Should I reach out to a pre-foreclosure lead THE DAY they find out their house is going to be closed on, or would it be better to wait a few days or maybe a week before trying to get in touch with them about buying their home?
@Drew Byrd I would contact them within 24 hours, but DO NOT mention the foreclosure. Just tell them that you are an investor and ask if they would consider a cash offer on their house? Set an appointment to view the house and make them a written offer before you leave. If they say no, leave the offer. If they say yes, you have helped them avoid foreclosure. After you are under contract, see if they want to rent the house from you. This is just a technique.
You can try on day one of the pre-foreclosure process, but you may not make it very far as most homeowners are still in a state of shock or denial about the grim reality that is beginning to take place right in front of them. The owner will most likely believe that they can figure out a way to fix the problem and will use the allotted reinstatement time to save their property. I personally would wait until it is a little closer to auction time as the owner will be more motivated to get a deal done. Reaching out immediately after they get the foreclosure notice is kind of like buzzards circling a near-dead animal. Remember, these people are humans and have feelings and emotions and you should tread lightly when contacting these individuals.