I’m a newbie to all of this.
I went down to the county records dept and secured the list of all the notice of defaults in my county.
I have gone thru and sorted them out as to what I can afford. I have there names, property address and the amount they are in default for. I can also easly get there age and Phone #
I have zero experence as of yet on how to contact them Is it best to write a letter, Make a phone call, Knock on the door? Also what is the best angle just say hey " I received word that you are in default on your loan and I’m intrested in purchasing your property?
About me: I’m a first time home buyer and have pre-approval for a home loan. I just hate to pay full bore retail for a house. Would definatly like to purchase a property with equity already in it. Then fix and sell after a short while. I’m planning on using a realtor for this first transaction to handle all my paper work.
For any of the seasoned verterans of this market is there any wisdom you would be willing to share?
Warmly,
JP
just wanted to say Hi and that I’m getting ready to head in this direction also. Gotta snap em up before they hit the open market, is what I’m figuring out.
I know, from experience, that I would’ve been glad if someone had approached me when I was behind on payments on a house I had in the past. The house needed a lot of work, I had a husband that hardly made any money, then we ended up getting divorced. Guess who got stuck with the late payments? Me, since only my name was on the title/loan. Had to file Chapter 13 and paid 160. a month for 4 years.
Then in the meantime, my aunt wanted to move back to St. Louis from MA, so I rented to her. BIG mistake! Never do business with friends/family! She screwed me big time. She basically used the house as a storage facility for all her crap she would buy. (Ya know those people on Oprah or Maury that just buy and buy and buy and then they have to clear a path to walk to the kitchen? That’s her!) It took me months to get her out. She still owes me 2550.00 in rent (5 months x 450.00) and a sewer bill she never paid, 300.00, which I found out about at closing when I finally sold this house.
So, yeah, I think I’da been happy if someone had approached me.
Dont’ be shy, I would say. Some people, like me, have no idea they have options like this. Not everyone is real estate savvy. I have learned SO much over the years and even more over the last few months.
What would I do? Probably send a postcard, but don’t make it look too, ummm, professional, I guess. I tend to overlook things in the mail that look like they’re just mass produced. Or maybe write a letter expressing that you’d like to help them out if you could and follow up with a phone call later.
Just my 2 cents worth. Let me know if something works for you.
(I can’t believe this has been read 63 times and no one else has responded!)
Dee