do you use this process on the pre-foreclosures? I am wondering since you have a small time frame and not several months.
Judd,
As you may know, Georgia is what’s called a 21-day state. That means we have exactly 21 days from the time the foreclosure notice hits the legal papers until the auction takes place at the courthouse steps.
That being said, you don’t have a whole lotta time when the paper hits. I use to hit them every other day for 2 weeks (usually the last week was running title, closing, and getting the auction stopped by paying up the arrearages so I didn’t have time to ‘save’ any more).
If you live in an area with a small window like that, up the anty! By hitting them every other day with direct mail, I show I have ‘staying power’ (aka they see me…A LOT), that I am willing to be different in order to get their attention (I send out clear plastic tubes, FedEx-looking mailers, invitations for them to give me their debt, etc), and that I am still professional and had integrity (by promising that I would not call them unless they requested so, showing I was a member of the BBB, and including testimonials in my letters).
Pre-foreclosures are a tough market to get leads in, but it can be done! You just have to be a little creative…and persistent.
Big Cheese
yeah, i know. I live in Paulding county and hit the preforeclosures last month for the first time. I mailed 125 owners that had over 30k in equity and got 1 phone call/lead that I am working but looks bleak. I was a little late in getting the mailing out. I avoided mailing hte whole list because with 3 weeks left and no equity, its hard to do a short sale.
i guess my question was do you mail them almost every day and it appears you do.
I know preforeclosures are hard but i have had no luck on the MLS looking at REO’s.
I ordered some bandit signs the other day. I saw the city taking them down in Hiram because they were cutting the grass as we drove by. My wife swears every sign that was down was back up the next day when she drove by and she thinks the city workers put them back up after cutting the grass.
I think next month, we will hit the preforeclosures hard, fast, and frequently…
Judd,
If you can, get your 1st mailing out the day the list comes out. The sooner folks get your mail, the better.
As an aside, that’s awesome that the workers put the signs back up. Maybe Gwinnett and Forsyth county need to hire folks from Hiram. 
They just mow our signs over, laughing maniacally and giving the mowers extra gas as they do it.
Big Cheese
Re: time for sale of foreclosed property - we have almost 6 months - 3 months from time of NOTS. We mail out on day of recordation. And what’s funny, there’s lots of people who have already flew the coup. We get a lot of “no longer at this address” mailings back.
Re: MSL and REOs - have you tried to do a “custom search” on MLS. You can plug in certain words and pop out all listings with those words.
weve been searching the MLS for foreclosures, corporate owned, and/or fixer-uppers.
With 4000 homes on the auction list every month, theres no shortage of them, trust me.
I have looked at maybe 40 REO’s over the last 2 weeks and submitted offers on 3-4 of them. These are properties that are in bad shape and not move in condition. Bank rejected them, they want ARV while the repairs are 30k+. One has a hole in the roof…
I may have to pony up and get big cheese to mentor me…
Judd - I agree. Many of the REO’s on MLS are at FMV or maybe a couple thousand less. And they are not in good condition. There are a few I know of that have major repairs from foundation to total unknown leaks and damage. And the bank won’t budge.
One contractor went in and proved $70,000 in damage and repairs. The bank would not even counter. They still wanted their listed price.
I don’t understand that.
we’ll see what happens as interest rates rise, rapid appreciation goes bye-bye and foreclosures increase.
Maybe they’ll be a little more motivated.