I have been doing my research on getting into foreclosures and shortsales through this site. Now that I have compiled a list of some good foreclosures what should my next step be? I found most of the people through Trustee sale ads in local newspapers. Do I have a legitimate shot of getting a deal through this method? I sent out a few foreclosure letters stating how I can help out (found a good source at thomaslucier.com) that I have yet to receive any responses from. Should I be calling these people, if so does anyone have a script or some pointers? Any help would be greatly appreciated.
I see two kinds of players here in S. Cali. The first know what foreclosures hit the books the day they happen, and are frequently at their doorstep the next, or at least have something in the mail. The second tend to find out weeks, or months, down the road, and most of these just mail crap out. If you have ever been in foreclosure you’d be AMAZED at the deluge of mail you get. We knew about the foreclosure because of the purchase offers before we were ever officially notified!
Yet only one guy walked up to our door.
If you are getting your info through the newspaper you are most likely falling into the second group. I am seeing forty new postings a day where I am at, and about 45% are short sale candidates. It’s a damn deluge.
You should have your legal papers ready to go, and you should be walking up to their door. A lot of the investors I talk to don’t bother with short sales. If you don’t have equity, they won’t bother with you. I am still getting my legal package in order, but when it’s ready… god willing next week… I hope I find little competition.
I have tried several different options when it comes to soliciting to homeowners. I have tried a letter, 3 or 4 postcards, and a large packet of about 12 pages of different options available, surprisingly, in my area, response was generally the same. Therefore postcards worked best for me, as there is no opening of mail, and they’re cheapest to send. Make something very eyecatching, red/yellow on one side, mine says “FORECLOSURE?” with red letters and a yellow background.
Who would I get in contact with to find properties in the early stages of foreclosure? I have seen that going to the county clerk’s office is a standard method, is it recommended that this is done daily? Also, what is the skiiny on foreclosure websites such as realtytrac.com?
I concur, your better off either getting it from the court house or newpaper. If you have the nerve try door knocking, as pre-foreclosure is a very competitive market. Just the other day I went door knocking, found a motivated seller, and not 2 seconds after intro, another investor shows up and stands next to me like she was in line at walmart or something. Now this has only happend to me once. Please use your best judgment when doing this though. They may be receptive, and maybe not so receptive, keep your eyes wide open. Most of the folks Ive talked to, have calmed down once they found out I was realy there to help them. Just be carefull where you do this, no war zones.
Yes, door knocking is definitely effective. What I like to do(haven’t done door knocking in awhile though) was look through the foreclosures, pick out some that looked most worth my time and went after those… also I had two of us go, just in case but everyone, as you said, was generally receptive if you weren’t pushy and were nice.
but everyone, as you said, was generally receptive if you weren’t pushy and were nice.