ForeclosuresMass - ForeclosuresMass Monthly - ForeclosuresMass Tips - Maximizing the ForeclosuresMass Website (March 2005)

"There are 142 NEW Foreclosures in your counties!" Each week, a message similar to this one appears in your inbox, notifying you of all the new foreclosures that have started in your counties. With so many new foreclosures filed each week, knowing what to do with them is as critical as knowing that there are new foreclosures.

At ForeclosuresMass, we pride ourselves on providing the most comprehensive foreclosures information for the Commonwealth of Massachusetts. This means there might be more information at your fingertips than you even knew about. Let's take a closer look at some of our features on the website and how you can get the most out of them. Behind each foreclosure on the My Foreclosures page is a Detail Page with more information on each individual property. Let's start by looking at the address on the envelope. If you see a zip code, then we have a valid mailing address for you (as verified by the United States Postal Service) and you have a better chance of a letter getting through. If you do not see a zip code, however, this indicates that we had a difficult time finding a verifiable mailing address for the property. You may not want to spend time sending a letter, as there's a good chance it'll come back to you.

T I P !
For more information on the Legal process and parties involved in the Foreclosure process, see this month's article by Attorney Charles Levin entitled "The Foreclosure Process"

Moving down the page, we come to the headings Plaintiff and Defendant. What do these headings mean? Foreclosures get processed as legal cases raised by one party (the plaintiff) against another party (the defendant). In a foreclosure case, the plaintiff is most likely a bank, but can in some cases be an individual. If an individual has initiated foreclosure, this indicates a personal debt from one individual to another. The Defendant heading can feature the name of a trustee or a company, however, the defendant is more often than not simply the name of the homeowner, and therefore relatively straightforward.

* Next 37 17 investors only!

Below the Plaintiff and Defendant information, you'll see a Tax Record, which gives you some background information on the property. Was the last sale date within the past year or two? Or was it more than a decade ago? A recent sale might tell you that the property hasn't had much time to appreciate, and whatever equity has built up may have already been eaten up by late penalties and legal fees associated with the foreclosure. This is another valuable piece of information to help you in evaluating which foreclosures to pursue further.

On the right hand side of the page, we find one of the most helpful features, the See Also box. The See Also box lists foreclosures filed with the same Defendant or same address. This can give you a lot of clues about the homeowner's situation. The same owner tied to multiple addresses? This may be an investor who's gotten into financial trouble or a home-owner who bought a second home and can't juggle both. The same property and owner with past foreclosures? This may tell you that the property owner has slipped into foreclosure, gotten out, and then back into trouble again. Often, the first time a property owner experiences financial hardship, he or she is able to get help from friends and family to avoid losing the house. If this happens a second time, though, it's not as easy to get help from friends and family, and more options need to be explored. This is where you can help!

Now that you have complete data and some new ways to analyze it, you have a number of tasks ahead of you before you'll be in contact with the involved parties (print out letters, make labels, create a phone call list, etc.). The challenge now is how to do it most efficiently. The best way to start is by manipulating the data in a real estate database or in a spreadsheet program such as Excel. Organizing all of your data in a readable format makes it easier to get the big picture about what's happening with the foreclosures in your counties. You can also use programs such as Microsoft Word or Microsoft Publisher to create mail merge letters, mailing labels and more. For more program-specific information on how to do this, search the Help file in your software for "mail merge" and follow the instructions. If you're using a real estate database, you should be able to add notes to the properties you're pursuing, track your progress on each deal, and import new data as it comes out.

T I P !
For help on writing a great letter, see this month's article by Ken Lizotte entitled "Letters to Homeowner Prospects: 6 Rules Will Get Them Read... and Answered!"

The most important thing to remember is that foreclosures information is time-sensitive and that ForeclosuresMass customers have the advantage of time. Foreclosures information is best used when it's brand new, so that you maintain your competitive edge by acting as soon as you get your foreclosure notification email. In a few days to a few weeks, these foreclosures may be in the paper or even at the registry. So if you're looking to pursue foreclosures before the public knows about them, visit ForeclosuresMass, download your new data, create your call list, your mailing list, or your door-knocking list, and get working!

One way to help yourself respond to new foreclosures faster is to develop a system for handling your new foreclosure data. Create your letter template, your label template, your phone or door-knocking scripts, and whatever else you need before hand, so that each week when you download your new data, you can simply import it and start work immediately.

Jeremy B. Shapiro, president and co-founder of ForeclosuresMass Corp., has been building web-enabled databases for the past 10 years. Since 1998, his primary focus has been in real estate related databases, which led to his interest in the foreclosure market. Jeremy is also a Massachusetts licensed real estate agent with Exit Realty Center, a Foreclosure Consultant and a Professional Speaker on the topics of Networking and Entrepreneurship.

Did you like this article? You May Also Like:

	Feature Article: Don't Become Another Statistic! Choose Your ARM Program Wisely Jeffrey Chalmers, Real Solutions LLC If you listen to the media, ARMs have become the new "dirty word" in real estate lending. Despite the negative press, a number of ARM programs exist that won't have you turning into another foreclosure statistic. In this article, Jeffrey Chalmers explains ARM programs, the terminology you'll encounter, and how to choose the right loan for you.
	Feature Article: The Five Biggest Mistakes Made at Property Auctions Dale Schaetzke As foreclosures increase in numbers, auctions are sure to do the same. Bidding successfully however, is not as easy as it may look. Read on as auction expert Dale Schaetzke explains the most common errors and offers insights into how to avoid them.
	Feature Article: Four Marketing Secrets Turn Connections into Gold Ken Lizotte, CMC Beyond the usual blah-blah marketing advice of putting up a website, printing out a stack of business cards and designing a lavish four-color brochure, exists four powerful marketing techniques that are so little-used, they can for all practical purposes be labeled "secret." Read on as Ken Lizotte tells all...
	Feature Article: Septic Systems - The Good, The Bad and The Smelly David Presby, CEO of Presby Environmental, Inc. Title V, the Massachusetts law that stipulates a septic system must pass inspection before the close of sale on a property, is punching big holes in homeowners’ pocketbooks. Septic system expert David Presby explains why Title V is important for the environment and how to troubleshoot your septic system in order to keep it running trouble-free for years.
	Tax Strategy: Defer Your Taxes via Like-Kind Exchanges - Combine with gain tax exemption on home sales! Andrew Goloboy, CPA I would like to take this opportunity to describe a very important tax planning arrangement approved by the IRS for property owners. You may have heard it called a tax-deferred Section 1031 "like-kind exchange" or "tax-free exchange"...
	Interview with the Expert: The Nitty-Gritty Rehabbing Tips You Must Know Kevin Lacasse What's the biggest mistake real estate investors make when it comes to rehabbing properties? According to expert rehabber Kevin Lacasse, it's paying too much for a property! Read his tips for figuring out how much you should pay - and how to budget for those unexpected cost overruns.
	Feature Article: Appraising a Property Without Stepping Foot on the Premises Steve Krasnow, Certified Residential Appraiser Determining a property's value in order to make the right offer or bid takes practice and experience. Knowing how to evaluate a property when you dare not step foot past the boundary line is another whole kettle of fish. In this article, Steve Krasnow gives four strategies for determining value - without having to tour the property.
	Investor Interview: The Reason Why I Do This! Michael Ouellette For Mike Ouellette, making money isn't the only answer, and it can be one of the biggest mistakes investors make when getting into the foreclosure market...
	Feature Article: Change Your Focus - Change Your Life John Alexandrov, CEO, Legacy Capital Solutions, LLC Financial independence - a goal we all crave. According to John Alexandrov however, what most people don't understand is that making money in real estate is not only the result of hard work and technical proficiency. In this month's feature article, John shares his insights on how a change in focus can lead to a change in everything...
	Nothing Succeeds Like Success: Gail McCarthy Powers Her Way to Profits Gail McCarthy A real estate investor since 2004, Gail McCarthy recently completed two deals in Alabama for 100+ unit apartment buildings. She talks about her personal journey and how she’s been able to leverage her experience investing in single-family homes into a new career in commercial real estate.