and we submitted the offer only after it hit the MLS so it was a standard deal.

[SD Realtor]

Thanks JP but my client did the legwork on that and we submitted the offer only after it hit the MLS so it was a standard deal.

[SD Realtor]

Thanks JP but my client did the legwork on that and we submitted the offer only after it hit the MLS so it was a standard deal.

[SD Realtor]

Thanks JP but my client did the legwork on that and we submitted the offer only after it hit the MLS so it was a standard deal.

[Scarlett]

Many thanks, JP!
I see…
I really appreciate your insight and effort in posting those NODs in your areas of interest (which overlap a bit with mine). It’s very informative. Yes, I am watching the foreclosure thread. Very good advice about not getting emotionally attached. It was hard when I was first time home buyer because of that.

Yeah, I guess only in very rare select cases you would have owners that are willing to sell because they are defaulting.

thanks,
Scarlett

[Scarlett]

Many thanks, JP!
I see…
I really appreciate your insight and effort in posting those NODs in your areas of interest (which overlap a bit with mine). It’s very informative. Yes, I am watching the foreclosure thread. Very good advice about not getting emotionally attached. It was hard when I was first time home buyer because of that.

Yeah, I guess only in very rare select cases you would have owners that are willing to sell because they are defaulting.

thanks,
Scarlett

[Scarlett]

Many thanks, JP!
I see…
I really appreciate your insight and effort in posting those NODs in your areas of interest (which overlap a bit with mine). It’s very informative. Yes, I am watching the foreclosure thread. Very good advice about not getting emotionally attached. It was hard when I was first time home buyer because of that.

Yeah, I guess only in very rare select cases you would have owners that are willing to sell because they are defaulting.

thanks,
Scarlett

[Scarlett]

Many thanks, JP!
I see…
I really appreciate your insight and effort in posting those NODs in your areas of interest (which overlap a bit with mine). It’s very informative. Yes, I am watching the foreclosure thread. Very good advice about not getting emotionally attached. It was hard when I was first time home buyer because of that.

Yeah, I guess only in very rare select cases you would have owners that are willing to sell because they are defaulting.

thanks,
Scarlett

[Scarlett]

Many thanks, JP!
I see…
I really appreciate your insight and effort in posting those NODs in your areas of interest (which overlap a bit with mine). It’s very informative. Yes, I am watching the foreclosure thread. Very good advice about not getting emotionally attached. It was hard when I was first time home buyer because of that.

Yeah, I guess only in very rare select cases you would have owners that are willing to sell because they are defaulting.

thanks,
Scarlett

[jpinpb]

Scarlett – I should clarify. If you have money and pull, you can go directly to the bank that holds the first and buy outright. I think that’s what Flip This House did w/the place I was watching in PB on Diamond/Dawes. It was completely gutted and I was waiting for the bank to list it for less than what was owed. But that show had a hard-on for the place and bought it for the full amount, I think 650k before it even listed.

So if you’ve got money to burn and gumption and optimistic about the market, go all balls out and try to contact the bank directly 🙂

[jpinpb]

Scarlett – I should clarify. If you have money and pull, you can go directly to the bank that holds the first and buy outright. I think that’s what Flip This House did w/the place I was watching in PB on Diamond/Dawes. It was completely gutted and I was waiting for the bank to list it for less than what was owed. But that show had a hard-on for the place and bought it for the full amount, I think 650k before it even listed.

So if you’ve got money to burn and gumption and optimistic about the market, go all balls out and try to contact the bank directly 🙂

[jpinpb]

Scarlett – I should clarify. If you have money and pull, you can go directly to the bank that holds the first and buy outright. I think that’s what Flip This House did w/the place I was watching in PB on Diamond/Dawes. It was completely gutted and I was waiting for the bank to list it for less than what was owed. But that show had a hard-on for the place and bought it for the full amount, I think 650k before it even listed.

So if you’ve got money to burn and gumption and optimistic about the market, go all balls out and try to contact the bank directly 🙂

[jpinpb]

Scarlett – I should clarify. If you have money and pull, you can go directly to the bank that holds the first and buy outright. I think that’s what Flip This House did w/the place I was watching in PB on Diamond/Dawes. It was completely gutted and I was waiting for the bank to list it for less than what was owed. But that show had a hard-on for the place and bought it for the full amount, I think 650k before it even listed.

So if you’ve got money to burn and gumption and optimistic about the market, go all balls out and try to contact the bank directly 🙂

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