Finding Short Sale Deals
Guys, I am a newbie to Real Estate investing, I got my 1st rental property this year and trying to get another. I am familiar with the short sale process and steps, what marketing efforts are working for everyone out there in getting people to call saying they need help?
watch the lising of NODs. Each one is a potential short sale.
Foreclosurenegotiator-
Great post! As was the previous advice I read from you.
Welcome to TCI- you certainly are starting out with a bang!
Chris
Thank you!
My fingers are numb after this one.
ForeclosureNegotiator touched on some of these, but I am just posting the list as it is in my notes (cut and paste).
1. Place a newspaper CLASSIIED ad (major daily)
2. Place an ad in PennySaver, ThriftyNickel, Greensheet, etc.
3. Bandit Signs
4. FARMING- Drive neighborhoods looking for vacant houses/FSBOs
5. Call FSBOs
6. Search MLS for junker properties
7. Search MLS for expired listings
8. Contact landlord who are evicting a tenant
9. Contact landlords with properties for rent
10. Pre-foreclosures
11. REOs
12. Foreclosure auctions
13. HUD/VA houses
14. Tax Sales
15. Estates Sales/ Obituaries
16. Properties with outstanding building/health code violations
17. Condemned properties
18. Insurance Companies
19. Fire damaged properties
20. Out of area owners
21. Referrals from attorneys, CPAs, Realtors, Bail Bondsmen, Repo-men, bankers/brokers, former clients, family and friends.
22. Network with service people, i.e. letter carriers, pool service workers, lawn service workers, newspaper delivery person, carpet cleaning workers, plumbers, Garbage collectors, Meter Readers, Trash Men, People who turn on/off water, Phone epairmen, Cable Repairmen
23. Bird Dogs
24. Wholesalers
25. Magnetic car signs
26. Distribute business cards..EVERYWHERE
27. Career attire (Polo shirts with embroidered “I BUY HOUSES” logo)
28. Flyers
29. Door hangers
30. Billboards
31. Radio spots
32. TV spots
33. Full page ad in the Yellow Pages
34. Other investors
35. Direct Mailings (every 2 weeks at max) postcards/letters
Hey guys, thanks a lot for all these great responses!
Not a problem. Keep the questions Coming!!!
So would you be getting your Realtor license for the purpose of helping people in foreclosure by doing short sales?
I do that, and I am not a Realtor.
I help people in foreclosure by:
1. Conducting Short Sales
2. Negotiating loan modifications
3. Listing and Selling
4. Alternative Financing
5. Foreclosure Councilor
I accomplish this either by myself or by referring them to professionals within my network who can help them.
Do you list on the MLS?
Always, even if I already have a buyer. I include the MLS listing print out in my supporting documents.
in CA you do have beware of the rules associated w/ being a foreclosure consultant.
oh.
Escrow - Contact the escrow company (usually this services is provided by the title company)
Title - Contact the title company and ask for a fee sheet.
Water / sewer- I generally put $300. This goes into escrow. Check with the title company, they should know the standard number used in that area. If there is a current balance due then use that amount. The purpose is to have money in escrow for the water and sewer to cover any amount that may currently be owed on the property. This way after closing there are no monies owed to utilities on the property.
Good post ForeclosureNegotiator!
Glad to have you on the board, your knowledge will be a big asset to all here.
this killing me
clta.
titlewizard.
com/default.
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can someone tell me what lines #s these fees would go on in the HUD?
thank you
HA! Yeah, you have to have 60 posts before you can list a web site.
Quote:
On 2007-11-28 22:16, Freeflyer wrote:
this killing me
clta.
titlewizard.
com/default.
aspx