Approach Owner Before Auction
Is it possible to approach the owner 3 to 4 weeks before the foreclosure auction?
Would that be too much risk?
In NY, it takes 12 to 18 months for a pre-foreclosure to auction and the owners are absolutely unmotivated. So I want to approach them later in the process.
Any opinions welcome, thanks.
The problem with approaching them 3or 4 weeks before auction is that everybody and their brother has tried to contact them or sent them something. You will be 1 of many. If your going to go this route then I suggested get in front of them as soon a possible before all the equity is eaten up. Keep trying to get there attention. Some people still think that there is some sort of fairy that comes to help them in the 11th hour.
Thanks for the replies.
The people that I met seemed to be more willing to refi (if they could), saving their own home would probably be their first choice right? Anyone seen these cases?
If that's your strategy, probably you should go in person, if you can find the owner. If you can't, try harder. The ones who are hard to find are easier to work with.
Ask them if they got your letter, even if you didn't send one. Surely they got plenty. Then be ready to explain just how you will help them fix their problem. Have ammo they can use if they want to stay in the house too; since I don't like how nasty the big, distant banks can be to people down on their luck, it makes sense to me to help people to fight them any way they can. Keep the toll free "Legal Resource Hotline" (or whatever it's called where you are) handy, and offer it when you can.