What do I say to the owner of a Pre-Foreclosure? - Posted by Jim C

Posted by Ben (OH) on December 06, 2000 at 03:57:34:

Ok, then what do you do if there is no equity.

What do I say to the owner of a Pre-Foreclosure? - Posted by Jim C

Posted by Jim C on December 05, 2000 at 22:34:02:

I have a list of some Pre-Foreclosures in my area. How should I approach them?

Should I call their attorney? Or write them a letter? And what should I write to them if I do send them a letter?


Keep it simple and remember the ostrich syndrome. - Posted by Barbara_NY

Posted by Barbara_NY on December 06, 2000 at 01:39:26:

I contact pre foreclosures as part of my weekly routine. I keep it simple and say something like…

“Hello. My name is ________ and I’d be interested in buying your home if you have any interest in selling.”

It is rare for someone to say “Sure. Come on over and let’s do this.” It happens but it is uncommon. Usually they say some form of NO. I don’t let them off the hook so easily. I try to keep them talking by saying…

“Listen. I’m an investor and am aware you are facing some financial challenges right now. I can assure you that I can help. If you can give me an idea of where your thoughts are right now… or… If you are willing to share a little bit about your situation with me… I’d be happy to share my experience in the field with you. Even if you are not interested in selling right now I’d be glad to assist with any information I may have.”

I try to establish a rapport with them. I find most individuals in pre foreclosure are experiencing the ostrich syndrome. They stick their head in the sand and hope the whole situation just goes away. If and when they are finally ready to sell they will remember you and how “honest” and non confrontational you were.

Be aware that it is a numbers game and that all pre foreclosures are not worth pursuing. However, the key is to be perceived as being on “their side” and staying in touch.

Good Luck.