REACHING OUT TO PEOPLE IN FORECLOSURE

I wanted to include that I hand write all the adresses on the envelope and on the letter. I use the name of whoever is listed first on the county tax collector's website. I was thinking do any of you guys do this also, or do you use both H/W names??

Do you have the 3-4 months of back-payments and fees that people with notice of default are required to pay to stop foreclosure? Do the properties you send mailers to have equity? Are you capable to negotiate a short sale?

The best thing you can get from a foreclosure list is the date of trustee sale, the opening bid, (which generally is the payoff the bank is trying 1 last shot to get)and finally the bank contact info to approach them directly to low ball them when it goes into REO.

I have tracked pre-foreclosure to short sale to trustee sale to the bank and saw the $470K owner debt got to $250K at the bank buying the 1st note. Property sold to rehabber from the bank for $200K.

You cant do it with every pre-foreclosure but they can be followed and jumped on when the price is right.

sorry for the late reply the forum "reply-alert" email was marked spam....

I currently have a handfull of buyers/investors that are on my buyers list. Im looking through 7 zipcodes and pick the ones with the most equity (try to pick properties that default 50% of what the FMV is.

Im a new investor with no form of income (unemployed) so I dont have any cash to put into any properties. Im just trying to lock these properties up and assign quickly for a small assignment fee (10%.)

I have not been at any auctions yet, because im trying to focus on pre-foreclosure right now.

Can you tell me where you got Dean's foreclosure mailer? I looked in PFRERN and this website. Thanks in advance for your help.

Lea
SPR Property Solutions, LLC

I got the rough draft from his "Think A Little Different" course, section in foreclosures. The letter is simple, respectful & straight to the point. I tweeked it like 4 different times to match my "style." PM me if you still cant locate the letter. I dont want to make any1 mad at me, but I dont see y I couldn't email you the original.

BTW how much was it to create yoour LLC?

Sorry to hear of that experience from the lady. I started a direct mail campaign about a week ago. My approach is using last name such as "The Johnson Family." I don't use first names. You may want to try that approach.

Thats not a bad Idea since I use big greeting card envelopes(5-3/4 x 8-3/4.)

BTW have you had any success in the mailing program??

Hello All!

I'm So excited!! I finally got a call from a lady in foreclosure. She wants to meet up with me in her house. I have been focusing on everything to do with getting people to call and now that I have a meeting with her this Saturday, I'm kinda lost.

I explained that I work with a group of investors (setting up the assignment) and I would need to evaluate the property before I could put an offer in. I dont really know what questions to ask or what to look for in the property itself let alone all the contracts. I do know the house has a FMV of 150k. She told me it needs a lot of work. She owes back taxes and attorney fees to Bank of America. In other words she is pretty far in the foreclosure.

Could you guys please give me some pointers, advice, things to look for etc,. This is the very first pre-foreclosure property I'm visiting. I'm excited, but I really want this deal to work. Thank you so much!

Lenny
LFLProperties@

Here is the update...

One home was in Merritt Island, FL. Wow; all I can say is about 25% of the home is salvageable. No kidding, everything that could be wrong with a property literally needs to be done! The property could cost about the same as the ARV once everything is said and done. Here is a quick list: foundation problems, holes in drywall, new paint everywhere, 2 new doors, 3 new windows (broken), grass has been dominated by weeds, trees have overgrown into driveway, driveway cleaned, No central A/C, all new flooring through the house. Kitchen needs cabinets, flooring, appliances, new screening outside, carpet pulled out. One bathroom needs to be finished, the other needs to be gutted and redone. She also had something listed on her entrance. Safeguard properties and I believe it’s a 3rd party trying to stop the vandalizing and acquire the property for the bank?

She owes 110k to SunTrust between refinancing & HELC. Comps range 90-110k, estimated FMV 90k.

2nd home is 5minutes away from my house. The home is in a beautiful neighborhood where its just a u-road off a busier street. Its also in a better condition. It does have between 50-60k worth of work. Needs paint in/out, garden needs weeds pulled, fireplace doest work correctly, carpet needs replacing, outdated appliances, bathroom water doesn't work, 2nd bathroom needs updating, living room needs a new wall. The most expensive problem is the septic tank it has a drainage problem when there is a heavy down pour. Its not elevated and water just sits over the tank which could cost 30k? to fix this problem.

She owes 110k mortgage, 65k HELC, 2k taxes to Bank of America. Comps range 140-170k, estimated FMV 150k.

I may have not found the best deal, however I felt like I remembered why took this route. I really want help these owners in distress. I wish I could help these people, I really do. However, I believe the only thing they can do is a short sale.

Could someone explain the process to make this deal work, or is there no hope??

I don't mean to be rude but this forum is not for trying to market you products.