Pre foreclusure success rate

Foreclosures, Short Sales, Tax Foreclosures
1

I was wondering what the success rate seems to be finding owners in pre-foreclusure that actually sell their properties…I am sending out about 20 or so letters to local property owners in pre forclosure that meet my requirements. I am sure I will have to follow up a few times, but I was wondering if anyone here has a ballpark success rate. I know every situation is different, but I was just wondering how many I will send out before I actually get a call or get someone to discuss accepting an offer.

I have a few potential buyers lined up that are interested in the tampa area…now I just need to get some under contract so I can assign them!!!
Thanks for any input.

2

I hope you can market to more than 20 people.
I sent out 1000+ letters in 1 month to everybody the lender had filed lis penden on. I got a 5% response and got 3 deals.

I think my closing rate will be much higher now that I have some experience under my belt.

If your list is more targeted than my shotgun approach you should have better success.

What type of rates are others having?

3

Thanks for the reply…I will of course market to more people…these are just local deals that I came accross in the last few days and I figued I would send letters right away. I just havent had time to quailfy more leads…as I do I will market as needed.

4

I am targeting only people in preforeclosure who are ‘upside down’ to the tune of about 220 per month. One deal so far.

5

Your success rate will depend on how much you are doing to promote it. Also depends heavly on your negotiating skills. It doesnt matter how many motivated sellers you are able to find a month, if you cant negotiate then you cant make money. I know people that strictly do foreclosures and buy on average 12 homes a month. This is off of a list of about 150. Just learn the negotiating way and I think you will be able to see a high success rate.

6

How did you find these homeowners that were in preforclouse status?

7

You can get the list from pre foreclosure list providers. Depending on where u operate will depend on the list provider. They usually specialize in a certain area. You can go to ur local investor meeting and ask around their. Also go to ur local courthouse and look there. I know there is a newspaper that puts them out. Look at primetime newspapers for there publication and where to pick it up. Where are u operating at?