Should I try to talk to homeowner that is getting foreclosed on?

Question

My market (Charlotte, NC) is flooded with the "We Buy Houses" signs.

My question to anyone who has the experience, is it advisable to go visit the homeowners directly and offer to "buy them out" of the mortgage so they can avoid foreclosure?

Or is it better to stick to mailings and signs?

I have several properties in question that I want to go try to start a dialogue with the homeowners. Any suggestions/tips on conversation would be greatly appreciated. Thanks!

Bogdan Cirlig · Answer

Definitely, but be gentle, they're already distressed, don't look like a share who smelled blood. Assume you're also not the first to "harass" them. Also, in some states, when you ring that doorbell, step to the side :).

As strategy you should try to "bail them out". If you want that house for REI purposes, they might even become your renters after a short sale.

Brooks Rembert · Answer

NA NA

It's worth giving a shot isn't it? I haven't done so myself, but if they aren't too far along in the foreclosure process and they are motivated to avoid a foreclosure on their credit report, I say go for it. If they're will to give up the equity (if any) and you can buy the house for the amount owed (assuming it's worth it), take a shot.

If you can talk to them directly, skip the mailings and talk.

Tony S. · Answer

Here's a link to some good discussions on the door-knocking technique:

http://www.biggerpockets.com/forums/21/topics/153747-door-knocking

Valeriy S. · Answer

Thanks for the advice! I have no qualms about going door-to-door (did it to promote myself as a real estate broker). My main issue of concern here is what might be the best strategy to approach these individuals and get them to agree to work with me.

Should I try to talk to homeowner that is getting foreclosed on?

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