Sending Pre-foreclosure letters

Many thanks for all your suggestions and support
regards
Tom

Just wanted to throw this in the mix. I recently met a man at our local realestate investment club, who is able to get (somewhere in CA) a list (name and address) of anyone who is 30, 60 or 90 days late on their payment, and can also tell you how many times late theyve been in the last year. These people haven't gotten the NOD letter yet, their names aren't in the paper yet. I bought the names for my target zip codes for anyone who is 60days late. So according to this man they missed their JUNE and JULY payments thats how "fresh" the list is. I am doing a postcard marketing campaign to them, looking for sub2's will let you all know how it goes.

All I said was:

HI, my name is Susan and my partner and I are looking to purchase homes in your area.

If you would consider selling, please feel free to call me.

Thanks!

(###)###-####

Also, since I have so many buyers looking for homes in my area, I decided to purchase a direct mail list for my zip code and am going to send out postcards as well. I just read today that it takes 7 "touches" for people to get used to you and comfortable with you and what you are marketing, so I guess I need to step it up!!!!

Susan

I actually use a different color post card for each round of mailing. I have 8 colors. White is for week 1, yellow for week 2, etc. That way, when I get a call off a postcard, I ask what color it is and then know how many times it took for them to call. Overtime you should be able to get a running average.

What a great idea! I will have to give that a shot!

Thanks!
Susan

Susan,
I hope you tried using anywho.com to find the telephone nos. of the property owner. Just put in their name & you'll find usually their landline.
Hope this helps.
carmen

If you can swing it, join the Set For Life program. There is an awesome website where everything is automated. They have postcards, and fliers just to name a few of all the marketing tools included with the system.

Hello Cathy,

What did the REI charge you for the list? Did he indicate that these lists are available for any U.S. zip code?

Kevin

When you speak with them face to face when door knocking what do you say? Do you tell them up front that you are looking to buy their home at a discount? and if not how do you put that in and when is a good time? Or do you first feel them out see if they are motivated first?

Can you give us an example conversation?

Cathy,
I would like to know more info for this company. Can anyone purchase this list? TIA

We start off our phone and door knocking conversations the same way. We have tried many opening statements and this one works.
Hello Mr/Mrs ____________ My name is_________ and I noticed you are having a tuff time with your home and I was wondering if there was anything I could do to help.
They will usually respond: Well, how can you help me?
You respond: I don't know, I have a lot of resources but don't know your exact situation, Can you tell me what ha happened?

BOOM, there you go conversation started. Do A LOT of listening at first. Make sure you control the conversation by ending you replies or responses with a question!

Give it a try, it works!!
Michael Mangham
MD Home Acquisitions LLC

HI Michael!
thank you for hundreds of post you posting! they help a lot!! at this forum a lot has been discussed how to approach pre foreclosed clients, but what is your best strategies and the most affective whey to find this properties?
thanks

Lending banks are now being held accountable for the trap they set, borrowing money they didn't themselves have, while using loose and illegal practices in the process. The MASSIVE lawsuit against Wells Fargo / Wachovia, Indymac / OneWest bank, Citibank, Bank of America, JP Morgan Chase, GMAC..............can actually, not only put a stop to your foreclosure, but also pause your house payments with no loss to you............
https://sites.google.com/site/sueyourlendernow/

Jerry,

Give more info on this topic. What is and how is this benifiting anyone by joining this Lawsuit and how would it hurt the homeowner. Need more info!!

Jay C

I found this blog very useful. I still have a question, if I find a house that is in pre-foreclosure I can see the address, name, lawyer and the date the foreclosure begin. Would it be ok to try to contact them directly via the phone? if so how can I get their phone #. Also what is the best date to look for pre-foreclosure? they specify the pre-F begin date should it be one more recently to succed with this??

thanks

Me personally, I ususally look at the properties that are in "lis pendens" status. This means that they are further into the process of foreclosure. (Notice of Default is first). I ususally send letters or put a note on the front door (if its near by). As far as finding a phone number, try doing a reverse search with the address via whitepages.com or yellowpages.com. It may also be possible to gather information from the trustee about the homeowner.

Thanks Lenee for your help. I am looking right now at PropTrend and search for the property and at the bottom it tells me Foreclosure start date and last document date, are these days important? when I click on the property detail I can see the name of the owner and sometimes it has an auction date. If they already have the auction date that means is not worth it??

thanks again but I am new on this and still lost!!

This thread has some great information. Thanks for sharing.

Pre-foreclosures can be tricky to get anyone to talk. They are scared, mad, ticked off, upset, lost and so on..... why trust some stranger wanting to "steal" your home.?. However,

My background working as a bodyguard comes in handy. I have an unmarked former police car that I drive into their driveway. Step out and knock really really hard on the front door. I continue to knock off and on for a few minutes - if needed. Normally, someone will peek out from the curtains and be surprised to see a police car in the driveway plus really big scary guy at the front door. hehehhe works like a charm. They come to the front door and are willing to sell in a matter of minutes. Gurrr :)~

ask and thou shall receive lol

With preforeclosures you can stand to make over $200,000 per house if you find the right spread. Takes some digging. with 5 homes you've got a million bucks in your bank account. Poof!

didn't know of your special talents as a big scary guy in a police car. Maybe I should have you come work for me!!!

What a way to get what you want. Great funny story.

Since right now I can't make my Toyota look any scarier, maybe I could just go visit with no make up and a bad hair day?

That could be really scary!!

Karen

Gurrrr....

Just started the pre-foreclosure letter sending process again. Hope to be able to add more info to this forum.

Is pre-foreclosure your biggest source for finding properties? Do you approach probates with a similar strategy (call, door knock, if possible, then mail)? I am going to break out of my comfort zone and make some calls! The postcards will have to wait.

Chad

I found a property in pre-foreclosure I think has potential.
I searched high and low for the owner's phone #. Finally got it. Then had to syke myself up to call the guy; and i did, but it was disconnected. so bummmed.

Regardless, this thread has been very helpful. I hope to be able to report success very soon. thanks to all.

Kether Sprague

Buying pre-foreclosure homes is a step by step system. Firstly, we have to see the legal document which displays the loan status. If it is in the works, then a pre-foreclosure letter to its owner has been drafted and sent. Secondly, we have to evaluate the payoff amount with the fair market value for the property. Thirdly, we have to contact the homeowner which is a difficult step. We have to use our judgment and common sense. Fourthly, we have to meet the homeowner’s needs and what his prospects are for a loan. In the fifth step, we have to prepare the offer like equity spread with the closing costs figures. The next step is to prepare the purchase contract by discussing with an attorney. The final step is to report your attorney that you’ll need depiction of closing time, lien release, survey, inspections and arrange financing. (Read the article here: http://www.hudclips.org/articles/buy-preforeclosure-work-with-owner/)

go to zillow.com

i write mine out more personal it works

just go to a store wall wart have them i choose blank