Short sale question - Posted by Andrew

Posted by Chad NoCA on September 18, 2003 at 24:37:16:

Working preforeclosure in CA is a numbers game. You start with a lot of names of owners in default and beginn working them into your funnel by calling owners and knocking on doors (I prefer calling because it saves time and gas). Try something simple on the phone like “hello, my name is joe smoe and I am a private investor interested in buying a property in your neighborhood, is this something we can talk further about, or probably not”. You are going to get a lot of “probably nots” and a lot of “oh, you are calling because of my foreclosure thing, I already took care of that” (liars). Log the conversation and set a date in the future to contact them again (the situation only gets worse as time goes by, and the owner in default will accept someones offer sometime down the road as the situation becomes more real). Think of it as trying to help a lazy person who does not really want to take care of his problem right now. Be patient, persistant, and courteous and things will begin to happen. Some people recommend calling neighbors and family of owners in default first to try and learn more about the owners situation and create less of a cold call. If you can’t find an owners no. you can do an neighbor’s address reverse search at and try to get a neighbor to leave your phone no. on the owners door. I have had some luck with this. Most important thing about working preforeclosure is to not get discouraged and quit. The more no’s you get the closer you are to a yes. If you are in northern CA, drop me a line at maybe we could work at something together. Good luck.
Chad NoCA

Short sale question - Posted by Andrew

Posted by Andrew on June 30, 2002 at 19:55:49:

Ok here is my question… what happens to the seller in a short sale? Do you end up forclosing on the seller? Does he get negative credit? Or does everyone win? I.E. the seller gets out of the house with his credit in tact and you get a discounted house and the bank doesnt have to forclose. thanks for any help you can give me on this.

Re: Short sale question - Posted by Tom-Pa

Posted by Tom-Pa on June 30, 2002 at 20:50:23:

On the persons credit it will say foreclosure started, but it won’t end up as a collection. A short sale is usally done when a person is in foreclosure. In most cases the bank will take a discount in place of foreclosure. My first offer is about 40 cents on the dollar. If you have any other questions please e-mail me. I do these all the time. Tom-Pa

Re: Short sale question - Posted by Niecey

Posted by Niecey on July 17, 2002 at 19:22:15:


I would really appreciate if you could e-mail me the short sale process(step by step).

Thanks for your time :slight_smile:

Re: Short sale question - Posted by Ben CA

Posted by Ben CA on July 08, 2002 at 20:04:27:

Hello Tom-Pa! I am a beginning investor and was wondering exactly how you approach people in foreclosure. I have approached six people already at their door and a few wanted too much and some said they would handle it. I go to the public auctions and I saw half of these six sell to the bank or to a private investor. How do I get these people to deal with me? Any help would be appreciated. Thanks in Advance.