As a real estate broker and and mortgage broker I use to search for homes with at least 25% equity and either offer one of the 3.

  1. Hard money Loan to refinance, not an option today not many lenders want to do hard money bailouts on foreclosures anymore.
  2. Lease option back to the homeowner= not really an option in today market with Florida’s lease back laws if you can find homes with equity.
  3. List and sell as a short sale= Homeowners want to squat as long as possible dont want to leave

These days it seems that all current homeowners in foreclosure are squatters. Here is south Florida it could be years before the foreclosure sale takes place and the homeowners are aware of this and don’t want to leave. Even if the seller agrees to list and sell the home in to a short sale they will string the bank out as long as possible. Anyone have any thoughts on how to approach homeowners situation that actually works with foreclosures in today’s market?

Thank you Thomas

Yes. But I sell that information…! :anon

maybe solicit those who had a lis pendens filed a year ago? Maybe even market to new filings teaching homeowners how to stay in their home as long as possible if they sell to you at the end??

I have not knocked a door in 4 years now :biggrin My thoughts on it are why do that when you can call them??

You have to catch the owners attention prior to auction and also focus on owners in areas where they would most likely care about the effect of foreclosure on credit. Meaning upper middle class people

Most times they wont pick up the phone or again they have nothing to loose they know the foreclosure process takes forever in Florida and they are willing to squat it out. There has got to be some savvy way to do business when these people but I have yet to find it.

If we find a home we like and the deadbeat home owner is riding the system and living rent free we work with the bank to speed up the foreclosure process to get that deadbeat out on the street.