Pre forclosure- Owner still wants retail value
Buddy of mine came to me with his client that has a home worth 1.6 million but still wants close to retail value on it before it gets foreclosed. I know my stance should be well you should take something instead of nothing but what would you guys do to try and get the contract. My knowledge is in wholesale
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Unfortunately, many homeowners facing foreclosure go into denial about their situation, which often leads to them losing the house altogether.
My advice would be to provide the owner with the foreclosure percentage (70% of market, 60% of market, etc) and let them see for themselves that if they don't make a deal now, they stand to lose alot of money.