Marketing To Foreclosures In Daily Law Bulletin
I was wondering which group of foreclosures from this paper would be the best to market to. They fall into 2 categories, those who have a lis pendens recorded by the Cook County Recorder of Deeds with no sale date set yet, and those who have a lis pendens and a sale date within a month. I have sent letters to both, with only 1 call from a person whose sale was within 2 weeks. Which group would be better to market to?
Thanks,
Melanie
Melanie,
I would market to both. If you need to narrow down the list, choose the neighborhoods that you most want to buy investment properties in. If you need another criteria, look for homes with a big second on them.
Are you looking to do a short sale? If so, a big second is a good target to create some equity as they will often take a big discount.
One month until sale is still enough time to work out a short sale, but it might be tight. Is your financing and/or buyer already in place? If you are not comfortable with working it out that fast, then go with the list that has no sale date yet.
One more thing, those without a sale date are more recent filings. It is more likely that noone has gotten to them yet. However, those with only a month or less to go will be more motivated.
There are a few things to consider. Best of luck,
Jason
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