Buying Foreclosures: 4 ”New” Ways to Find Deals
November 2, 2008 advice, Finance, Home & Garden, real estate, TheBuzz
Look for leads in less typical places. Increase your chances of buying foreclosure property by looking for public information besides just the court records of foreclosures: homeowners in probate, people going through a divorce, people in bankruptcy, and landlords coming out of eviction court.
Run newspaper ads. To be successful at buying foreclosures this way, run an ad more than once—run it for a year, if possible. A homeowner may not need your help the first time you run your ad, but six months later, they may be in trouble, and, having seen and thought about your ad a number of times, give you a call.
When you run your ad, place it under “Money to Lend.” Don’t say that you’re buying foreclosures; many people who are having trouble paying their mortgage are not quite ready to accept that they’re that far along in their financial difficulties.
Send Postcards. Keep close watch on your lists and on public information such as divorces, bankruptcies, and homeowners in probate. Send a postcard as soon as you see a new name. Since most investors who are buying foreclosures don’t do this consistently, your chances of finding opportunities for buying foreclosure properties, if you mail postcards religiously, are greatly increased.
Knock on doors. Because most investors hate to do this, your chances for having the first shot at finding and buying foreclosure properties increase tremendously if you just go out and knock on doors!
Remember not to say that you’re buying foreclosure properties in the area. Say instead that while you were doing some research at the county courthouse, you noticed that there appears to be a pending problem with their property, and that you’d like to help. Often, they’ll say they’ve taken care of the problem. Ask them how they solved their problem. If they can’t answer, present your offer of help.
Using even one of these four ways will greatly increase your opportunities for finding and buying foreclosures. And if you’re serious about making great profits from buying foreclosures, consistently using all four of these techniques is a sure recipe for success.
