Kentucky Foreclosures for Sale, Contacting the Property Owner in Pre-foreclosure

Posted in Foreclosures For Sale, September 22nd, 2008 |

In the instance of pre-foreclosed property purchases, it is essential that the investor contact the homeowner in order to negotiate and make and offer. This is far easier said than done. Bear in mind that the homeowner is already being bombarded with calls from bill collectors, attorneys and creditors. He is probably receiving threatening letter after letter and may even have creditors showing up on his doorstep. It makes sense that the investor is bound to have a hard time getting in touch with the homeowner.

In the case of Kentucky foreclosures for sale and an investor wanting to make a pre-foreclosure offer, it is probably best to send a letter to the homeowner. Be clear in the letter that you are an investor and you are seeking a piece of property in that particular part of town. Make sure that you let the homeowner know you are looking for a way to help him out with his financial difficulties.

It is important to show and understanding of the dilemma the homeowner is presently undergoing, this will assist the investors’ efforts. In the letter tell the homeowner that you may be able to assist in preventing the Kentucky foreclosure for sale taking place, providing cash to relocate and pay bills and perhaps even save his credit rating.

Always remain deferential and professional in your correspondence. Encourage the homeowner to call you in his own time, and if you have not heard from him within a few weeks, follow up on the first letter with another more urgently worded latter. As the date to the auction gets closer, you should probably send a couple reminders per month.

If at all possible, follow up with phone calls, remember to be polite and never pushy. It is not for the investor to interview the homeowner on the phone, he has not right to do so. Just state that you want to help, and in order to do so, would it be possible to meet him at the property in question. Let him know that in order to prevent the Kentucky foreclosure for sale from happening, a meeting would be more productive and save time. If he agrees to the meeting ask if he could have all the necessary documentation present at the meeting, including the foreclosure notices.

In order for the investor to make an offer to the homeowner, he must have access to all mortgage, debt, lien, and ownership information. The condition of the property it also required to be assessed. All of this, together with the market and default value will give the investor everything they need to make an educated offer to the homeowner.

The investor may be confronted with one very angry homeowner if he visits the property in person, even if the homeowner has agreed to meet. So be polite and leave if he asks you to, never snoop around or try to trespass on anyone’s property without permission, this is unlawful.