anyone have ideas on how to write a letter to send to someone in preforecloser, don’t want to sound like I am trying to get their house cheap. would like to help them other ways so they don’t loose it and I still make a little money
If you want to help them possibly stay in their home and still make a little money you could do a forbearance for them. If you have any questions on that you can send me an e-mail.
anyone have ideas on how to write a letter to send to someone in preforecloser, don’t want to sound like I am trying to get their house cheap. would like to help them other ways so they don’t loose it and I still make a little money
Remember, people in preforeclosure undoubtedly get numerous solicitations just like yours. You have to think “out of the box” and find a way to make your marketing stand out. If they see the same old enveloped letter, chances are they’ll chunk it.
Robb (reoconsultants) suggested inserting a novelty item in the letter (I think one of his suggestions was including a small pack of tissues with the slogan “tissues for your issues”, or something similar). I’ve also heard people sending letters that don’t even mention the doom-n-gloom and what you can do yet - they save it for a follow-up letter (Joe Kaiser?).
Good Morning, I have had the best luck when I send a letter, followed up with a 2nd letter a week later and if I don’t hear from them, a phone call.
My letter and phone call have one focus, stopping the foreclosure process for them which will help their credit rating not be bruised as bad as it could be if the foreclosure went through.
Also, I send a computer generated letter the first time and a short hand written letter the 2nd time. If you have any other questions, feel free to email me direct.
Go Get’em,
Ray - Indiana Investor
hey rayr…how do you avoid any issues of people who exist on the NO CALL list? i understand this has been a concern for many investors.
thanks,
ryan
Good question!
I wonder…if their number appears, doesn’t that mean that they are not on the NO call list?
joseph
I have a series of letters that I send. First off, I seperate myself by offering to help. I offer to pay for a moving service. I also offer to help find them a place to rent and sometimes, depending on the deal, I offer to pay first months and last months rent. This has helped to seperate me. I have learned that their are many solicitors, who will do anything, ethical or not, to get their house. I try to base my letter around urgency but I stress ethics!
Mike
I may be wrong but the no call list is to protect consumers from telemarketers.
Although you’re not try to sell them anything, If you associate yourself with a non profit organization you will be exempt from the no call list. ( ie: church )
just my thoughts,
Tony
Good Morning,
Mike is absolutely on the right track! I have not taken it as far as he has, moving service, etc. But if it’s OK with him I think that is something I will start offering.
I do help them get into a rental and many times I pay them additional upfront monies. There are investors out there that will take advantage of those in the embarrassing situation of losing their home. I have yet to see one of this type of investor succeed for very long.
There have been several situations where I was able to offer verbal advice to the homeowner that allowed them to keep their home, no profit in the deal for me, but man do you drive home feeling good!
As an investor, if you take 10 minutes of quiet time and try to imagine how you would feel in that situation, explaining to your children, freinds, family and neighbors why your moving and your name was in the paper in the default section; this will help you when working with this situation.
As far as the phone numbers, I have an assistant that is terrific at finding phone numbers, listed or not. And I don’t belong to any type of service for this.
When I call these people, I start out the conversation by saying, “Hi this is Ray and I am an investor who is looking to buy some homes in the area, I specialize in buying properties that are not in good standing with the bank, are you interested in selling your home?” (IT HELPS IF YOU DON’T SAY, DEALING WITH “PEOPLE” WHO ARE IN FORECLOSURE OR NOT IN GOOD STANDING WITH THE BANK) try and always keep the situation between the “property” and the bank.
Hope this helps.
Go Get’em!
Ray Rochefort
Managing Member
Purpose Investments LLC
Indiana
Hi Guys. Great info here. I am a newbie, so excuse me if I sound stupid, but what is a forebearance, and how does it work? Always looking for another angle. Thanks.
Ryan
Hey guys if you are offering homeowners cash for the houses, and you would help them move, just make sure you are not doing a short sale. If you perform a short sale and give the seller cash, you may be indicted for fraud. Cold calling can also get an investor in trouble if you call homeowners name that are on the do not call list. The fines are up to 11k and you dont have to sell the homeowner anything. Even if you are calling to offer your service then that violates the do not call list. The only way you can call a homeowner is if you have dealt with that homeowner within the last 18 months.
If you are going to give advice make sure it is the right advice. We dont want anybody going to jail from being misinformed now do we?