I am finding that there is fierce competition with REOs often selling for way more than they should. Sometimes the agents tell me that the property is already under contract and well over the listing price. I have seen some of these properties and they are not even worth the listingprice.
Are any of you still using direct mail for targeting landlords, pre4s, probate,etc? Are you getting better deals than REOs?
I have always thought about direct mailing REO agents. Run an MLS report on my car of all the closed sales in the last 6 months and send an expensive mailer to any REO agent who has closed more than 3 deals in my farm.
That would be my first plan of attack in this market.
I did a similar thing 2 yrs ago, but I made a list and called about 40 different offices/agents. It worked well, we have bought from probably 8-10 of the offices I called.