Anyone trying to buy preforeclosures?

10 Replies

Hey there BP. So I'm just curious if anyone out there is getting lists for homes going into foreclosure and going and offering to buy the properties out from under the owners and if you are how it's working. Any advice would be very appreciated

Brendan, not anyone is doing this...everyone is doing this. That pre-foreclosure list is probably the most competitive list in any market. You’re in a small community and maybe that is to your advantage. But it takes good marketing and hustle.
And you’re not buying the house out from under the sellers, you’re working with them to find a solution for their situation. They benefit by selling to you and avoiding a foreclosure on their credit history for the next 10 years, and you benefit by getting a good deal. But go into it with the mindset of wanting to help them.
Now stop watching Netflix and go do it!

Agreed! It’s a targeted market, for targeted marketing! It’s how you get their attention and offer your genuine solutions to help!

An alternative to the Pre-Foreclosure List would be owners with Low Financial Stability Scores. This is a model created by the credit industry and has been generally used to target stability. (the car dealership only wants to mail to people likely to qualify for a loan)

@Brad Shepherd,  Investors can apply this model to both Absentee and Owner Occupied people to target a population that isn't in the cross hairs of all the other investors. It is also a great alternative in area where the Pre-Foreclosure isn't available.

Originally posted by @Account Closed :

An alternative to the Pre-Foreclosure List would be owners with Low Financial Stability Scores. This is a model created by the credit industry and has been generally used to target stability. (the car dealership only wants to mail to people likely to qualify for a loan)

@Brad Shepherd,  Investors can apply this model to both Absentee and Owner Occupied people to target a population that isn't in the cross hairs of all the other investors. It is also a great alternative in area where the Pre-Foreclosure isn't available.

 Curious how an investor is going to subscribe to that list?

It's not a subscription. I'll message you.

So do people mail to them or go to their door. Because I was thinking of going to the door and talking to them because the list I’ve got is relatively short. Any opinions on that?

I am.  These people truly need help!  They don't know how grateful they are until it closes.

@Brendan Stuart , door knocking and talking face to face will always beat mailing letters, if you actually get to talk to the person. I've bought deals where the person had a stack of literally 100 or more letters from other investors. I'm in Austin, so it's crazy competitive. But there's no way I can get to every house, so I'll always mail as well, and sometimes something comes out of it. No harm in doing both. 

You haven't stumbled on a new target market idea. Lots of people are targeting this segment. But hustle, creativity, and building trust with the seller is what will get you deals.

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