Motivating pre-foreclosures - Posted by Curtis


#1

Posted by Joe Kaiser on October 30, 1998 at 10:53:41:

Here’s the funny part . . . we just signed up a fellow this week to work in Dallas with us. I guess that “loser home of the week” letter will be a popular item.

Please don’t email me for a copy . . . it’s available for your viewing pleasure at:

http://www.nothingdown.com/Pages/braindroppings.html

and called “the greatest foreclosure letter ever written?” or something like that.

Joe


#2

Motivating pre-foreclosures - Posted by Curtis

Posted by Curtis on October 30, 1998 at 08:11:35:

I get a twice weekly local legal paper that lists pre-foreclosures. I have tried the following:

  1. Sending owner a letter stating that I would like to meet with them to assist them with their situation (non-threatening, help with credit standing, etc). I do not offer in the letter to buy their property, as I understand the denial most of these people have. My key is to get a call from them, meet with them, then help them face facts.

  2. Calling (they never seem to be home!), leaving same info as #1.

I have had no luck with 15 owners - any ideas?

Curtis


#3

Re: Motivating pre-foreclosures - Posted by Rob FL

Posted by Rob FL on October 30, 1998 at 19:19:27:

One of the few good things I read in William McCorkle’s material is this. Send them a letter saying that you can stop the foreclosure and let them stay in the home. Have them sell you the house and you lease/option it back to them. If they don’t pay the rent, you then evict them. I haven’t tried that one yet, but it always sounded interesting to me.


#4

keep trying - Posted by Jason-DTX

Posted by Jason-DTX on October 30, 1998 at 13:04:23:

If you only tried 15 people then you need to keep trying. A phone call will usually work better than a letter. You may have to call people 7-8 times before you can actually talk to them. Another thing to keep in mind: In my area (Dallas)about half of the foreclosure postings never make it to the sale. Your 15 people may just be the ones who saved it themselves. It can get discouraging, but if you keep on trying you will eventually get a good deal.
Good Luck
Jason


#5

Re: Motivating pre-foreclosures - Posted by Jackie in Dallas

Posted by Jackie in Dallas on October 30, 1998 at 09:30:39:

I’ve had a much better success rate at actually knocking on doors - however only the ones with enough equity to make it worth my time.

Dallas is a huge town so it would be hard for me to knock on all the doors; therefore, I supply leads to several bird dogs in different areas of town. They go to some of the house, I go to others.

If the people aren’t home (or if they won’t open the door) I have a Special Report that I leave along with a cover letter.

The cover letter is Joe Kaiser’s "Foreclosure of the Month letter - it’s GREAT! (Thanks Joe)

And the 6 page Special Report details how the owners can STOP their foreclosure by refinancing their loan. Just as Alex said - This is EXACTLY what they want to hear - how they can save their home.

Sometimes they ARE able to refinance - and sometimes they are not (usually because they don’t have a job).

The fact that at least I tried to help them save their home and didn’t knock on their door saying “Hi, I want to buy your house” makes the owners sell their house to me instead of the competition.

BTW - I have worked out an arrangement with several mortgage companies to get 50 - 70% of the profit on the refinance - so I win if I buy the house and I win if I don’t buy the house. The important thing is to give the owners a solution that works for them!


#6

Re: Motivating pre-foreclosures - Posted by Alex Gurevich, TX

Posted by Alex Gurevich, TX on October 30, 1998 at 09:04:23:

What they really want to hear is how you can help them to: 1) stop foreclosure, 2) let them keep the house, 3) preserve most of the equity they have.

The better your mailer provides the answers to these 3, the higher the chances are you’ll hear from them.


#7

Re: Motivating pre-foreclosures - Posted by DanM(OR)

Posted by DanM(OR) on October 31, 1998 at 10:39:29:

Don’t do this!!!

If taken to court you can be sued yourself.

I have read where this can be considered making an usurios loan and the poeple end up with the house and you lose your money.

Good Luck!

Dan