NEWBIE in MASSACHUSETTS

[acesup_11]

hi I am pretty fresh in the real estate field.

I haven't really done to much as far as investing except for some stocks.  I really want to get into forclosures and pre-forclosures.  I already talked to a bank and got a pre-approval letter for 500,000 and just need to know where to start.  Also im pretty worried about what smart money and forbes magazine said about housing prices going down in 2007 i want to get started right away but im kinda scared. i guess im looking for info on where i can find foreclosure listings and pre forclosure listings.  For my area.  I tried going to the courthouse but they are useless they said they don't have the info and not sure if they ever will.  So some help would be great.  

*how room to leave between purchase price and market price to cover expenses and make a profit.
*where to locate listings
*tips on what to avoid
*tips on what to look for
*anything else you can think of

I really appreciate any help i can get thanks alot

[sybadon]

what part of ma?

[acesup_11]

Chicopee,springfield, holyoke area

[TNinvestor]

I do pre-foreclosures. It's just not all that difficult altho some seem to make things overly complicated. I get my pre-foreclosure leads right out of the classified section of my local newspaper ( I go to their online site) in the legal notices section. I start a mailing campaign to each one of them. Some call me from my mailings. I get as much info as I can on the phone to get a feel as to where the homeowner is. I go see them. If there is a deal to be made......I make it. If not...there's always another prospect. The key however is in the mailings...to make you stand out from the others. The way you market yourself is all important. The rest is your skill as a saleman. It's just that simple.

[kdhastedt]

Oh...the eastern part of the state!  Cool!

It's all about perspective...I'm originally from the Berkshires.  

About perspective:  "Unless you're the lead dog, the view never changes!"

Keith

[acesup_11]

As far as i know the local website is www.masslive.com but whenever i look up the forclosures it brings me to a site called realtytrac can you look at the site and please help me out that would be great.


-Jon

[TNinvestor]

you don't look up anything at the papers website except legal notices in the classified section

[acesup_11]

sorry to sound so stupid but what will the notice say ( or whats the name of the notice... just "legal notice"?) and i still cant find anything under real estate excet that stupid company

[sybadon]

go under classified, public notices.... and look for this
Legal Notices
   
            
   
Click Here for Complete Ad/Notice.
LEGAL NOTICE MORTGAGEE'S SALE OF REAL ESTATE By virtue of and in execution of the Power of Sale contained in a certain mortgage given by Bettie S. Hallen to First Eastern Mortgage Corporation, dated August 31, 2004 and recorded with Hampden County Registry of Deeds in Book 14453, Page 98 of which mortgage Wells Fargo Bank, National Association as Trustee for Securitized Asset Backed Receivables LLC 2005-OP1 Mortgage Pass-Through Certificates, Series 2005-OP1 is the present holder by assignment, for breach of conditions of said mortgage and for the purpose of foreclosing the same, the mortgaged premises located at 331 Stony Hill Road, Wilbraham, Massachusetts will be sold at a Public Auction at 1:00 P.M. on February 17, 2006, at the mortgaged premises, more particularly described below, all and singular the premises described in said mortgage, to wit: The land in Wilbraham, Hampden County, Massachusetts, bounded and described as follows: Beginning at an iron bar in the Westerly sideline of Stony Hill Road; said iron bar begin distant Southerly Three Hundred Fifty (350) feet from an iron bar at land now or formerly of one Kinney; thence running WESTERLY two hundred eight (208.0) feet to an iron bar at land of the grantors; thence turning an internal angle of 90 degrees 05' and running SOUTHERLY by land of the grantors one hundred (100.0) feet to an iron bar; thence turning an internal angle of 89 degrees 35' and runnig EASTERLY two hundred twenty-four and 65/100 (224.65) feet to an iron bar in the westerly sideline of the aforesaid Stony Hill Road; thence turning an internal angle of 80 degrees 50' and running NORTHERLY along the aforesaid street line One Hundred (100) feet to the point of beginning; the last described line forming an internal angle of 99 degrees 30' with the line first described. Containing 21633 sq. ft. of land. For mortgagor's title see deed recorded with the Hampden County Registry of Deeds in Book 14453, Page 96. The premises will be sold subject ...
Click Here for Complete Ad/Notice.
Published in Republican on 01/23

[acesup_11]

thank you so much i really appreciate it

[acesup_11]

when i do a search should i just search for foreclosure or other things im really sorry i feel so stupid asking but i would like to know what to look for in a ad and whats good thanks alot guys



-Jon

[TNinvestor]

Let me try an make this really simple. You don't look for foreclosures........you look in the legal notices for trustee sales. Just scroll down thru the legal notices and you'll find them if any are there. You're trying to make this way more difficault than it is. There are no searches. It's no more difficult than looking thru used car adds for a car.

[Mackie]

Quick follow up question:

Once you locate an ad...what do you do?

Do you approach the individual who has the foreclosure or the trustee?  

What are logisitics of purchasing a foreclosure - how does financing work, bidding, home inspection, working with a buyers broker...

Thanks..

[TNinvestor]

What you do next is what a marketing plan is all about. If you don't have one you might consider developing one. Marketing, at least for me, has been they key to success.

[acesup_11]

that is an great question im not sure which ones are forclosures or not this is really confusing if there is someone in the area that is good at this maybe we could meet up and talk so you could help me out.  Lunch is on me!!!.

Also anyone who can shed some light on the situation for me and the guy above me that would be great!!!