Hi everybody,
I am trying to start to invest into preforclosures in Orlando area. I went to the local County Court and pulled up the files of preforclosure properties who were just entered into the system in the court and they don’t have a determined auction sale date yet.
I found one property which as I think could be a good deal:
The file said that the remaining balance of the loan is about $125000. The owner didn’t make a payment since May 1st, 2006.
I called him coupled days ago and said that I found the info in the court… In respond, the owner appeared to be very surprised or even freaked out about it. First he denied it and then he said that he is taking care of the problem or will take care of it.
Well, HOW DO YOU DEAL WITH THE KIND OF SITUATION?
Should I contact the owner more or forget it?
Thanx in advance!
There is no right or wrong way but here is my suggestion… Send him a cordial letter to follow up. Let him know you are just following up on the conversation you had, tell him benefits you can provide, and do it in a low pressure manner. You surprised him the first time, but you got him to give you some information over the phone so he trusts you a little bit. Now, continue to build the rapport with him. Wait a few days after he has received the letter and see if he calls you. If not, call him back and just let him know you just wanted to make sure he got the follow up letter and ask if he has any questions.
Good luck…
Thanx for your advice I will try to follow it!
But, What if he gets mad? 
… this guy sounded kind of nervous on the phone…
thanx
I found out through my local REIA also located in Florida that there may be a law on the books regarding contacting people who are in the preforeclosure phase. I don’t know the time frame and I can’t find the paper that I had with the particulars. It may not even be a law yet. Anyone have any further info on this?
I also invest in florida. The only law I know about contacting homeowners in foreclosure is if you try to contact them by phone, you need to check to see if they are on the Do not contact list. Naturally if you doorknock, be aware of your city’s rules in contacting like solicitation laws in gated communties. You can send mail until they call you to tell you to knock it off!!! Then apologize to them, tell them what you can do. If they are still not interested then take them off your list. There is a lot of homeowners coming on the list every week. We can’t save everybody.
If the HO gets angry, then apologize for bothering them. Cross them off you Door Knocking list and send them mail instead. Florida has approximately 6 months depending on the court system as to when the lis pendens was filed. The sale date is approximately 6 months they set date to sell at the courthouse steps.
If the HO asks you how you find out, let them know that their bank by law provided that information to the court system to be public knowledge.
steve
OK, I found it. Florida -House Bill#0065. A $15,000 fine for using
“questionable” tactics (judge makes determination) in acquiring property from a party in foreclosure. According to info at my REIA this went into effect on Aug. 1st.
Another part of the bill was deleted but still possible- 30 days from Lis Pendens before investors can speak with homeowners in foreclosure.
There are a few states that have related legislation pending or enacted that will severly limit the investors opportunities.
If you are in Florida you might want to know that my mentors have had two meetings with senators and the attorney general, who is now running for governor.
Their attorneys are putting together an outline of the legislation that they do not want to hit florida and the attorney general wants to see it.
just for your information.