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Questions To Ask Homeowners In Pre-foreclosure, Any More?

winuinc profile photo
  • Tuesday, December 16, 2003 @ 12:55 AM EST
  • 8 Comments

Hi
First, I want to say thanks for this forum. There is so much to learn.

I'm going to knock on doors this weekend. Talking to some investors from my REIA group, the following are the questions I will be asking:

1) How much do you owe on the property?

2) Is this amount for a 1st mortgage only? Any other liens (2nds or 3rds), judgements against the property?

3) How much cash do you need to walk away?

4) How much repair do you think the property needs? What kind of repairs?

5) What do you think your property is worth?

6) If I make up the back payments & put some cash in your pocket, will you deed the house to me?

I have the ARV values. And, the min bal reqd to reinstate the loans & the total bal owed from the foreclosure notices.

Any more questions I should ask?

Thanks in advance
winuinc

Comments(8)

  • DerrickAli
    DerrickAli12th December, 2003

    Here's the List I use:


    1. Where is the property located (address, City, State)

    2. How many Bedrooms?

    3. What is the Square Footage?

    4. What is the Home Worth? $_____________

    5. How Much is Owed? $_____________

    6. How many Loans Are Secured by it? 1st, 2nd, 3rd?

    7. Are the Loans in Default? Yes/No

    8. Is the Title Clear (Free) From Tax Liens, Creditor, Criminal or Civil Judgments?

    Yes/No

    9. Is Your Home Listed For Sale?

    Yes/No

    10. What Would You Like To See Happen?

    THIS IS MORE IMPORTANT THAN ANY OF THE OTHER Q.s!!!

    11. Where Would You Move to if You Can’t Stay in the home?

    12. Can You come Up With $3,000 if you had to...

    either Get a Repay Plan with the Lender or
    Move into a more Affordable place?

    13. Are You Willing to Walk Away if Someone else is willing to take over your payments and repair your Credit with the lender?

    Yes/NO?


    I hope this helps!

    Derrick

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    winuinc12th December, 2003

    Thanks Derrick

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    Lufos12th December, 2003

    Dear Fellow Door Knocker,

    The information as outlined and stated in the questions is to be asked and answered but not just like that. You must first establish Empathy, which in the present case requires Trust and an appreciation of what the hell is going on in the mind of He She or It who answers that door.

    Knock knock.

    "Good afternoon, my name is Dr. Hakelypush and I am a qualified Analyst in the area of Finance and Real Estate.. Been doing this for many years. My only purpose here today is get you out of this mess and save your house. My this is a nice house your collection of tin cans and garbage is extroidinair. Wish I could do as well with mine. Now, can we sit down somewhere and let me solve this problem for you, and with your help."

    Pause. The door opens wider and in you go. If there is furniture sit down, if not. sit on the floor. "My I like the layout, the minimum use of furnishing is so It . Yes you have a nice flair for design."

    "Now please tell me a little about your problem and if you can, I really want to help, start with the events that caused it."

    And away it goes, Her husband left, took the bank account, the car and most of the canned goods. Yes it is true he left her for a water buffalow and he was really mean, my god he impregnized the cat! Blaw Blaw Blaw, All gist for the mill . She is alone, unsupported and a little short on assets. If you can find the hubby and Quit Claim a Deed, thats half the battle.

    But continue ask all the questions but do it slowly as if a story is unfolding and that is what is happening. You get all the information but do not confront or ask the straight question. Realize the pain she is in. Scared to death, You know food is important. As for the cat what will the kitties look like?

    At the conclusion you will have all the facts. You know what I use is an old loan application without all the credit stuff. Get a description of the house room count etc.

    Now if possible try and see if there are any assets anywhere to be utilized in saving the house. Or (pause) maybe it should not be saved, maybe this is the moment in her life to move on and out.

    Then you explore that variation and if you are naughty, try not to be. Remember you may have to explain this conduct some day to a higher authority. Its a toss up which God or the IRS.

    Any way I leave it in your good hands you have the direction you can fill in the stuff.

    Actualy solving the many and varied problems is fun and on occasion profitable. My ProBono to Profit ratio is about 4 to 1.My best to the cat.

    Knock knock Its Lucius

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    voyko12th December, 2003

    Hi...

    I am new to this also...where are you getting your leads to find they are in pre-fore-closure.

    please advise, thanks

    V

  • no photo
    voyko12th December, 2003

    Hi...

    I am new to this also...where are you getting your leads to find they are in pre-fore-closure.

    please advise, thanks

    V

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    winuinc15th December, 2003

    voyko

    Right now my leads are coming directly from my visit to the courthouse. After I find the potential leads, I do a preliminary title check at the recorder of deeds.

    winuinc

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    ejames315th December, 2003

    Hi, I am also new to this I have a couple of questions.
    1. What determines a pre-foreclosure?

    2. What do I look for when doing a title search once I determine a home is in pre-foreclosure?

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    zSaint16th December, 2003

    ejames3
    Look for any liens such as 1st mortgage or 2ndor 3rd.
    Also look for any tax liens, mechanic liens. if not sure how to do it get someone at the court house to help you and we all know how those public servants love to help!!

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