Having said that, I'll also note that many people who are falling behind on their mortgages and facing foreclosure are in denial. They'll certainly tell you that there's no problem. And they may believe that somehow they'll get bailed out--by a relative, by refinancing, by a loan modification, by winning the lottery, and so on. Talk to investors. They all have stories of approaching people in financial difficulty and being told, "Oh, no. There are no problems. Everything's been taken care of." In many cases, the problem hasn't been taken care of. Often enough, those investors get another call from the same owner about a week before the auction date of the property, by which time it's usually too late to do anything.
One way to approach owners in financial difficulty if you choose door knocking--which I personally don't like to do but others say is really very effective--is to say: "Hi. My wife and I [if you're married...sounds friendlier if you come across as a couple or a family] are looking to buy a home in this neighborhood. Do you know of anyone around here who might be interested in selling their property?"
It's a much kinder, gentler approach than: "Hi. I understand that your home is being foreclosed upon. I'm interested in buying it."
Using the gentle approach, you're more likely to get a positive response. Make sure you have some contact information about yourself--a business card or something--that you can hand to the homeowner. Recognize that most of the time, the homeowner's response will be something like: "Well, I don't know of anyone right now." So you say, "That's fine. If it's OK with you can I give you my contact information? If you do hear of something, could you please give me a call?" Also, as appropriate, just engage in a bit of chit-chat about the neighborhood (or the weather, or whatever), just to establish some rapport with the owner.
Oh, and what if the homeowner says, "Well, I think Fred down the street may be planning to sell soon. I know he's moving in a few months, but I don't think his home is listed yet"? You may just have uncovered a nugget of gold.
Hope that helps.
The site provides a data base which is good for what it is a data base of loans that were reported deliquent. It is only one tool and does not guaranty every property on the list is for sale or will sell before foreclosure or the default is cured.
Realty Trac is only one of these data bases that do the same thing; i.e. foreclosure.com.
I am not sure what can be done to address this issue in the near term. The process has been out there for a long time, at least 20 years , that I can remember. The difference is the internet and the access to the information. Data is great as long as you know how to use it! In the world of the internet we access to lots of information but you need to get the knowledge of what to do with the data or get someone to assist you and the process that has the knowledge.
First Weber Group
Certified Distressed Property Expert
Have a great day,
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