Is there still time to get a property that is scheduled to be auctioned in 7 days. I found some properties that have this type of time frame and I was thinking of doing some door knocking with them.
I HATE the idea of door knocking but if it will get me some deals…
Comments/suggestions would be greatly appreciated.
For example what do I say when they answer the door?
Do I just come right out and introduce myself and ask if they want to sell?
How can I postpone the auction if I get it under contract?
Is it too late to even try to make a deal with the owner?
I think that not too many people feel quite alright with the idea of knocking on someone’s door and start asking questions, some feel uneasy and timid, others know that in order to get as much information about the property at some point in time you have to talk to the present owners. I assume that if you want to go as far as investing instead of bird dogging then, you have to be confident enough to ask the right questions and remind yourself that even if you loose the property to a highest bidder then you were able to come up and introduce yourself. Are there any REIs in your area, talk to them get acquainted, ask them what they might usually say, come up with your own conclusion, check out their approach. Hopefullu this will help.
Thanks Steve & drtino1,
I guess Im making it harder than it really is.
I know I have to talk to them and I dont have any problem doing that I just didnt want to come right out and say “I know your facing foeclosure, do you want to sell your house to me??”
The only thing I am uneasy about with door knocking is I don’t know what kind of people they are or what else is going on in their lives that put them in this situation.
Maybe I’ll just stick with letters/postcards…
So what about my last 2 questions?
Anyone have some advice?
I think you need to have a better approach than that, no one wants to be reminded that they are going thru a foreclosure process for various reasons. The first thing that they might do is shut the door on your face…
Instead present yourself as a property investor and show some affection at the problems that they might be having. Apologizing for their unfortunate situation sometimes work. Give them a business card and mention that you are interested in their property and if there is any way that you could help them, they should feel free in contacting you/ That could probably work/.
Nevertheless don’t expect that they might never slam the door on your face…But it’s a start if you want to be short and direct.
“It goes with the territory”.
Good Luck.
You’ll be fine. Just be confident and to the point.
Also try to search for any Investors in your area, they have the experience and are verbally direct, something that newbies lack of.
But if you try to make it on your own think about it, in this way “you don’t have anything to loose and so much to gain”.
As I used to tell my sales people “If you’re not afraid to hear no you can ask anything”. Translation: knock on the door, they may slam it in your face, they may sell you their house. The timid never knock…the bold get deals.
I agree with you TN.
Is all about confidence. That is how you learn, by going into the lions nest, so to speak.
It’s a learning process, we all go through that.
I understand about confidence and needing to be bold. Thanks for the advice. But my question for this topic has not been answered.
Is it really possible to do a deal in less than a week. I see this advertised by other investors everywhere and I dont see how its possible with everything that needs to be done.
What if inspections, appraisals, title search etc. take longer than a week? How can the auction be postponed? Who postpones it? If it’s me how do I do that?
Sorry for so many questions, hopefully I explained it better this time.
Not, its never to late to deal with the homeowner. If you get the sales contract and authroization doc from them. You can talk to the lender, let them know the auction is in 7 days and you are interested in doing a short ssale with them. In theory, they might postpone the sale, but that is up the loss mitigation. If they ask you to pay to have it postponed, then those properties may not be worth it because u still may not get the property. At least thisx is what I know in theory. Others more qualified should be able to answer this question.
steve
Hi Angelina,
again from what I understand of the process. It is common enough. I hear on various audios that others investors run into that. Again, if you already built a good relationwhip with the lender, they may not ask to pay. BUt this is a very tight time frame. I am starting to go into the practical mode. My mentor is running a bus trip/seminar the first weekend of february here in florida so I will be able to put into practiace what I know so far!!!We still need to hear what the experienced short sales investors have to say
good luck
steve
HI
i THINK IT WOULD BE VERY BENEFICIAL TO HEAR FROM SOMEONE WHO HAS ACTUALLY GOTTEN A BANK TO POSTPONE/CANCEL A FORECLOSURE SALE. NOT FROM SOMEONE WHO HAS ONLY LISTENED TO TAPES.
HOW DO YOU GET THE PROCESS STOPPED?? ONCE THE FORECLOSURE HAS BEEN SCHEDULED FOR SALE BY THE COURT I WOULD IMAGINE THERE ISINT A WHOLE LOT OF COOPERATION FROM THE COURTS . YEA, LIKE JUST GO TELL THEM TO STOP THE SALE ISINT TOO LIKELY!
iF YOU HAVE A CONTRACT FOR SALE AGREEMENT WITH THE SELLER HOW DO YOU CANCEL THE SALE THAT HAS BEEN ALREADY SCHEDULED IS THE ESSENCE OF YOUR QUESTION, RIGHT??
RON
IN NORTH CAROLINA (and your state may be different), you still have some time left in this situation. The owner still owns the property and can still sell it until the upset bid periods have expired.
When the auction at the courthouse steps takes place there is a 10 day upset bid period during which one can go to the Clerk of Court and file an upset bid, 5% more than the previous bid with a deposit of 5%. This is a surefire way to get an additional 10 days to close, 20 actually because you will not be the bidder at the first auction since you know that the lienholder will be the default bidder. Wait until the last half hour of the upset period before doing this. Someone else may do it for you.
In this situation I have the cooperation of the owner and I am willing to buy it at foreclosure if necessary. I discussed this with an attorney who acts as Trustee (foreclosure attorney for the lienholder) and he suggested it in this case.
Ron,
at least I admit that I listen to tapes. SOunds like you dont have any experience either. I am only trying to help. THat is the purpose of the forums.
iF YOU HAVE A CONTRACT FOR SALE AGREEMENT WITH THE SELLER HOW DO YOU CANCEL THE SALE THAT HAS BEEN ALREADY SCHEDULED IS THE ESSENCE OF YOUR QUESTION, RIGHT??
Nope your wrong. Angelina is talking about stopping the foreclosure auction that will happen in 7 days , not the contrct sale authorization letter.
steve
I’ve had the auction stopped with less than a day to go when negotiating a short sale. Not every lender will…but it all depends on the loss mit person you’re dealing with.
I DID NOT MEAN TO OFFEND U STEVE… I WAS HOPING LIKE ANGELINA, TO FIND AN ANSWER TO HER QUESTION FROM SOMEONE WHO HAS GOTTEN A SALE STOPPED.
THAT WAS SCHEDULED FOR SALE BY THE COURT.
NOT BY CALLING THE BANK FOR A SHORT SALE BUT TO BE ABLE TO PURCHASE THE HOME FROM THE OWNER BEFORE IT IS SOLD AT AUCTION.
RON
