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Foreclosure in Maumelle : Real Estate Advice

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Activity 2
Mon Aug 2, 2010
Don Tepper answered:
Yes. This problem has been brought up here many, many times before. And, no, it's not being addressed. At least not adequately. Frankly, so long as people are willing to pay good money for a questionable product--when you could get the same information for free--there's no incentive to fix the problem.

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.
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