BEGINNERS GUIDE TO FINDING BARGAIN PRICED FORECLOSURE PROPERTIES LEX LEVINRAD
In addition to classified ads, I have found the following methods to be very useful in locating distressed
homeowners in foreclosure:
Car Magnets
“We Buy Houses For Cash” and your phone number
Bandit Signs
We Buy Houses For Cash” and your phone number
Postcards
Mailed to your target area or zip code (see notices of default)
Letters
Mailed to your target area or zip code (see notices of default)
Attorneys
Contact foreclosure defense attorneys and network with them
Notices of Default
Purchase a list of homeowners in foreclosure and market to them
Online Classified
Craigslist, Backpage, Ebay Classifieds etc.
Bird dogs
Hire other people to do all of the above and pay them per deal
When you have sellers coming to you, you have all the control. You decide which deals are worth pursuing and
which are not. You won’t be dealing with hostile homeowners that don’t want to talk with you. You will be
dealing with people that are turning to you for help. Be honest and sympathetic to their needs and let them
know if you cannot help them. Don’t let them think that you will solve their problems if you cannot. Make sure
you understand the foreclosure process and how it works in your state.
You also need to make sure that you are aware of local new laws. Make sure you are aware of any laws in your
state related to talking to homeowners in foreclosure. If you buy a house from a homeowner in foreclosure and
they claim after the fact that they didn’t
know that they would lose their home,
then you will have a big problem. Make
sure that you have an attorney prepare
or review any documents that you
intend to use.
Taking some of the steps that I have
mentioned above will mean spending
some
money
on
advertising
and
marketing. Distressed sellers will not
find you if you don’t advertise. Most
beginners don’t want to take this first
step. That is the difference between
finding a bargain property and not
finding a bargain property. If you made