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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Market rhythms Posted by JohnO on December 28, 2003 at 11:21 PM In Reply to: Market rhythms posted by Ward-CA- on September 10, 2003 at 10:36 PM : : I'm a new investor trying to get started in the foreclosure game. I attended your seminar last night which I enjoyed very much. I noticed in your handout under the heading "Foreclosure Work Flow" you make no mention of trying to contact the distressed owner to make a deal. Is this because it is better to buy at the trustee sale and wipe out the junior liens than to try and deal with the owner directly? I'm trying to decide how to best utilize my time and resources. I do have about 300k in equity in my present home that I could use. : -=-=-=-=-=-=-=-=-=-=-=-=- : Dan, : There are a number of different ways to work the foreclosure investment field. And we teach them all to our 3 Day hands-on trainees. Right now the successes I’m hearing of over and over are from investors who are working with owners in default before the foreclosure auction. : Trying to get a good deal at the trustee’s sale right now is ridiculous, with crowds of novice bidders pushing the bidding levels up to 90% of retail! : And trying to get lenders to sell you one of their repossessed properties at a reasonable price isn’t possible in this era of ski high prices. : So that leaves buying from the owner in default before she loses her property at the foreclosure auction. : Will this current foreclosure market change? Sure, it’s just too difficult to guess when that will occur. In the meantime, go where the money is, and when that plays out switch over to where it’s coming into its own once again. Reminds me of the rhythm of tides. ___________________________________________________________ Ward - I'm following a lot of properties that are near the trustee sale and many seemed to postponed or canceled. Now that I've found some that appear to be pretty good deals I want to start attempting to get the property before the opportunity disappears. So what is the best way to contact and approach the owner before the sale? Mail ??? (Do owners in foreclosure read their mail ?) Telephone ??? (What do you say in order to avoid hangup ?) Knock on the door? (What do you say in order to door slam ?) Contact the Trustor that is foreclosing? ( is this a good idea ?) Thanks for an advice you can offer JohnO Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : I'm a new investor trying to get started in the foreclosure game. I attended your seminar last night which I enjoyed very much. I noticed in your handout under the heading "Foreclosure Work Flow" you make no mention of trying to contact the distressed owner to make a deal. Is this because it is better to buy at the trustee sale and wipe out the junior liens than to try and deal with the owner directly? I'm trying to decide how to best utilize my time and resources. I do have about 300k in equity in my present home that I could use. : : -=-=-=-=-=-=-=-=-=-=-=-=- : : Dan, : : There are a number of different ways to work the foreclosure investment field. And we teach them all to our 3 Day hands-on trainees. Right now the successes I’m hearing of over and over are from investors who are working with owners in default before the foreclosure auction. : : Trying to get a good deal at the trustee’s sale right now is ridiculous, with crowds of novice bidders pushing the bidding levels up to 90% of retail! : : And trying to get lenders to sell you one of their repossessed properties at a reasonable price isn’t possible in this era of ski high prices. : : So that leaves buying from the owner in default before she loses her property at the foreclosure auction. : : Will this current foreclosure market change? Sure, it’s just too difficult to guess when that will occur. In the meantime, go where the money is, and when that plays out switch over to where it’s coming into its own once again. Reminds me of the rhythm of tides. : ___________________________________________________________ : Ward - : I'm following a lot of properties that are near the trustee sale : and many seemed to postponed or canceled. Now that I've found some that appear : to be pretty good deals I want to start attempting to get the property before : the opportunity disappears. : So what is the best way to contact and approach the owner before : the sale? : Mail ??? (Do owners in foreclosure read their mail ?) : Telephone ??? (What do you say in order to avoid hangup ?) : Knock on the door? (What do you say in order to door slam ?) : Contact the Trustor that is foreclosing? ( is this a good idea ?) : Thanks for an advice you can offer : JohnO : Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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