Hi all. Wondering if this is worth it?? Can you buy a property from a seller that is has been served an NOD or that's pre-foreclosure before the bank takes over the property. I'm new and wondering if this is a good place to start. Thanks.
@Chip Williams Yes you can Chip. You as the buyer will have to come in and bring the loan current and possibly negotiate with the bank on the sale price if the homeowner is underwater. This is just a beginning.
But if the seller has equity and you can cover what is owed on the mortgage, maybe even put a few bucks in the seller's pocket, then the loan is payed off and everyone walks away happy...correct?
Yes. They are the legal owner of the property until the lender takes it to auction, so your seller can cure their default until that point. That is the beauty of being in this business, providing solutions to distressed property owners.
This is a great place to start as this is one of your most motivated type of seller. However, keep in mind that this is also your most competitive list. It is public record and everyone markets to these sellers. If you are going to mail/market to them you need to create an authentic message that depicts you and what you're about and how you can help them. The most important is to be consistent with your message and your mailing. If you plan on only mailing 1-2x, you may be disappointed. Remember it's a numbers game.
Thanks Dan. I was more of the mindset of calling on NOD's face-to-face. Does anyone have any experience with that? If so, I'd love to hear stories/results.
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