Marketing to Motivated Sellers
By Pierre Mouchette | Real Property Experts LLC
Divorce is the number one reason that houses go into foreclosure. It is a fact that in today's economy, two incomes are necessary for a couple to purchase and maintain a home. With the loss of one income, the other member usually cannot support the monthly payments, etc., and a foreclosure is on the horizon.
To keep their credit rating and, yes, to receive something from that capital investment, these former couples are indeed the true definition of the Motivated Seller. As real estate investors, we know our duty to help these people find a solution to their plight. It is a service that we can approach with guaranteed solutions and results!
First, it is imperative to communicate with potential sellers and that your message identifies you as an investor providing a service. They would probably be very interested in your services if they have a property that needs prompt attention. You could remind them that in the current market, it might take several months, if not longer, to sell their property at their asking price, and the commission paid would leave the balance to be split between them.
As an investor, you can empathize with them as far as their divorce, the added expenses that they both are incurring, and the fact that the mortgage is late. Now, they must both work with you to find a solution that is satisfactory to their "problem." That problem is the personal residence they jointly called home, but now neither can afford and those payments are on the verge of becoming delinquent. Delinquent house payments plus sellers going through divorce equals "Motivated Sellers."
Subject to; Lease Options; Mortgage Wraps, etc.
Remember: Never have dealings with only one spouse. YOU MUST HAVE FULL DISCLOSURE WITH BOTH SELLERS JOINTLY SIGNING ANY AGREEMENT, and always have the agreement notarized.