Notice Of Defaults In Legal Newspapers
I have a question for the investors that get leads from the legal newspapers. What aspect of the notice do you look for? Is it the initial date of the loan. The longer back the possibility of lower equity? Do you just look for addresses in your farm area? Please give me some advice on this if you don't mind.
Thanks
[addsig]
Can anyone help me?
My 2 cent marketing advise.
It would be a wonderfull world if we could qualify leads and simply contact sellers only.
It sounds like you are following John's ebook. So you are farming an area with multi contact marketing.
With each piece sent or read you are becoming more familiar in peoples mind. No matter were they are with there problem you are in there head.
When the stress overwhelms you sellers they will call. Perfict timeing. If they find another way out including just letting the bank take them, they were never your sellers.
You are going after peoples currant mind condition not a set of rules. That is the beuty of the world we live in.
hope that helped
I agree with david..what if you send to your farm area and get no reponses and your next candidate is in the next area over. I would try to market to as many people as possible and weed out the ones you don't want or the one's that don't meet your criteria (area wise)
Just my opinion. You never want to rule out an area, especially if you can just walk right into a situation with no money down and you can turn a good profit.
Regarding those legal notices. I'm a little confused. When the notices appear, is there still time to offer to buy the property? I'm under the impression that it's too late once the foreclosure proceedings have begun. Apparently I'm missing something here.
No it is not too late to approach the seller, depending upon which notice is being served.
The important thing is to do something; just read the notice and then you can respond to it accordingly.
Best of luck
John (LV)
I totally agree with you guys. I have learned to look for the motivated sellers period. The county I am working in is not too far for me to travel around. And we have about 650 foreclosures a month. Tell me though... Do specifically look at the year the loan was made to assume a possible deal? For instance, a loan made in 1993 in default will have some equity as well as appreciation, which has also added more equity. I just figure that loans made in the 2000's have no equity and the only way to profit is by short saling. Am I right at assuming this?
A loan that was made in 1993 does not mean they owe less on the property. You need to look for 2nds, assuming the 1993 is the 1st. The owners may have taken a 2nd last year and owe 125% of FMV. But yes, the date of the first is a good place to start.
Quote:
On 2003-10-20 03:49, kdye43 wrote:
I just figure that loans made in the 2000's have no equity and the only way to profit is by short saling. Am I right at assuming this?
Maybe these homes have a low monthly payment which would make a great sub2 and then a L/O to a new buyer. Yes they could also possibly be a short sale candidate but you have to look at the house and all of the owners issues to see if the short is really there.