Posted by Bill K.- FL on February 28, 2000 at 08:11:42:
I’ll bet it’s good work if you can get it.
Pre-Forclosure (Confusion) - Posted by Guy J
Posted by Guy J on February 24, 2000 at 12:53:21:
I made a post yesterday concerning pre-forclosure letters. Let me get this straight…When they publish the upcoming trustee sales, these are properties that have to be paid in full in order to aquire them? I was led to believe that these loans can be reinstated with all backpayments being made. I wanted to try and contact the owners and take these properties subject to by making up back payments and basicly taking over the loan. My concern is how do I find these properties prior to the sales notice so I can go after them then. Am I reading this whole thing correctly or not? I am in a “Deed of Trust State” not a Mortgage State, if that matters or not.
Thanks.
Guy J
Re: Pre-Forclosure (Confusion) - Posted by Rick W.
Posted by Rick W. on February 25, 2000 at 05:08:32:
Guy
The confusion may be in the semantics. A forclosure is the act of consummating the PROCESS by which the mortgage company takes title to the property is has had pledged as collateral for a loan. Anything PRIOR TO THE SALE on the courthouse steps is a PRE-foreclosure.
Now that we have cleared that up, your question seems to be “How do I get to these people who are behind in payments and are on the verge of losing their house?” One way, (which is the most often utilized method) is to look in the legal newspapers for the Notices of Default. These are the papers the mortgage company’s attorneys file to formally initiate the foreclosure PROCESS (remember-foreclosure is a process). However, the competition is fierce in most areas for pre-foreclosures from the Notices.
My method is different from most (“If you do what everybody else does, you’ll make what everybody else makes”). My ads, my marketing, everything I do to attract customers, is directed toward people recognizing they have a problem, and searching for someone to solve it for them. That’s when I come riding up on a white horse, with my armor gleaming.
By the time I am through with the process, the mortgage company is happy (their loan is brought current), the sellers are happy (they have been saved from foreclosure and are relieved of the debt they couldn’t pay), and I have just created several PAYDAYS!!! Another WIN/WIN/WIN Deal!
I did thirty to forty of these in the last two years, and have already done two just this month!
Re: Pre-Forclosure (Confusion) - Posted by JoeB(Atlanta)
Posted by JoeB(Atlanta) on February 24, 2000 at 16:24:01:
Hi Guy, you’re confusion may be over the timing of the purchase…
If you can buy it PRIOR to the auction from the homeowner, then you MAY have enough time to contact lender (buy it subject-to) and find out and pay back payments, thereby stopping the auction.
If you can’t do that in time, and you buy ‘at the courthouse steps’, then you need to do a full cash purchase.
Hope this helps,
Joe Brillante
Re: Pre-Forclosure (Confusion) - Posted by Mary Lambert
Posted by Mary Lambert on February 24, 2000 at 14:56:59:
I don’t know what state you are in. According to the law here in WV the foreclosure is on the courthouse steps. There is no right of redemption and the deed is recorded the same day. Talk to an attorney in your state. Do what I did. Go to an auction and talk to the attorney handling the sale. Good luck
Re: Pre-Forclosure (Confusion) - Posted by Mark
Posted by Mark on February 29, 2000 at 16:23:57:
Rick, You stated that you approach the preforeclosure market a little differently than most. Can you share some insight with us ? Thanks
Re: Pre-Forclosure (Confusion) - Posted by dave h
Posted by dave h on February 25, 2000 at 10:42:16:
Rick:
What does your marketing plan consist of to generate that many leads?
Re: Pre-Forclosure (Confusion) - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on February 24, 2000 at 20:17:33:
Mary,
Chech with the clerk of courts in your county and have them explain the process to you. Try to catch them when they are not too busy. In my state (just over the river from WV) the first thing that happens is someone has to file for a forclosure. They enter it in a book at the office of the clerk of courts in my county. I am free to go look at that book at any time, during normal business hours. I just walk in and look. That action that has just been filed is the beginning of the forclosure process. I hustle to find the owner before the advertising starts, so I can help to solve HIS problem. It usually takes 2 or 3 months to get to the sale at the court house, after the first filing. Move fast and get good deals.
Marketing - Posted by Rick W.
Posted by Rick W. on February 26, 2000 at 04:51:11:
Dave
As I have mentioned in several of my previous posts, I train for Ron LeGrand in his Bootcamps and workshops, as well as coordinate his Hotline. One of the advanced training events I help with is a three day seminar called “Guerrilla Marketing for Real Estate Entrepreneurs”.
The entire three days is dedicated to getting motivated sellers to call you, instead of you having to “Cold-Call” them. That’s where I learned the proper methods of using: signs (yard, billboards, vehicle, bus, utility pole, etc.), classifieds, flyers, radio spots, TV commercials & infomercials, free special reports, direct mail-outs, specialties (coffee cups, pens, hats, t-shirts, magnets, etc.), even blimps!
At the present time, I have an ad in the yellow pages, ads in 5 newspapers, truck signs, yard signs, and a referral network to bring in leads. In the past, I have mailed out full page, full color inserts in coupon magazines to 175,000 homeowners every six weeks, and ran three 30 minute TV infomercial and eighty 30 second commercials each month for a year. At one point my marketing was running over $1,000.00 per week!
What that did for me, however, was to generate too many leads. I’m only a small, one man operation, and don’t have time between my travel/training schedule to follow up on all that was generated.
What that experience taught me was this - it isn’t the number of leads, but the quality of them. I now get a couple of good leads a week, and close about 50% of them. My marketing is running +/- $1,000 per month, and my average deal brings me $10 - $15,000. Those numbers work for me.
If you would like more information on how to get EXTREMELY MOTIVATED Sellers contacting YOU on a regular basis, e-mail me at rwc@mediaone.net, and I’ll give you more information.
Thanks, and GOOD LUCK!
Rick W.
Re: Marketing - Posted by Mark
Posted by Mark on February 29, 2000 at 16:21:13:
Rick, could you expand a bit on your marketing. Especially the Yellow Pages ad.Thanks
Re: Marketing - Posted by Bill K. - FL
Posted by Bill K. - FL on February 26, 2000 at 19:16:00:
Rick,
Pardon me but if you are puling down that kind of income Ron must be paying you a fortune to be a “trainer” at his boot camps.
Well, now that you mention it … - Posted by Rick W.
Posted by Rick W. on February 28, 2000 at 07:45:57:
Bill
I’m doing OK as far as my work with Ron. It has given me the opportunity to travel all across the U.S. and Canada (taking my wife along on several “working vacations”). It has allowed me to attain a great sense of fulfillment in helping hundreds of people start toward their financial goals.
But most of all, I have been able to acquire the knowledge and training from the BEST people in the field I have chosen to make mine - REI, and get paid handsomely to learn! From industry leaders such as Ron, Barnie Zick, Dan Kennedy, Shawn Casey, Al Lowery, Richard Powelson, Robert Allen, Wade Cook, and lots of others. The opportunity to talk with and bounce problems and questions off of people like this over the last four years is PRICELESS!!!
Please don’t tell anybody about it, though. There might be a rush for applications for my job.
Thanks for your concern.
Rick W.