All Forum Posts by: Benjamin Misner

@Benjamin Misner You should get a new policy and name the mortgage company as an additional insured on the policy.  If you keep the existing policy and have a claim on it, then the insurance company will deny the claim since the original homeowner sold the property.  You will need a dwelling policy if you plan to lease it.  The person leasing it from you does not have to get insurance for the house, but may want to get renters insurance.  If they exercise their option to purchase the house from you, then they will need to get a homeowner's policy.

@Benjamin Misner --as creepy as it may sound, before you call - research the owners. If the county has records online, find out if other liens are on the property. This points to motivation. Does the tax bill go to the same address as the property you are looking at? No? Then look up the address the tax bill is going to. I once found a lien on a property that was a second home for the owner. I looked up his original address in a different state and he had outstanding RE tax lien on that property too. I wasn't interested in buying, but I knew the lien had a slightly better chance of falling to foreclosure on the second home. He eventually sold both homes before the foreclosure period but I also earned a good amount of interest as a consolation prize.

Google the name of the owner, Google the name of the spouse (if their is one). Look for divorce records. Recent divorce or death? Might point toward motivation. Check Facebook, LinkedIn; owner working? Retired? Looking for work? You got it, possible motivation. You reveal nothing of your research to them - that would definitely creep them out. But the more reasons you find for them to be motivated, the better you know if you should develop a contact schedule if they are not open to selling at the beginning. The longer they go and nothing changes lien-wise, the more they may become motivated. The better relationship you have with them, the better chance they will eventually go with you for a deal. Good luck!

I start with a letter to where the tax bill is going and hope for a phone call.

If that doesn't work I start googling them to try and find a better address or phone number.

The appraisal district has the owner address.

@Benjamin Misner this situation is no different than any other deal. There is no need to approach them in any special way. I think it is best to call. Mailing is a distant second choice.

Step one - find out who the owner is. Tax or land records should show this. Next you need to find out how to contact them. Hint they may not beat the address of the tax records. This means doing a people search or "SKIP TRACE" as it is called in the business. 

The tax lien may mean the owner is motivated to sell, Or it may not. Just because someone should be motivated does not mean the are motivated.