How do we find our prospects for pre-foreclosures? Our prospects for this particular endeavor are going to be many, but they all have one thing in common. They are behind on their mortgage payments and have had a notice filed against. them. Forelcosure can happen to all kinds of people in all kinds of situations. These situations happen in wealthy neighborhoods, poor neighborhoods and everywhere in between. These are just a few of the reasons people might have this situation happend to them. I offer these to give you an idea of the types of sellers you might be dealing with:
1. Divorces – In many cases of divorce, neither party wants the property, so they both stop making the payments. Other times one spouse gets left withthe property and is unable to make the payments!
2. Loss of a Job – Sometimes sellers will fall on rough times by losing a job, and are not able to make the mortgage payments. It will be important for you to follow up with these leads since sometimes the seller just does not want to face the problem
3. Illness – Sometimes you will find that you are faced swith situations where one spouse or the other has a long term illness or injury and the seller in just not able to keep up payments.
4. Unable to Afford the Property – I have run into situations several times where a seller simply bit off more than they could chew, meaning they purchased a house they just could not afford, they are in a situations where they need to downsize in order to be able to afford the payments. Sometimes these are sellers you can move into another one of your properties.
5. Inherited Properties – I have purchased several properties where an heir has inherited a property they do not want and inherited a mortgage that came with it. These are excellent leads for you to purchase. They are usually easy to buy since normally the heir does not live in it.
These are just a few sources and if you would like to learn more about Marketing for Pre-foreclosures go to Marketing Magic Lady at http:///www.investingwiththestars.net/kathy.htm. She has a fabulous program that I have used for years and bought many properties using her techniques and strategies!~
Nancy Geils, Owner Investing with the STars
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