Pre-Foreclosure Advice
The foreclosure sales in my area are pretty competitive. In an effort to "beat" the competition, I contacted (knocked on the door) of a person about to lose a home. I tried to be empathetic to the situation, and explained that the bank was about to foreclose. The individual thought a forebearance had been worked out because a bunch of papers had been completed and sent to the bank. I, of course, had to be the bearer of bad news, explaining that this was not the case as I had just spoken to the law firm handling the foreclosure and the foreclosure was going to occur in two hours. This bank would have called off the foreclosure if it is reasonably certain that the buyer (me) can provide proof of funds to buy the property.
Obviously upset, the individual called the law firm and let them have it while I was standing there. The house was foreclosed upon and the bid was in excess of the property's value--considering the condition and a reasonable equity profit for my risk. If only the individual had sold to me, I would have gotten the property at a reasonable price and the owner would have walked away without a foreclosure. Does anyone have suggestions on a tactful way to convince the owner that I am the solution, not the problem?
Hi RockyTN: Approaching the owners
two hours before the sale does not give you enough time to stop the foreclosure. Next time, approach the owners way before the sale just to give yourself enough time to cure the default or buy the property.
You will be able to provide the owners and yourself, enough time to check with the trustee and / or lawyers, the amount needed to cure the default and or you buying the property.
Goodluck next time. Keep on tracking and you'll get your property. Just look at baseball players batting averages who are in the Hall of Fame. They have .380 batting average and they are selected to be in the "Hall of Fame". They failed to reach first base .620 times they go to bat.
You basically play the number game in the pre-foreclosure type of investing. Keep on approaching these owners and you'll get to help people.
You might want to read the little story of the CEO of****Must Reach Senior Investor status before posting URL's***. It is a nice little story to read and it will give you excellent perspective.