Is door knocking really the best way to get a deal. I been door knocking for a while. I get a lot of excuse from Homewoners: (1) Claim howoner doesn’t live there (2) Taken care of the Situation (3) Working with someone on it already (4)Were just visitor
Door Knocking - What really is the best way to get a deal?
Been doing preforeclosure since 1992. Tried door knock, letters, flyers, newpaper adds and signs. The best for us has been getting leads from mortgage brokers and/or bankruptcy attornies.
we just ask for there throw aways and we pay them. We look at 10-12 deals per week, and the seller is waiting for us to call since the referrer has already told them we would be in touch.
How do you determine what to pay them for the throw away?
If there is 15% or less equity, we pay one point. If there is more than 15% equity, we let the broker charge what ever he can negotiatie with the homeowner.
Maybe you can answer a question for me about someone I am working with who is in bankruptcy. The homoeowner is in Chapter 13, but has defaulted on both his 1st and 2nd mortgages (3 months behind). The 1st mortgage has sent a request to release stay so that they can foreclose.
My question: Why do I have to get approval from the bankruptcy attorney to buy this house and if the mortgage company is about to foreclosure, should I just wait until the bankruptcy is released and then work directly with the mortagage company.
I think you are refering to the bk Trustee who needs to give permission. He is intrusted with seeing that the creditors are paid. If you buy at a profit to the seller, the proceeds must go to the cridetors