Approaching owner before foreclosure auction

[Gregory Flores, Jr.]

Hi everyone! I’ve found a property within a mile of my current live-in duplex, and have been reading up on the auction process and timeline this past week. I️ want to see if there was a way to make a deal out of this situation and help the owner avoid this event. What would you say is the best way to approach a homeowner before the foreclosure auction? Has the owner’s credit already been impacted since the auction has a set date? I’m at the point where I️ May try to leave a handwritten note on the door. What questions do you ask to find out the pain-points? What question gets people to divulge their equity position (especially as they face foreclosure)?

[Jay Hinrichs]

@Jon Johnson  they usually wont give payoffs on the phone.. but one thing to do is ask for the last mortgage statement this will get you in the ballpark.

but you never know they may have more than one mortgage and other liens.. you really need to run title before you even approach them.. it could be mortgaged to the hilt and a waste of your time. 

Also on the first door knock don't expect a welcoming OH come in and have a cup of coffee and let me tell you all about our personal financial details.. LOL..  remember these people are in a highly stressful situation.. most will not even give you the time of day.

we had a door knock team in my day of doing this.. 3 crews male and female.. needed the female to get in the door.

needed to knock on 100 plus doors a week to talk to maybe 2 or 3 folks and land one if we were lucky.. the chances of you picking  one property and making it work is highly remote frankly.   But you will never know until you try.. 

Just realize what your up against and you need an Authorization for mortgage with you. .so you can get them to sign it and fax it in .. thats how you will get the payoff exact.. if you plan on doing sub too.