Tim Bell targets homeowners denied mortgage refinances. When refi denials leave people unable to lower payments or access cash, they become motivated sellers. He recommends partnering with mortgage brokers to get notified of rejections so you can approach them with offers.
The next one on the list, bankers, mortgage brokers, and other lenders. Now, what I'm specifically talking about is people who provide refinance loans, refis to people who have mortgages. I mean, let's think about it. There's only two reasons why somebody refinances their house. One of the reasons is because they want to lower their payment. They want to lower interest rate and they want to lower their payment. The other reason they refinance their house is to get cash out because they want to pay off bills, they want to do home improvements or various other different things. So if that mortgage lender turns them down for a refinance, did they solve their need for a lower payment and did they solve their need for cash? And the answer is no, they didn't. So as a consequence, because they can't get that refi, they may be amenable to you purchasing their house. So contact them and ask them again. It would be advantageous for you to have multiple mortgage brokers in your marketplace that are going to turn you on to these people and let you know that that they turn somebody down on a refi. At that point, then you can approach those people and offer to buy their home again. This is another great method.
