Landlord, Wholesaler and Agent · Newton, NJ · Member since 2013 · 97 posts · 46 votes
Any ideas?
I'm sending this batch to preforeclosure properties with auctions in the next 30-60 days, both high equity and low.
I'd like to keep the message a little different from my basic, no frills "I'll buy your house, close quick, etc" that goes to my absentees. What's a good message to express the benefits to these people?
Any templates or suggestions would be a huge help.
While I'm posting this, another question: Obviously, people with higher equity in their preforeclosure home obviously care about it and would like to see themselves getting OUT of the foreclosure situation, and holding the home. If I were to buy their home, sure, the foreclosure is avoided and their credit is off the chopping block, but they'd still be losing their home. Not such a huge benefit, someone might argue. Any thoughts?
Problem Solver / Investor · Anchorage, AK · Member since 2012 · 118 posts · 34 votes
12y
I've had people tell me that approach is predatory. I ask them, how much equity will they get if the bank forecloses? Will they still have to move? Will they still have to pay out of their own pocket to move as well as pay all the costs associated with getting a new home? And what kind of hit to their credit will having a foreclosure on it do for them? It's interesting to see the look on their face as they process the information. Would you rather have some of your equity saved or lose it all? Of course the perception comes down to the delivery of the message. Are you coming across as a shark smelling the blood in the water, or do you really want to help these people and make some money in the process. The people in default are extremely sensitive and will view your actions through glasses of negativity, so treat them the way you would want to be treated if you were in their situation.
Landlord, Wholesaler and Agent · Newton, NJ · Member since 2013 · 97 posts · 46 votes
12y
thanks Roy, I see your point. Ill try to come at it from that angle. Now the trick becomes including those points and making their welfare the point of the letter, but blending in the fact I'm 110% interested I'm buying their house and that's what I'm after.
Obviously, people with higher equity in their preforeclosure home obviously care about it and would like to see themselves getting OUT of the foreclosure situation, and holding the home. If I were to buy their home, sure, the foreclosure is avoided and their credit is off the chopping block, but they'd still be losing their home. Not such a huge benefit, someone might argue. Any thoughts?
If someone is facing foreclosure, there is some sort of issue w/ affording the house they are in. Cash in hand, salvaged credit, and a chance for a new beginning might not be a bad thing.