I need some input from you guys.
24 days ago I finally figured out how to get preforeclosure lists from my city registration office. It took a lot of talking to the wrong people until I found 1 person that knew what they were talking about.
There’s about 3.5 million people living in my city and about 3-4 notices of default filed everyday. Making it 100+ a month. These notices are normally filed 2-4 months after a defaulting payment.
I am mailing the yellow letter which yields the highest response rate from any marketing list I have ever done.
I have discovered that these preforeclosures fall into the following 4 categories and I will comment on each one:
- Some of them owe way too much
- Some of them are listed with an agent
- some of them owe way too little, 5000$-20 000$ mortgage liens.
- The rest have a lot of equity
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I get a lot of calls from people who owe way too much, up to 90++% of the market value and have incredibly high monthly payments.
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I am also getting a small few that are listed with an agent. I just make a note to follow up before the listing expires.
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I am not sure what the 5000$-$20 000 liens mean. Is it maybe a 2nd mortgage starting the foreclosure process? Is it that the seller just doesn’t care about paying a small payment before the property is sold?
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The ones that have huge equity just aren’t calling me!!!
I am about to go on a door knocking spree to these ones that have a lot of equity but so far none of them have called me.
What are your experiences about the preforeclosure market and how does it relate to mine?
Any comments would be appreciated.