I'm Sending Out My 1st Set Of Targeted Mailings 2morrow(m)
I'm targeting homeowners who are going to sheriff's sale in a month. Has anyone waited to do mailings at the last minute like this as a way to hopefully get a good deal from a homeowner who thinks they have no alternative but to let house foreclose? I guess what I'm asking is if anyone has waited for the very last minute to do a mailing to pre-foreclosure homeowners?
quinn
That might be a tough market. You are mailing to those who may or may not have equity and that are going to have a large chunk of change to catch up the mortgage to take it Sub 2. I would hit the new houses like Locke says. Sure they don't have the equity but you don't but the change into them either. Even better there is usually no damage to the house.
Best to you
Sire
quinn, it only takes a month to go to sheriff sale in Michigan. Besides there is a redemption period here so the homeowner may not be that motivated even after the house is sold at auction.
Thanks for the info, isn't the redemption period 6 months here? Or is it 3?
thanks
quinn
If house is deemed abandoned then 30 days. Can be 6 months to 1 year depending on the property. You will find most will be 6 months.[ Edited by tbelknap on Date 06/17/2004 ]