Imagine getting hold of the distressed homeowner and being
able to negotiate right even before it gets into the courthouse for foreclosure
proceedings.
It may sound enticing but you also have to be cautious when dealing with pre
foreclosure homes. And the main thing is you have to act and think quickly.
Preforeclosure homes owners will only get in touch with you (that is if they
will even call you) once. If you don't have your act together, you're going to
lose that deal!
Knowing your market is again the vital point in dealing with pre foreclosure
homes. You have to know your numbers; market pricing, taxes, insurance, back
payments, lien position (very important). Most of these figures could be
acquired from your local county courthouse.
How to Find Pre Foreclosed Properties?
1. Your local county courthouse is the primary source for this listing. Go to
the recorder's office and request for the "Notice of Defaults" listings.
It all depends on your particular courthouse how big is their listing. You could
get by the week or monthly.
The next step is to send each of the distressed homeowner your prospecting
letter. It's all numbers game. Your rate of response will be about 1% only. The
more letter you send the higher your chances of getting your response.
A sample letter you could send is shown below:
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February 10, 2005
Dear John Homeowner,
I am a real estate investor and also interested of buying properties around your
neighborhood. I found out from county courthouse that your property is in
default and eventually foreclosure if no further action is made.
There are several things that you can do to save your equity and protect your
credit. If you are interested in a free and confidential consultation, please
call me immediately at (123)456-7890. Please don't hesitate to make an
appointment, as time is of essence; it could take several days to stop the
foreclosure action.
Sincerely,
John Homebuyer
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2. Another way of finding pre foreclosure homes which is the most efficient way
is thru the internet . You could get hold of vast listing of pre foreclosure
homes anywherein the U.S.A.
Internet pre foreclosures listings provides this listing by subscription.
The time and effort you save as compared in doing your personal diligent research in
your local county courthouse is money well spent.