In the sixth part of the foreclosure series, Pace Morby and door-knocking expert Michael Franke break down the foreclosure process and provide valuable insights for real estate investors. They dive deep into what preforeclosure is, the foreclosure timeline across different states, and the best times to reach out to homeowners in preforeclosure.
Michael explains the intricacies of notice of defaults (NODs), who actually forecloses on the house (hint: it’s NOT the bank), and where investors can find these notices. They discuss the mindset of homeowners in default and Micheal drops tips on when to approach them, especially if the homes are vacant. To illustrate when an NOD happens and when to reach out, Michael shares a compelling story about door-knocking a homeowner who wanted to move out due to a death but still wanted equity.
The video also covers the probabilities of securing a deal at various points in the foreclosure process and what homeowners might be considering, such as for sale by owner, bankruptcy, or loan modifications. Michael emphasizes that homeowners often turn to creative finance options in the last 10 days of foreclosure, after exhausting all other routes, because you, as the investor, have provided significant value and built trust.
Pace and Michael highlight the importance of building relationships with homeowners in foreclosure, explaining that trust and rapport are key to successful deals. They answer the crucial question of why investors need to engage early in the process rather than waiting until the last hour when sellers are most desperate.
For anyone interested in real estate investing, especially using creative finance strategies, this video is a must-watch. Learn from the experts themselves how to navigate the foreclosure process and build strong relationships with homeowners to close the best deals.
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Chapters:
0:00 - Intro
0:38 - Timeline of a Pre-Foreclosure
2:58 - Notice of Default
6:28 - When to Reach Out/Build Relationships
10:30 - Why Wouldn’t I Skip the Beginning?
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🚧🚧🚧 DISCLAIMER 🚧🚧🚧
Pace is not a CPA, attorney, insurance, contractor, lender, or financial advisor. The content in these videos shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other and may be outdated or inaccurate; it is your responsibility to verify all information yourself. This is a KZfaq video for entertainment purposes ONLY.