Real Estate Investor · FORESTVILLE, MD · Member since 2008 · 11 posts · 0 votes
I keep running into the SAME issue with foreclosures and that is running out of time. How do you buy time to get a deal closed? I get calls from homeowners but the auction is always at most 7 days away and in order to get a deal structured and speak with the lender it all eats away at time. What am I doing wrong because i'm tired of seeing these potential deals amount to nothing because of auction dates approaching so quickly. Is my marketing wrong? I market to the foreclosures listed in the paper as soon as I seem them posted. Please give advice
Keep trying to build the relationships with the decision makers at the various lenders. Eventually they are going to start recognizing you and you will be able to call up "Bob" directly even though the sale is 3 days away. Sounds like you're doing the right things, just keep at it.
I will be glad when I get to that level with the lenders. I just hate having to tell these desperate homeowners its too late to help them. I will keep at it though. Thanks for your advice :D
If you get any offer, even a low offer in, this will post pone auction date. This will give you time to market better. Has the lender sent out an appraiser yet?
The banks and trustees need to know that you have the means to do what you want to do.
what I mean by that, is if you have proof of funds, and time is short,
i call the bank and trustee and fax that, with my tentative offer or plan,
and if needed i conference in the homeowner on those calls.
the bank's last desire is to get the property back, and I've stopped the sale
at minutes before the end of the day just before the sale...
get a letter for proof of funds, and know you have a deal,
and stay aggressive...
these lenders are so overwhelmed with 'investors' that don't appear
or sound believable, that sometimes their only change of demeanor will come by showing them the money...