Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 4 years ago on . Most recent reply

User Stats

2
Posts
1
Votes
Nick NA
1
Votes |
2
Posts

How much pressure should you apply to a pre-forclosure?

Nick NA
Posted

Need some advice on how to apply pressure and not seem to eager at the same time - 

I contacted the homeowner of a bank pre-forclosure that he had inherited from a parent.  He and his brother were going to renovate and flip the house but have not gotten around to it in the last few years and now are just waiting for the bank to take it off their hands.  I got permission to walk the property, it currently has a tree that has fallen on the roof which is leading to mold and water damage(no big deal!).  After the walk around I told him I was interested still and wanted access to the interior. Radio silence for almost a week now. 

I would like to get the property for what the bank note is, which he originally said he would be amenable to, but now I'm concerned the more I push the more he is going to push the price up.  Do I wait another week to pester him more?  Offer 500-1k to get the deal moving? Wait and see how it goes at auction? Anyone have any experience buying notes off of credit unions?


Thanks for any feedback

Loading replies...