| The key to your success in buying property in | | | | whether in person or by mail, is your best course. |
| foreclosure is going to be organization. For this you | | | | Your goal is to have a meeting in which you can |
| need to have foreclosure investing software with a | | | | discuss their problem and how to resolve it. The usual |
| database that provides you with all the information | | | | approach is for you to offer a sum of money in |
| that can enable you to locate in your area properties | | | | addition to paying the existing monthly payments |
| that have large equities. The software should allow | | | | that are overdue. You have to leave a significant |
| you to choose about a dozen candidates, of which | | | | profit for yourself, and the best way to explain this |
| you take photographs and enter them into the | | | | is, that if you take over the mortgage, pay the |
| software. | | | | owner money, fix up the property for sale, and wait |
| Your first step is to contact the owners of the | | | | for it to sell, you have to receive a profit for your |
| properties. Since 9 out of 10 foreclosures are single | | | | efforts and risk. Your ultimate goal of your |
| family residences, most of the owners can be found | | | | negotiation, of course, is to pay the owner the |
| at the properties. You can reach owners in different | | | | smallest amount of money possible for his equity. If |
| ways. The most obvious is the telephone - if it is | | | | can't make a profit, you must move on to the other |
| listed and if it is still connected. But generally, your | | | | properties. |
| most efficient methodology will be a letter writing | | | | Using your foreclosure investing software, you are |
| campaign. | | | | able to find properties with equity. However, there is |
| Using the data from your foreclosure investing | | | | also a way to make money with properties that |
| software, you will find that seventy percent or more | | | | have no equity. You do this through a "short" sale |
| properties will have equity at some level. You should | | | | with the lender, that is, by paying them off at an |
| send letters to all of these people. Further, you will | | | | amount lower than the existing balance. In a short |
| need to send letters repetitiously. Keep in mind that it | | | | sale you will also need the cooperation of the buyer |
| may take numerous letters before you can attract | | | | and normally he will receive nothing, except relief |
| the attention of an owner. A unique letter will be | | | | from the foreclosure. For many this is enough, |
| helpful. This is not as expensive as it sounds. A | | | | because of the extreme pressure they have been |
| postage stamp costs less than fifty cents, so you | | | | under. |
| can mail 100 letters for less than fifty dollars. You | | | | In a hot market in properties this is extremely |
| should have a campaign of sending 200-300 letters | | | | difficult because the lender has no motivation to |
| per month. Results are virtually guaranteed if you are | | | | reduce the loan. But in a soft market, some lenders |
| consistently mailing. | | | | may be interested in receiving a lower sum and |
| You only need to send letters to the people on your | | | | walking away from the foreclosure. They would do |
| daily list of foreclosures you will get from your | | | | so because foreclosures usually take about six |
| foreclosure investing software and you will be | | | | months, causing lenders significant costs, as well as |
| successful. Every month, a number of people will | | | | the fact that lenders have to pay large expenses to |
| contact you asking whether you can assist them. | | | | fix and sell properties. Whether the market is hot or |
| Spending a few hundred dollars per month is well | | | | soft, you shouldn't even think of prospecting for |
| worth it when you can make $25,000 or more for | | | | foreclosure properties, no matter what stage they |
| every foreclosure purchased, especially when you | | | | might be at, without first-class up to date information |
| consider there is no other overhead. | | | | from reliable foreclosure investing software. |
| Experience has shown that a low key approach, | | | | |