If you try to purchase a home during the pre-foreclosure phase, go to your local county clerk’s website and search all properties with filed notices of lis pendens. Once you’ve selected a property owner to contact, you can send a letter to then letting the owner know you can help them prevent a foreclosure of their property by purchasing it all cash in as little as five days (assuming you can line up the financing). You can also let the homeowner know that by stopping the foreclosure, it will keep it off their credit report. You can also help them locate another place to live and will help handle all the details of the sale and work with their mortgage lender.
Make sure you send this letter first class mail and indicate you want address services. This can be accomplished by printing the words “address service requested” under your return address. That way, in case the homeowner has moved and has a new address, you’ll receive your letter back with a correct address.
Be sure your letter looks professional and is addressed to the home owner’s name. It’s important to remember there are many other investors and homebuyers doing the same thing as you trying to contact the homeowner prior to the foreclosure sale date. Many of your competitors will be sending an impersonal direct mail piece, such as a postcard, it’s important for your letter to stand out as professional and personal in order to get the homeowner to contact you.
It’s not advisable to cold-call the owner by telephone or stop by their home without an appointment. They’ve probably had many other investors try to contact them in person. You’ll find there aren’t many homebuyers willing to discuss their financial situation with a stranger who shows up at the door.
If you haven’t received any call back from the person you sent the letter to. Don’t hesitate to send a follow-up letter every few weeks letting them know you’re still interested in purchasing their property and for them to please call you.
For more information on Orange homes for sale facing foreclosure, contact experienced Orange CA Realtors to help you through the process.