Approaching homeowner in sensitive preforeclosure situation

[Omar Laidlow]

Hello BP,

I am in uncharted waters as a newbie active investor. I own property, but have never jumped into the many different arenas of off market investing. I was recently presented with intel about a particular home in Northern New Jersey, in which the current homeowner is in default. The homeowner, inherited the property valued at $375k that only had $80k left on the mortgage. The homeowner had tried to workout an arrangement with the bank but fell behind on that agreement. Learning of the information, I though how can approach this situation in hopes of creating a possible win/win situation for myself as well as a homeowner that could potential lose the home all together. Suggestions are appreciated.

[Brian Hout]

@Omar Laidlow a win/win means a purchase price that meets your criteria is acceptable to a seller and meets their needs. Be clear on what you want to buy it for and then figure out why the seller should accept your offer. Don't always make it about the equity or money. You will lose an equity conversation. Find out the needs of a seller that go beyond the money. i.e. helping them with probate, helping relocate, paying for credit repair, settling or paying off credit cards etc... focus on value add and your money will go farther. Make sense?