Pre-Foreclosure Process??
How to do pre foreclosure? I have a list of over 600 owners with lis pending. How do i market myself to this people and what do I do when they call me?
How to do pre foreclosure? I have a list of over 600 owners with lis pending. How do i market myself to this people and what do I do when they call me?
Running on Pre/Foreclosures.
It depends where you are and what are your qualifications to answer the needs of those who are in the beginning of the foreclosure process.
First of all you have to decide at which point you wish to approach the property owner. At the beginning of the action when they first get their notice. Or would you prefer to contact them latter in the process by which time they have received 100's of letters offering them everything from a Refinance, or Equity Loan, of Hard Money Loan or a purchase of their property and a semi recapture of their equity. and the beat goes on.
It is pretty much a matching of your personality and abilities which select the time during the foreclosure process for you to approach them.
In view of all the heavy postage flying to them my suggestion is that you go knock on their door.
You then smile politely and offer your service to counsel them on the correct solution to their financial problem. You sit with them and find out the root cause of this sorry state of affairs and you go over with them what if anything can be done.You try to be as helpfull as your experience will allow.
Of course there are many other methods. The direct mail does not seem to be as effective as it used to be. The reason is obvious everybody is mailing them. The attorney who wishes to make them his client while he throws them into bankruptcy which if properly planned will delay for a month or two the foreclosure sale. The Mortgage Broker who will obtain for them (in spite of their now empared credit) a new refinance or an equity loan,etc. etc.
And then there are persons like yourself who seek to gain title to the property. You can offer some money for equity, Or you can volunteer to save their credit by taking over this onerous burden of mortgage payments and on it goes.
My feeling in the matter is prepare yourself to solve their problem. You may help this time at no profit to yourself but greater profit latter on when they repeat their financial mistakes for the second or third time. Some of my best transactions were with people I had helped refinance, equity loan or worked programs with the lender to gradualy get them on track. Now those are hard. A few have become my tenants with a future promise to buy back and strangely enough some have done it. With a little help from their friends, lovers, milk men and others. A few have called me up some time in the future when they had once again slid behind and were now ready to bite the bullet and move on to smaller less dignified and less safe quarters. I also remember the lady who on her second go around with the mortgage company came back and removed all the dormer windows from a rather attractive CapeCod dwelling. Now that was amusing.
I hope I have been of some assistance to you if only to have you stop a minute and think.
Pushing Lucius