Why Not?
Okay, I've been going door to door and have initiated a mailing campaign to foreclosure home owners.
WHY aren't people receptive to selling their home FAST for a fair price? I'm not pulling the "I'll give you a $1000 to split" routine like many others in the area.
Is this normal, or have I done something wrong??? 
I just went into a forclosure last night. On the counter was 73 letters from investors, all unopened. bunches more half burnt in the www.fireplace.There were also dozens of creditor notices and such. I think alot of folks just start throwing the stuff away instead of reading what they think they already know. Plus alot of folks look at us as vultures not knowing what we are really all about. When they find out you are really just looking to buy the home at a fair price, they sometimes come around but they often don't give you the chance to enlighten them.
It depends on your approach. If you are just knocking on peoples doors and blurting out, "I know you are in foreclosure sell me your house quick, " you might be coming off as one of the vultures. I imagine that you should listen to their situation and offer a solution to their foreclosure problem (yes, that might be you buying the house). Dwan and Sharon, the duo of foreclosures, have some great and effective ways to approach homeowners. The warmer caring approach might be a good thing for you to try. It's worth a shot.
Best wishes on a long and successful real estate career.
May I just ask who Dwan and Sharon, are? I am looking for a kinder approach as I am in a smal community and think this approach would work. Plus it is more to my style.
thnx JnJ
JnJ
....check your mailbox
Thanks, all.
Can I get the contact info for the dynamic duo as well?
Written with thoughts of warm, fuzzyness,
-Nick
I concur with HouseHunters, though I'm often the only one around here chasing the meager selection of foreclosures (small rural area; one of two a week). I present myself as a no-fee "foreclosure consultant," and carry (or share over the phone) a sheet of options, namely:
--Liquidate any owned assets (a pickup, an ATV, it's amazing how people don't think of that themselves).
--tap retirement funds
--get second Mortgage—tough if not current on first
--Deeding the property to a relative for loan
--Offer mortgagor a “Deed in Lieu of Foreclosure” and move out quietly
--paying off the outstanding debt plus fees (yeah, right)
--work out payment arrangement with lender; poss. if, e.g., just got a new job
--Look for typos/errors in foreclosure notice (in paper too!), have atty file objection
--you (or atty) could file “answer” to foreclosure notice, could buy you an extra month
--losing the property and having ruined credit for 7 years
--arranging to sell property; harder while in foreclosure, but I can help here…
--Bankruptcy (don't mention unless there's no hope for them or me as investor)
--Redemption period--6 months of free rent here, followed by the sheriff's visit (ditto)
Obviously, as an investor, I want to buy the property if possible. But I feel it's good karma to help people too, esp. if I initiated the contact, and as the conversation progresses, I usually learn something new, or am challenged to consider how I might work a solution to this or that problem. If there seems to be enough equity to work with (not always true), I follow up by sending a short note and my "I Buy Houses" card, tipping my other hat and letting them know that if all else fails...
Probaby this strategy won't work so well in urban areas, where the competition is intense and you've gotta focus on the prize. Since deals are kinda sparse here, I feel I can spend the time. In addition to being in denial, people in foreclosure can be a little clueless about their options.
My point is, maybe the compassionate approach could help set you apart. Once they know (or think) you actually care about a solution--and they may think they're milking you for free advice and pulling one over on you, which isn't a bad thing at this point--they might be more open to that solution including the possibilty of the (fire) sale of their house to you. People in complete denial won't be amemable to your ideas no matter what, but you won't be spending much time with them anyway.
Can anyone help me. I am trying to purchase a pre-foreclosed property and i need a contract that would let me and only me have the property without any other investor being able to buy it. Does anyone have this contract?
Thank you. I took the advice on a warm, caring approach by immediately producing FREE FORECLOSURE ASSISTANCE brochures. The response has been phenonominal!
tytitan, that sounds very interesting. would it be possible for me to get a copy of the duo's information. Thank you for your help.
Bravo Loon!
I like your approach!
As Do I
JohnNH
Hi Acquisitioncorp
"Thank you. I took the advice on a warm, caring approach by immediately producing FREE FORECLOSURE ASSISTANCE brochures. The response has been phenonominal!"
Do you have a copy of your Free Foreclosure Assistance brochure?
Thanks
As a followup, in my letters and conversations with foreclosees, I like to talk about how big out of town banks don't really care about "little guys" losing their house (and they generally don't; it's all business for them). If there's one best way to establish rapport with a seller in foreclosure and get them to open up and talk to you, it's to engage them in a conversation about how banks are heartless and don't care, which isn't entirely untrue in my opinion. "The bank is trying to take your house, and you have options to stop them", etc. Even if it doesn't help me to buy the house, they are more receptive to their options for possibly unraveling the mess, and/or standing up to the banks. I'd sure rather see that than see them lose their house for lack of knowing their rights.
Can somebody forward the brochure info on the forclosure assistants "MUCH appreciated"
Be careful about calling yourself a foreclosure consultant. I have heard in FL you must be an attorney or liscenced.
Give them options. Do not just be the house buyer. Have a mortgage person on your team that you can give them the option of refi. Ask if they have a family member with good credit that could buy the house after you negotiate with the bank. You might even be willing to give them a loan on the house (of course they might never qualify for your loan criteria), etc.
Brenda
Can I get a copy also, thanks?! :-D
If anyone has a template that I could use to mail to foreclosure brochures, I would greatly appreciate it.
If anyone has a template that I could use to mail to foreclosure brochures, I would greatly appreciate it.
If anyone has a template that I could use to mail to foreclosure brochures, I would greatly appreciate it.
If anyone has a template that I could use to mail to foreclosure brochures, I would greatly appreciate it.
I must be one of the "VULTURES" I've got enuf problems of my own. I just want to buy their house cheap . lol
If they have enough equity, I offer small cash and provide them with a place to live for a year while they get back on their feet. instead of $15000.00 offer I offer 5000.00 and rent for a year .
$ 8,000-$10000.00