has any one ever sent a preforeclosure a letter stating the least they could give them for their property. i was thimking that acctually seeing a # might motivate them a little more. as some people don’t even know the property value of their home. example
dear xxx, the least i could offer you for your home is xxx. this number is assuming normal repairs of wear and tear in the amount not to exceed 5000$, and also assuming there are no additonal leins on the property. this # could pay off your current debt and put xxx dollars in your pocket. of course i could not make this offer official until i speak with you and see the house but it is just a little brainstorming. call if you think we could work something out.
responses please!
I’ve done it once & it worked. I actually had it on contract.
did you send it as your first contact letter or was it a follow up letter. i had a very brief conversation with a preforeclosure seller who insisted that she didn’t want to sell. she only called back because she wanted to know how i knew about her situation. iwas thinking if i put a # in front of her face in the form of a follow up letter this moght motivate more. what do ya think? ;D
Second letter, try it you got nothing to lose
I’m seeing the word Preforeclosure being used, but from what I’m reading I’m not gathering the meaning of a true Preforeclosure. Okay, you’re sending letters to indivduals whom you have already identified that their property is going into foreclosure, so are you finding out what the payoff is with these banks and then are you offering a short pay based on the as-is value and the repairs? Preforeclosure and short pay go hand in hand, you can’t have one without the other.
If I’m way off base please inform me. :-\
You are way off. :o
she is in the notice of default stage. when in this stage they are still going back and forth to court to either resolve it , file bankruptcy, sttle it by reinstateing it, whatever. once it is in the court system it will say around how much they are being sued for which is usually the full payoff amount. i am going to take this # and the estimated arv among other #'s like price to buy it, hold it, sell it, give it a minimum of 5000 in repairs and offer a number around this. i will say in the letter that my offer is contingent on the appraisal, the repairs being no more than 5000, assuming there are no additonal leins. this offer is also not official until i actually see the house.
hopes this helps
Go for it
Solugrp,
Preforeclosure includes all of the processes up to the point when the property is foreclosed upon.( i.e. sheriff sale) Anything that is offer to the homeowner during this time is for their benefit, after the property is foreclosed the Mortgage holder is the one you deal with becaused it too late for the homeowner.(all they have is the redemption period from this point.)