Posted by investorrob on February 23, 2002 at 14:18:04:
When I talk to an owner, from experience I know that many times they are in pain and will not tell me the truth the first time I meet with them at their door.
They will say oh well uncle Joe is going to bring our payments up current. So don’t belive this story they give you.
Now you know that they are trying to get you off the trail and perhaps for the moment the thought of the home being taken from them soon out of their mind.
So with that background, I go to the door after 5 to hopfully talk to the man and the lady of the house. I say somthing like. I read in a local paper Here it is called The Seattle Daily Journal Of Commerse that the house will be going to Auction (on the date listed in the paper) and would like to help them take care of this back payment. Would they like to take a few mins. to talk about it. The idea is to get in the house. Some will some will not let you in. When inside ask a few non factual questions about the house first. You want to settle them down first. Then ask something like have you tried to pay this back payment up. Most of the time they say yes they sent our check back and want all cash. Let them keep talking, you listen more than talk. By now if they haven’t told you ask how did this get to this point. Let them talk them self out on this. Then ask if I didn’t help you What would happen to you and the house. Make them tell you in their own words. Then ask What if I bought the house by paying off the back payments Saving your credit so you could buy again Would that work for you. They might come back with but we want to stay in this one and gentley you will have to tell them you don’t loan money but you do buy houses. And go on from there to make the deal. You need at this point to cover yourself by stating that you will need a couple days to check title and see if leins ot other mortgages are in place on the home.
If they put me off at the door and don’t let me in I give them a card and say well if Uncle Joe dosn’t come up with the money please call me. Then wait a week and go back and talk to them again.
Joe Kaiser has a course on Foreclosures and I think in that course he as the (GREATEST LETTER EVER WRITTEN TO FORCLOSURE OWNERS) Look up here on the search area bet some has been said about that letter he sends to owners in Prefroeclosure it works well I understand. Just might be something you could use.
The very best of investing to you.