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I agree. Knocking on peoples homes that are in forecosure doesn't seem wise. Of course, I'm a new investor who hasn't closed a deal yet, but if I were the homeowner I would feel humilited, offended and frankly pissed off. The homeowners are under a great deal of stress. Living in Texas I would think knocking on their doors would be a good way to get shot. :D

Forgot to mention, after spending big bucks on a preforeclosure seminar in how to find and contact the people, doorknocking was not in the top 5, it was a last resort and not highly recommended. The big point that was made is to make it a campaign,don't write just one letter, but follow up with subsequent letters. The longer this happens, the more likely you will find a deal because the borrowers have exercised all of their options and the sense of urgency may finally kick in. When it does, you want to be sure, they know your name.

Since this affects us in Texas greatly, I thought I'd start a thread. If anyone has any of the specifics of it, the general concensus I am getting is don't do them. I've heard some rumblings about there being a loophole if they are 3 years or less, but even then, the tenant buyer has many many rights that would prevent us from even using it as a feasible option. A law passed in January of this year that prohibits us from doing it. This affects our purchasing subject to as well. If anyone has any more specifics, that would be great.

Thanks for the response Mach. I have been making offers and been getting no's. I'm pretty comfortable saying I've got that part down :D When I figure out all the costs, I say $5,000 for roof repairs, $1,000 for misc little things and to be conservative. $112,000 sales price, $90,000 for the offer. That leaves only $6,000 for holding costs, closing costs etc.. Just no deal here. She has an $84,000 mortgage. Oh well. It was good practice

I have a seller that has had her house on the market since November. Through Buy Owner and also through a realtor. I saw the home this weekend. The house would retail for $112,000 with some minor repairs. She's got it listed for $109,000, when I asked the sales price on Sunday when I went to meet with her, she said $104,000. Her motivation is to cash out equity and pay off some credit card debt. I can't see doing the deal if I had to pay more than $80,000. I think she might go for $90,000. Does anybody have any ideas? This is my first deal and I would have to wholesale it, so I have to keep that in mind. I need this to be profitable enough to sell to another investor and quickly. This is a Texas deal so a lease/option is not possible. I don't see how I can do this and make a profit. I want to mention I think the only reason it's been on the market long is because she has made no marketing effort and neither has her realtor. They listed in MLS and on Buyowner.com. She told me I was the only one who called her from that source.

Hello to everyone! I'm a very hungry new investor and look forward to talking with and working with some of you!