My First Letter To A Foreclosure Prospect
I have identified one property that I think is a gem. The owners are in preforeclosure with an auction scheduled for May 26. (Now I want to buy this property for the reason of living in it.)
I want to approach the owner in a direct fashion (not a postcard with a mass mail feeling to it). I was thinking of a letter simply stating:
-who I am.
-I understand his situation - worried about losing everything, feeling stressed, etc.
-I may be able to help.
-I can take some of the weight off of his shoulders.
-My contact info.
I can certainly put in the work to write one letter, sign it in blue ink and hand-address it.
Any thoughts on phrases or wording to use in the letter? I want to be positive without giving them the impression that they'll keep the house.
It is a matter of opinion and well....
I'd just pick up the phone and talk to them.
The question I would ask them to disarm them is are they interested in keeping their home and working out a plan with the mortgage company or are they interested in selling it.
If they'd like to sell then you seemly schedule an appointment and go see them face to face without getting into to much over the phone.
If they'd like to keep their home and they have the income to support and simply fell on some temporary hard times. Then their are folks who can help them with loss mitigation. Check out the profile for either cpifer or emartin. Good luck.
Be bold but nice and just call them. If you really want to buy the property just go meet them. I am sure it is only fear that stops us from anything. When you get the meeting just assume things are gonna go your way and press toward that goal.
I say you go, knock on their door, and see if they would like to sell their home to you. The thing about pre-fore's is that a lot of them are great homes and great deals, but the sellers just dont want to sell. Most are in denial and need a lot of work to get them to sell.
But I say get out there and get um.
Good luck,
James