What do you believe is the most effective crowd to target with direct mail?? Wholesalers!! Baltimore!! Maryland!! DMV!!

11 Replies

I believe that I will initially began at targeting motivated sellers that are around their 60 day stint within the foreclosure process then resend once again once their officially on the lis pendent list. Experienced wholesalers, what's your take guys???

Most people who are in pre foreclosure dont have enough equity to sell their home.  Many people in this situation have tried to sell retail with an agent but they are underwater.  

I dont know if targeting them is the best way to go.  

Good luck

Unless you are going to be doing short sales, bad idea. Are you familiar with short sales?

Because of Maryland's PHIFA law it is not practical to market to owner occupied properties in default. 

So what works best?  My favorite quote on marketing. 

"Everything works somewhere, Nothing works everywhere"

You just have to try some things and test what works for you.

Originally posted by @Curt Davis :

Most people who are in pre foreclosure dont have enough equity to sell their home.  Many people in this situation have tried to sell retail with an agent but they are underwater.  

I dont know if targeting them is the best way to go.  

Good luck

 Thanks for the insight Curt, what would you recommend?? 

Originally posted by @Taylor Shields :

Unless you are going to be doing short sales, bad idea. Are you familiar with short sales?

 I Apologize for replying so late I don't know why I was notified of any of these comments on my post but anyway, no I am not thoroughly knowdledgeable on short sales, I read that it could be a long process though?? What's your recommendations Taylor??

Originally posted by @Ned Carey :

Because of Maryland's PHIFA law it is not practical to market to owner occupied properties in default. 

So what works best?  My favorite quote on marketing. 

"Everything works somewhere, Nothing works everywhere"

You just have to try some things and test what works for you.

 Ok I understand clearly, it's all about testing the waters basically and recording where I get the best result, I understand perfectly...

There is certainly money to be made with short sales. They are their own animal and negotiating one is seems almost like an art form. Banks require the property to be listed so you would need to find a good short sale negotiator or Agent that if familiar with the process. Preferably one that has done them for investors. 

Most of all you need to find out what's going on in your market, I have no idea what foreclosures look like in Maryland. Oregon has similar laws to PHIFA so you would need to be very careful. Maybe you could pay for the marketing and have it go to you short sale agent. You really can't have contact with the person. I'm sure there are investors in your area that have found creative ways around this.

Lastly, when targeting foreclosures, I have found that doorknocking is much more effective than direct mail. They get tons of mail, few people actually come to their door and let them know that they would like to help. Again, PHIFA law would make it hard for you do to that. Get creative, but BE CAREFUL!

You need to Google PHIFA .   I would not market to people in pre-foreclosure.  It sucks because it definitely takes away investor options but it is what it is her ein MD - I would not mess around with it.  People have been sent to jail.  Here' s a little bit of info on PHIFA related information - http://www.dllr.state.md.us/finance/advisories/adv...

Short sales can be done when you find that someone is underwater (not target but you come across someone who is upside-down) - you bring in a Realtor to assist with that.  

Originally posted by @Christina R. :

You need to Google PHIFA .   I would not market to people in pre-foreclosure.  It sucks because it definitely takes away investor options but it is what it is her ein MD - I would not mess around with it.  People have been sent to jail.  Here' s a little bit of info on PHIFA related information - http://www.dllr.state.md.us/finance/advisories/adv...

Short sales can be done when you find that someone is underwater (not target but you come across someone who is upside-down) - you bring in a Realtor to assist with that.  

 This is the exact reason why I'm glad that i post my thoughts because of great feedback and suggestions such as yours, success leaves clues and one is definitely in front of me now because I had a conversation with a colleague of mines on BP and he a similar about PHIFA laws and that was in my to do list when I got home tonight and then you so happen to forward me a link, thanks a million Christina!!

Love that quote @Ned Carey  !  I had to print it out and put it on my computer.

I was considering this strategy, as there was a recent article on neighborhoods in P.G. County that have lost their value after the housing bubble, and have not, and probably won't ever appreciate again to what the loans balance is. This PHIFA law is definitely making me think otherwise, not worth the risk if it is criminal offense, don't wanna have to go to court to explain I was only an investor doing a short sale, lol

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