REI Wealth Monthly Issue 10 | Page 37

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