Getting a property through Foreclosure

5 Replies

Hello all! I am very (VERY VERY) new to the fix and flip world. I am finally ready to pull the trigger and get my first deal! (Yikes!) Unfortunately I have put in offers, but I am continually beat by someone else who offers WAY above asking price. So I have turned my focus to the foreclosures in hopes that I won’t be in a bidding war as bad as I have been. I am looking for advice on the ethical way to approach someone in pre-foreclosure. I personally know how heartbreaking it is to be in that position and definitely do not want to call or write someone and sound like a jerk. Any good one line introductions or small speech’s that one has effectively used would be such a big help for me! I genuinely don’t want to pressure or swindle anyone, so if that’s the advice one has to give please refrain from commenting. Thank you!

If they're in preforeclosure usually they are either angry about it or they have their head in the sand and are ignoring it. 

We don't use scripts, just be yourself. You should be pressuring them, if they can get out of foreclosure by selling now, that's a better deal for them. Convincing them of that will be difficult however, most of the time they will assume you're a jerk anyway. It takes persistence. 

@Mandi Martinez I suggest that you don't spend too much time on anyone unless they are motivated to fix their situation. On the non performing notes that we buy, most borrowers are at the point where they want to stay in their properties for as long as possible while paying the minimum amount necessary. Most want to do everything except pay their mortgage, even when it would make sense to sell and downsize or take on roommates that could help them pay. There are a few that reach out to us in a genuine attempt to solve their problem and we respond in kind and do what we can. I would focus on trying to find these people, if I were you.