Knocking On Doors Problem
Hello,
I started to go out and start knocking on NOD doors that have a good LTV ratio- and have no problem doing this. I found however that 2-3 people had already made a visit to the property. Does anyone have any suggestions on how to beat others to the property so that I am the first one offering up a solution and not the 2nd or 3rd?
csilvestri, depending on when/where you get your leads ... you stand a better chance of getting there first. also keep in mind that by the time you figure out the deals, someone else has too. i let a few key pieces of info stick out as my "knock first, examine later" criteria, so when they meet it, i go!
my best bet would be to get the legal journal in your area that lists all NODS. i prefer stealing a copy from the lawyers' offices myself - there's always a stack of 50+.
OR go to the courthouse (or wherever your county lists them) and be there at 8:55am for a 9:00am opening and bogard the door to be first upon entry. hahaha.
OR social engineer yourself into a light-hearted relationship with a searcher at the prothy and/or recorder of deeds and let them know that you're looking for names/addresses of thier newest searches - depending on where they're working (pre-foreclosures, not settlements), this will get you in.
this said, i could care less about being first, i prefer to be LAST. but thass juss me! good luck![ Edited by jackman on Date 12/19/2003 ]
I dont think it's a matter of beating someone to the door, but more on, how you connect with the person when you meet them face to face. People seem to be more comfortable with some people and not so with others. I guess it depends on how you approach them. There are lots of articles on how to approach people and how to make them feel more comfortable with you. Just be how you would want someone to approach you in that given situation. I think you would be surprised how appraochable most folks are. Good luck
What is a NOD?
NOD=Notice of Default
Thanks to everybody for their great suggestions.
Does anybody else have anything to add in regards to approaching NOD's?
Thanks!
How are you figuring your LTV so that you know which door you want to knock on
[addsig]
I figure out the LTV by dividing home value by how much they owe. The home value is only the county assesment value for tax purposes, but its close enough. The list that I purchase has all that information and I manipulate it in Excel.
I do the same. in excell too. im finding though, that when i go to the sale the default amounts are much higher
[addsig]
Well yeh guys, the NOD doesn't always reflect the right spread because that is only one lien holder that has filed it. Most of the time there's a second loan on the property that can be almost the same amount as the first plus you need to add backpayments, missed tax payments, IRS liens, etc. The latter almost always jacks up the LTV substantially.
if it is the first lein that is foreclosing the the reast doent matter, they get wiped out. im not talking about those. It just seems its bad information all around
[addsig]
back taxes don't come into play in a sale unless it's a tax sale - and as wheelerdealer said, all other liens are nullified - not necessarily from the property, but from the foreclosure sale itself. only default payments (including the balance of the unpaid loan) and court costs/attorney's fees.