Wholesaling Foreclosures

This is a continuation of “The Great Escape” interview with Eric Thiele. Eric is working with Sean Terry and Flip2Freedom.com to learn how to start up a successful wholesaling business.  In this section, Sean and Eric discuss foreclosure auctions and what to expect while attending one.

Sean: It doesn’t even have to be in CSV file, it makes it easier because then we can do a sort and it’s in different columns, but sometimes they can’t do it. Sometimes what they can do is a search for all the cash transaction for the past 120 days within the county we’re targeting, and then just be able to email those over. Now, there might be 1,000 transactions that have happened, but then what we can do is, we can’t really sort it and look, but what we can do is, we can sort it by price and within that price, we can get a glimpse just by looking at the map, if there’s a map on there, or getting a glimpse by just looking at the data to be able to determine where we specifically want to target.

Okay. So now, do we have any idea when the foreclosure auctions are happening or any of that type of stuff?

Eric: Yes. They happen once a month on Thursday, the first Thursday of every month.

Sean: Cool.

Eric: So I think I know where I’m going to be next Thursday.

Sean: Boom.

Eric: And the comment from two different realtors was it’s a very odd process because in their experience, they, both the folks that offered an opinion, have gone to the foreclosure auction and the lender typically just buys the property right back.

Sean: Right.

Eric: Rather than letting it go.

Sean: That’s typical for Arizona anyway and Austin because what happens is the majority of the foreclosures that happened were properties from 2004 to 2008 where they’re all upside down. So the properties that go back to the banker are typically the ones that are upside down, but there are those few. Say, theoretically, there’s 5,000 foreclosures that they’re going to go through on this Thursday afternoon, there might be 5% or 10% that are actually potential deals and those buyers will come out of the woodwork that day. That will be a great day to go down there and network with buyers, to go out and find buyers for the first people we’re going to talk to. Okay, perfect.

Eric: Right.

Sean: That’s awesome.

Eric: I totally plan on attending. The other thing I found out was, statewide, I forgot to count it, I think there’s roughly 160 counties in Texas, and they all have their foreclosure sale on the same day.

Sean: Wow.

Eric: So, it’s impossible to visit, you know . . .

Sean: All of them.

Eric: . . . do more than one in a day.

See “From Small Successes to Massive Results TGE Episode 2″ Part 8…

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