Distressed sellers are owners who have run into some sort of hardship and are no longer able to pay their mortgages.
They are faced with the stress of that looming deadline.
The one that requests they pay off what they owe or risk losing their home to foreclosure.
As a real estate investor, these sellers are your closest allies.
They are willing to do whatever it takes to get their homes sold and save their credit.
As an investor the largest hurdle you will face is getting the distressed seller to respond to you.
Likely if they are behind on their home payments, they have buried their head in the sand.
The avoid the mortgage lender like the plague and refuse to answer phone calls from those willing to offer a helping hand.
Unfortunately they receive loads of unsolicited phones calls from scammers and frauds that want to take advantage of their dire situation.
It's your job to tap into those emotions that will trigger the best response.
It's best to reach sellers who in financial trouble when things reach the point of no return.
This occurs after they receive legal notice in the mail known as Notice of Default.
This is a written notification from the lender that lets the owner know they will soon face legal action.
It sort of states, "Pay up or else.
" The home owner is now facing the real threat of eviction.
At this point the home owner is in a terribly desperate situation and it's your job as an investor to completely understand what they are going through.
Not just the financial burden, but the emotional one as well.
Their pride is hurt and their self-esteem is shot.
Most real estate investors fail to understand these emotions.
They are chasing the deal rather than finding a way to get a desperate seller out of a dire situation.
When you structure deals with owners of distressed property, it's your job to put their best interest in writing.
The bank is already walking all over this seller.
Don't add to his burden by treating him like a failure.
Understand that when you purchase distressed homes, you are working with a real human being who is suffering hardship.
Keep this in mind throughout the duration of your transaction and things will work in your favor.
Also make sure that when working with distressed sellers all parties involved agree to do the same.
Get your realtor and your private mortgage lender on board when it comes to helping out the seller.
The more value you put into the transaction, the more value you will get out of it.
Remember that your best sources of new leads are referrals.
If you help someone out of a bad situation and do so with dignity, they will refer others to you who are in the same situation.
They are faced with the stress of that looming deadline.
The one that requests they pay off what they owe or risk losing their home to foreclosure.
As a real estate investor, these sellers are your closest allies.
They are willing to do whatever it takes to get their homes sold and save their credit.
As an investor the largest hurdle you will face is getting the distressed seller to respond to you.
Likely if they are behind on their home payments, they have buried their head in the sand.
The avoid the mortgage lender like the plague and refuse to answer phone calls from those willing to offer a helping hand.
Unfortunately they receive loads of unsolicited phones calls from scammers and frauds that want to take advantage of their dire situation.
It's your job to tap into those emotions that will trigger the best response.
It's best to reach sellers who in financial trouble when things reach the point of no return.
This occurs after they receive legal notice in the mail known as Notice of Default.
This is a written notification from the lender that lets the owner know they will soon face legal action.
It sort of states, "Pay up or else.
" The home owner is now facing the real threat of eviction.
At this point the home owner is in a terribly desperate situation and it's your job as an investor to completely understand what they are going through.
Not just the financial burden, but the emotional one as well.
Their pride is hurt and their self-esteem is shot.
Most real estate investors fail to understand these emotions.
They are chasing the deal rather than finding a way to get a desperate seller out of a dire situation.
When you structure deals with owners of distressed property, it's your job to put their best interest in writing.
The bank is already walking all over this seller.
Don't add to his burden by treating him like a failure.
Understand that when you purchase distressed homes, you are working with a real human being who is suffering hardship.
Keep this in mind throughout the duration of your transaction and things will work in your favor.
Also make sure that when working with distressed sellers all parties involved agree to do the same.
Get your realtor and your private mortgage lender on board when it comes to helping out the seller.
The more value you put into the transaction, the more value you will get out of it.
Remember that your best sources of new leads are referrals.
If you help someone out of a bad situation and do so with dignity, they will refer others to you who are in the same situation.
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