I been sending yellow letters to nod leads, but dont get no 20% calls like all the GURU’s say. The max calls i get is around 1%. I was adviced to send to people who are late around 16 to 18 month late , same result. Can any one advise me witch month is the best to send to nod leads.
This week i will be trying 60-90 days late will let you know the results…
Perhaps the Gurus aren’t…? Just sayin’
Keith
push that back to 120 days late and longer and 16-18 months is too extreme for me and rarely will yellow letters produce 20 %
You’ll always get fewer calls mailing to foreclosures compared to any other list. But they’ll be better quality calls. Every single one of them is a motivated seller (whether they even know it or not). So it’s a tradeoff.
I just got my results back from 60 days late. Send 500 letters, had about 40 people call back. But all of them denide being late and asked me not to send anymore to them. I think they are still in denial stage. Need help on Marketing.
Same here! I’ve found that “pre-NODs” may or may not even be late on their mortgage payments. I think the list provider simply looks for homeowners who may be late on debts that MAY be a mortgage but are actually other debts like credit cards or car payments. For example a Bank of America tradeline could be a mortgage but just as easily could be an unsecured line of credit or car payment. I don’t think the list providers take the time & effort required to see exactly what kind of account they’re late on.
as a guy who was an owner of a foreclosure data site my experience is that most main players who resell pre-NOD data obtain their data from CoreLogic. To the tune of 500k a year and rising. Not a bad price considering the millions of records compiled nationwide. BTW CoreLogic is a bed partner of First American Title.
CL and First Am most definitely do their due diligence when placing a property on the Active NOD list and the TS list as well as the REO list. After all FATCO insures against the data collected. Although I have seen one address incorrect. Which in the big picture of today’s foreclosure market a good batting average. Some of the smaller mom and pops I can say.
If you’re wanting consistent data stick to foreclsoure.com, foreclosures.com, realty track, and even corelogic’s Listsource although CL is the most expensive.
With all of that said and to the conversation of sellers in denial, most new NODs are still a little. However they are starting the conversation with their LM of finding a buyer or an agent to sell the property.
Keep in mind also that they are bombarded with solicitations once they hit the list which is why one should market to the 120 day plus mortgage late list if you want to get them before the stampede. Issue with this group is that it is a little pricy.
To speak to what works in the finding short prospects, personally I send a few letters. And know the contract number is consistently .007% of mail sent. Two letters work, a yellow and a voucher. Then go on to the next batch of NODs. After all we can’t buy everyone of them
There are other, much more responsive lists that also allow from some additional creative deal structuring. For example, absentee owners and free and clear/high equity have been great lists for me. Even so, 20% is not a realistic response rate for me. I did share my postcard as a reply on this forum if you want to look back at my previous posts you can find it.