Real Estate Investor · Dallas, GA · Member since 2014 · 13 posts · 6 votes
I have access to a list of debtors who declared BK. The house was protected by the BK initially but the court is going to remove the house from the protection of the BK. Before I spend time and money marketing to this list, I would like to map out some plausible problems they have that I can solve.
Here is what I have so far. Is there some big "pain" point I am missing?
They can control when the move instead of letting the sheriff throw them out
I could try to set up an "us versus them" about the 'greedy bank.' Don't want to let the !@#$ 'greedy bank' take your house. Sell it to me instead.
Some moving money
Avoid a foreclosure on the credit report--but still have a BK. So their credit is wrecked anyway.
That's about it. Maybe I don't know enough about the process. Is there a compelling reason a person going through this process would rather sell to me on a short sale or a sub 2 instead of living for free until the foreclosure process plays out?
Avoiding foreclosure sounds like your best bet. Even if their credit is wrecked, they don't want to make it worse. Plus, even if the property became bank-owned, the bank may want to sell it to you at as a loss (relative to the debt owed) because it does no good for the banks to hold onto real estate.
One of the best advices I've ever heard is "Find a hole and fill it." Know what the seller is trying to accomplish, and help them with it. Remember, the seller is a human being with needs. If you can't fulfill their needs, you're going to fail.
Luckily you have the advantage of immense pressure pushing on the seller. I wouldn't exploit this because no one likes being pushed into a corner. Find what they need, and supply it if you can. If you can't, I suggest moving on.