How do I find Motivated Sellers??
To find motivated sellers, you need to depend on a lot more than just newspaper ads. Let's talk about what the successful folks do:
1. Newspaper ads: "I buy house 'FULL PRICE, ALL CASH' or terms." The others in your paper won't say full price, but yours can. Full price with terms, all cash for 60 percent of FMV (hard money); or 60% Cash and the rest on terms). If the seller would prefer getting 80% cash and a 20% carry (vs. 60% cash and a 40% carry), they can refi themselves before entering the deal with you: thereby pulling out more cash and carrying only half as much.
2. Magnetic signs: On your car or van (go kart): "I Buy Houses FULL PRICE, all cash or terms...any condition...ugly or not"
3. Foreclosures: Check the court records and/or buy a subscription to a foreclosure list
and begin sending mailers (2 post cards and at least three letters to each person in default). Other county filings: Bankruptcies, marital dissolutions, tax liens, pre-lien unpaid property taxes, bankruptcy, Probate, etc.
4. Bus benches, car wash poster boards, billboards, bandit signs, Penney Saver, Thrifty Nickel, Green Sheet, movie theater pre-show slides, airline magazines, etc.
Also...look for abandoned properties, vacant properties, and run-down properties.
5. Expired listings, mossy listings (those that are turning green with mold, and in the MLS for the 2nd 6 months, and still haven't sold).
Remember if you deal in land trust (ie. PACTrust/EHTrust™) you are dealing in personalty, not realty...so a seller can legitimately cancel a listing and give you the property by means of a PACTrust™).
That way no sale is taking place: just a vesting with an inter vivos trustee and a lease…to you.
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