QUOTE (antay @ Nov 3 2009, 11:55 AM) What I can tell you is that it would cost you any between $4000 to $6000 to gather all the information per month just for Calgary alone and that`s without counting on the labor. If you don`t believe me, you can always ask other well known people who are expert in this arena.
Well I used to pay someone (after doing it myself for two years) to go down to the courthouse and pull foreclosure leads every week. I tracked every lead and direct mailed them sometimes 4x each. Cost me on average $1000/month all in.
I`ll do all the REIN quickturn people a huge favor and break it down for you. Someday when you need a realtor, property manager or renovation think of me
DISCLAIMER 1. USE THIS INFORMATION AT YOUR OWN RISK. THIS POST DOES NOT CONSTITUTE LEGAL ADVICE OR ADVICE ON HOW TO MAKE MONEY IN FORECLOSURES.
Remember I also buy Calgary assignments! and I JV on flips.. you bring the deal I get the money out!
Two words. "Business Prospects". Call Bruce or Doug at 403-275-2232. You can buy the list for northern or southern Alberta. Adds for this list are all over the courthouse so this is nothing new. These guys grab every single lawsuit filed in Alberta every week and mail out a list for people to use however they like.
After that you need to follow this process:
1. Find the action numbers where the plaintiff is a bank and the type of action is either one of SCF (statement of claim foreclosure) or ONOS (Order NISI Order for sale). There are other types of actions for foreclosures but these ones are the best as they generally have some equity in them.
2. Write down the action numbers. There could be dozens of SCF and ONOS leads every week. You will need a fast way to scan the business prospects PDF and track the action numbers because many defendants redeem themselves and if you can`t track this you will be mailing to someone that has solved their own problem. I used an internal system of spreadsheets but it`s my belief everyone needs their own system for how they work as it will be very unlikely that anyone will make one for this purpose.
3. Call the Court of Queen`s Bench. Ask for the documents and filings department and when you get a hold of someone there ask for a fax number where you can send your list into. Fax in the action numbers you want to view.
4. The COQB will tell you when your files are ready for viewing. It is almost always same-day unless you have 50+ to look through. Get a pen and paper together as you cannot take documents with you and photocopies are $1/page. When I was at my peak I could look through 20 an hour no more.
5. Get in your car and drive down to the COQB. Pay for max parking
6. Go to the documents and filings wicket and tell them you are the person that faxed in the request to view the huge stack of files they have on that tray over there (they will be expecting you). It costs $10 for every file.
7. Open up each foreclosure file. You are looking for the following information off each one: Address, sale date, appraised value, forced sale value, liens on title, defendants address for service and lawfirm administering the case on behalf of the bank. You will get this information from various pages in the Order NISI document but the appraisal and a copy of title should be in there too.
8. Get this data for every lead. MANY leads will be garbage because there is no equity. There is no way to tell how much equity there is in a lead without going to the courthouse to get the address of the property and doing the math between the appraised value and the sum of all the liens on title.
9. Once you have a QUALIFIED lead you can start your direct mail campaign to the address the defendant was served at.
10. If you can`t get a hold of the seller and the sale date is fast approaching call the lawfirm representing the bank and see how they plan on marketing the property once the redemption period expires and they have authorization to solicit for tenders.
DISCLAIMER 2. There will be hundreds of dead leads with no equity, mortgage fraud and countless other reasons. With the vast array of HELOC and second mortgage options the deals with 100+k of equity are few and far between.
But they are out there. You really need to commit to this to make it work.. if you don`t update your database every week you will miss those plaintifs that have their case "discontinued". After a while you will see how the system works and get more confident.
I didn`t do the Ron Legrand thing but by the sounds of it you all know what to do once you have a lead.
But remember... once you have a contract if you don`t want to do the rest..
I also buy Calgary assignments! and I JV on flips..
I believe there are people that sell these formatted lists too. I never trusted them because there is no way to know they aren`t skimming the best leads off the top and selling off the garbage ones.
Happy hunting.