I've Never Talked To Someone In Preforclosure Who Didnt Care Before...
I talked to a guy last night, owes 144k, worth 170k 2 months behind.
I tell him i'm an investor and he says ' its worth 170 are you one of those guys who wants to buy it for 110k and sell it to make a profit like those other guys in the paper?'
I tell him no, he talks of his recent bankruptcy & how he wants to give it back to help his credit. I tell him about how this will help his credit moreso but he just said he'll probably give it back in 2 or 3 weeks!!!!!
Crazy
Become a genuine teacher and explain SLOWLY the foreclosure process. Stress how 'returning the house' is marked on the credit as foreclosure, thus impacting how a lender will view his file in the future. Remember to solve the problem. "Seller, why are you behind on the payments? If I can solve this problem will you sell me your home? Looking beyond today, where will you live next month?
Be tender to the seller regarding this delicate situation and deadline. Show your cure to the seller’s situation, build rapport, and the deal may come together.
Eric & Rosa
[addsig]
What do you tell a "subject to" seller when their objection is "how do I know you'll make my payments?"
Molotov
Molotov,
The use of a NEUTRAL party (loan servicing company) who will track and record all payments being issued to the existing lender.
Eric & Rosa
Hi molotov,
The answer that Eric and Rosa provided you is a great weapon to carry in your back pocket.
In addition, a lot of people who will sell "subject-To" are in a must sell situation and therefore motivated. Ex. Job transfer, foreclosure, divorce, two house payments, etc. If they are motivated and you can provide them a solution (by taking care of the payments), this should not be an issue!
Best of Success!
BAMZ