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Updated over 10 years ago, 07/08/2014
Acquiring a Property Prior to Tax Sale
I'm looking to approach a few property owners whose property will go up for auction at the next tax sale. I want to try to work out a deal with the owner prior to the property going to auction. Any suggestions on how to approach the conversation? Anyone have a script they use?
Hi Denayer,
Sounds like a great approach. I don't have a specific recommendation, other than simply telling them that you are interested in purchasing in the area and was curious if they were interested in selling. You might consider posting this on the Wholesaling forum. These folks have this type of conversation frequently and could probably give you some specific suggestions.
Mike
And note that your strategy/solution will depend on how much equity they have.
@ Mike Hartzog, thank you for the suggestion. I did happen to find an older post from a wholesaling forum which listed the script that I need. I'm still learning the business and just needed a conversation starter. Again thank you for the suggestion.
@ Russell Ponce, actually one of the questions addresses the mortgage status. I certainly don't want to get into a situation where the margins are too slim to make a profit or worse end up costing more than the deal is worth. I'm considering several different strategies. Have you invested in tax leins? If so, what has your experience been?
@Denayer Burns this question has come up before. Don't worry if the thread is about tax sale. It's pretty much the same talking to any seller. Michael Quarles has written some excellent posts on how to talk to sellers.
Most importantly start doing it. You will get better with practice.
@Ned Carey, thank you for the information, I will look him up. I do plan to start making these calls soon. I'm one of those people who has to plan and organize everything to a fault. I think I'm starting to over analyze the conversation. I need to just start dialing!