Notice of Default Listing - What would you do?

6 Replies

Hi BP Family,

I'm looking for advice. Every week the title company my firm uses sends me a listing of every notice of default sent out in the four counties around me from the week before last. For example, yesterday, I was sent the NOD's for July 13-17. I am provided the owner's name, mailing address, property address, original loan amount, the lender and the loan type (conventional, FHA, etc).

My question is:  How would you use this information?  I am thinking that I should send a postcard and see if I can meet with them and maybe either work a deal to list the property or see if I can buy the property fast using private money and then flip.  The market here is hot and properties are moving fast.  We are back to pre-bubble conditions because of local economic development (Tesla).  A fast flip is certainly doable as we have situations where housing prices are being bid up over asking.  

I would love to hear what folks here would do in this situation.  Would you jump on this, ignore it or what.  Any and all advice and/or stories about similar situations are appreciated!

Jennifer

NOD's are great to pursue, but also difficult to get a response from. Lots of them dig their heads into the dirt and won't take input even if it is helpful. There's a very good chance you are not the only one sending them a letter or postcard so you'll need to make yours stand out somehow. If you do decide to pursue them it may be helpful to create a flyer you can send along with a letter. The flyer can be guidelines of how to get out of the situation. Make sure they don't all lead to you so it doesn't come off as manipulative. Some of these folks just need help getting back on track.

I would definitely pursue them if i had access to those lists. While many might dig there heels in and refuse to budge, all it takes is one good deal to make months of marketing worth it. I would ensure that i am touching then (direct mail) at least once a month if it was me.

I would send a postcard, then a letter and then a postcard again.  Somewhere in between all of that, I would go knock on their door(take someone with you). As said already, they are getting tons of letters because many people have that same information. To really stand out, make sure that your postcards and business cards are all the same bright yellow or orange or whatever color that jumps out at you. Keep sending to them every week or two.

Originally posted by @Jennifer Krupp :

Hi BP Family,

I'm looking for advice. Every week the title company my firm uses sends me a listing of every notice of default sent out in the four counties around me from the week before last. For example, yesterday, I was sent the NOD's for July 13-17. I am provided the owner's name, mailing address, property address, original loan amount, the lender and the loan type (conventional, FHA, etc).

My question is:  How would you use this information?  I am thinking that I should send a postcard and see if I can meet with them and maybe either work a deal to list the property or see if I can buy the property fast using private money and then flip.  The market here is hot and properties are moving fast.  We are back to pre-bubble conditions because of local economic development (Tesla).  A fast flip is certainly doable as we have situations where housing prices are being bid up over asking.  

I would love to hear what folks here would do in this situation.  Would you jump on this, ignore it or what.  Any and all advice and/or stories about similar situations are appreciated!

Jennifer

 It's awesome that you get that information for free and only a week later. Some of your competition may only be pulling data from a paid service every few weeks, so I'd say you have somewhat of a leg up. The only thing better would be to have a letter in their mailbox literally the day after receiving the default notice...

I would suggest sending a Check Letter. It's a pretty decent attention getter since most people might think they're receiving some type of refund.

I followed around an investor in the Phoenix Az market who would wake up every morning and get an updated notice of default list which he said is public data.  He then would physically drive out and knock on those doors to offer them solutions to their problems.  Most of the time, he was the first person to reach the homeowners and he would actually beat the notice of default to their home.  Does anyone have any insight on how to get an updated list daily in the St. Louis market?  I've been searching without any luck.

@Kyle Grimm Call the county recorders office and ask them.  They may or may not be helpful but they would know if it is accessible online.

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