Hi guys, this is my first post. Have learned so much from this community watching from the sidelines, thought I would ask for a little advice. I have been targeting the NOD list in my area. I have 2 deals to date with another in negotiations as we speak. I started out this last campaign sending to foreclosures that have an auction date, with 30-100% equity using my standard "I want to buy your house" yellow letter. Pretty crappy call rate so far. Mailed to 74 homes in 3 counties. 2 calls. Felt that it would be a more responsive list. I even drove 10 houses close to me on Saturday just to see if there was any sign of life at the homes. 8 homes had cars in the driveways so I know they should be getting their mail. I want to know the opinions of some of the more legal minded posters on BP what they think about prefacing the letter to say something along the lines of "don't lose your house to foreclosure, I will by it all cash and pay all closing costs" instead of the standard I want to buy your house letter. I in no way want to imply that I am going to try to save the house for them or negotiate with the bank or anything like that. I simply want to have my message be I want to buy your house that you are about to lose in 10-15 days. Am I opening myself up to legal problems by mentioning the word foreclosure in my letters or is the consensus that it's best to just say you want to buy their house without mention of the foreclosure or the auction date. It has been my experience with some of these people in foreclosure that they need that extra little kick to be prompted to make a decision. I am going to send another batch to the same list on monday or tuesday to see if I can generate a couple more leads. I'm really just a little baffled that I have not gotten more calls. Thanks and happy hunting out there.
Welcome to BP. Your response rate is actually higher that I would have thought. These people don't, in general, want to be bothered. They know they are not paying the mortgage. Interesting to me that you say these are properties "with 30-100% equity". Not sure what 100% equity is doing in foreclosure. Also not sure how you know their loan balances unless you are pulling SP files before each letter goes out. Sounds like a lot of work for little reward.
Thanks for the response Chris. In my area there are a lot of homes with tons of equity that have auction dates. Just kills me that they don't even try and sell and cash out their equity. Have not seen 100% equity hit the auction yet but I have seen it in preforeclosure. Usually has to do with HOA fees owed. I am using Property Radar for all my farming. I plug in all my criteria, and it spits it all out super fast and easy. Has EVERYTHING you could possibly want on there. I believe it is only a service for California though. I just find it frustrating that a home with $120K in equity is being sold at auction. What keeps me up at night is trying to find a way to get these people to work with my while trying to stay ethical and legal.
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