Help with talking to Pre-Foreclosure - Posted by RossD

Posted by Ben on February 13, 2002 at 07:09:14:

Try an equity split, or a sale lease back. she probably thinks you are out to get her equity. find out what she wants.

Help with talking to Pre-Foreclosure - Posted by RossD

Posted by RossD on February 12, 2002 at 21:16:58:

I have found a home in NC that is in the pre-foreclosure stage. The home has balance of 110K and is in area of 170K-180K homes. I have found the owners, but the wife doesen’t want to seem to talk. How can I explain to her that I am here to solve her problems? I know I will have to pay the back payments and attorney fees to keep the home out of foreclosure, and am will to give her and hubby $500.00 each to sell to me in 60 days and allow me to go in and make repairs and clean and market. How do I convince her this is win/win? Thanks for your help. Looking forward to my first CRE convention in March.

Re: Help with talking to Pre-Foreclosure - Posted by Rich[FL]

Posted by Rich[FL] on February 13, 2002 at 09:01:25:

Ben gave you the best advice. Find out what she wants, then figure out how to give it to her.

Everytime I’ve spoken with someone in pre-foreclosure, I get the details of the property and the neighborhood, then I ask them what they are looking to do. Just last night, I spoke with two sellers; one said they just wanted to get rid of the house for the balance owed (can you say subject-to and no money down?) and the other said he was fed up with the lack of response with the local RE agents and would take be happy to give a discount for a quick cash sale (this is the $353k waterfront home I have mentioned earlier; seller agreed in principle to a sales price of 80% or $280k! My banker and I are supposed to go view this house this afternoon!)

The key is, this has been said again and again here on the board and I’ll say it again, FIND OUT WHAT THE SELLER WANTS!

Hope this helps! Good luck…