depends on who you are marketing to. If its to preforeclosures everyone is doing it. For everyone else I just use post cards, hitting sellers once a month for six months.
Have you tried post it notes yet? they give a decent response
Yes, Kris Kirshner with autopilotrealestate recommends it in his buying houses course. The other issue with pre-foreclosures is the fact that sellers get inundated with letters.
AS for reo’s if you wait long enough and stay engaged with the reo agent you can name your price, as long as you can prove your ability to close
Can you wholesale REOs? I want to learn how to do that. i see many deals listed for 9 months and reduced many times and they appear like good wholesaling deals but i didn’t want to mess with the banks. Any ideas on how to wholesale REOs?
Yes, however you have to buy them first using your own cash or a creditline for purchase. Some banks will let you assign the contracts if you have a track record with them
jimmysyf - just be careful. Properties in the MLS are in the display for everybody to see. So you will need to buy it really cheap so you can turn around and sell it to another investor. Most investors have access to the MLS (either directly or through an agent). They will know the price history of any property you try to wholesale off the MLS. So make sure you are bying it low enough to allow you and the investor to make a profit.
The most successful wholesalers in my area seem to have more success with properties they find off the MLS.