I have been usig your NOD’s but so far I am not successful in getting short sale listings. What I have notice is that most people when I send them letters, they have either listed their home for sale or have left their home and move somewhere. I guess if you have a 30, 60 day late lists, this would be better. Most of the time when people get their NOD’s they have given up or move out of their homes already.
The problem is likely with your direct mail campaign. Many folks think that you can expect a response after a single letter. Reality is that you may get 2-5 calls per 100 homes mailed after you mail them 3 times.
You also may not be taking full advantage of our software. For example I searched 3 cities near me for preforeclosures with only 1 open loan (the Open Loans criteria is under foreclosure details), and which are not currently listed (the Listed criteria is under value and equity) and found 400 homes. I’d estimate only 20-25% are vacant, so that leaves 300 potential short sale listings. If you really want to work smark, not hard, then focus on specific lenders. Be sure to check out our experiences with lenders in the short sale report.
Oh, and working the 60 day late mailing lists from the credit bureaus is problematic. You have to include a legal disclaimer that confuses consumers, and frankly it is too early in the process - folks usually aren’t ready yet. Based on our research a very small percentage of properties in foreclosure are listed, and of the remaining only a handfull are vacant. At least 50% of NOD’s in most markets are occupied and NOT listed.
http://www.Steveolsongroup.com I agree with the latest post. Too many realtor think if they mail one letter, the phone should ring. You need to mail a MIN of 5 times to get a response!
What is the most effective? Postcards or letters? I want to hear it from people who have success in doing either.
One of the most successful agents that i have had the privilege of talking to about this subject sent out a letter that was titled “know your rights” He not only gives a brief overview of the foreclosure process and glossary of terms but he quotes some of the civil codes that protect homeowners in foreclosure. Then he goes on to talk about his experience. He doesn’t customize the letter, it is just a photocopy and he handwrites the envelope.