Posted by Nate(DC) on February 05, 2002 at 13:08:24:
Jason,
My guess is that, other than with the tiniest of banks, which are unlikely to have much of a inventory anyway, you will have difficulty getting anywhere by approaching banks directly. The vast majority of banks contract out their REO to the servicer of the loans, which then contracts with a real estate agent to list REO properties. In fact, most banks don’t hold residential 1-4 real estate loans in their portfolio, anyway, so they wouldn’t end up as the owner even if it were foreclosed (again, the small banks may be the exception here).
Hey all, I’ve been working the pre-foreclosure market for a few weeks and I’m having a real hard time getting a hold of homeowners. I’m using letters at first, and then I’m calling them or even knocking on their doors. Does anyone with experience working the pre-foreclosure market have any tips on getting in touch with homeowners?
Re: Pre-Foreclosure Properties… - Posted by Steve-DC
Posted by Steve-DC on February 05, 2002 at 07:44:36:
Jason,
There’s lots of software out there for marketers that gives tons of demographic information, property information, and the like, that is very useful for targeting certain populations, getting addresses and phone numbers etc.
In my area of Washington, DC, many people use the Haines Criss Cross Real Estate directory (haines.com). Although it’s costly, check out their website and you might get an idea of what type of resources to be looking for.
Getting their addresses and phone numbers is not a problem. Getting them to answer their phones and doors has been. It’s a numbers game so I just gotta keep on going.
if you get nowhere, try keeping an eye on the properties as they go through the process of auctioning and become REOs. at that point, you may find the bank will sell them to you cheaper anyway.
by the way, however, if you do figure out how to get a hold of people in pre-foreclosure, lemme know. I’d appreciate it.
have you tried going to the tax assessor’s office. where I live they give you the owner’s name and where his tax bills get sent. try a letter to that address. I hear some cities even print phone numbers.
Re: Pre-Foreclosure Properties… - Posted by Nate(DC)
Posted by Nate(DC) on February 05, 2002 at 13:54:07:
You’ve got to remember that if they are in foreclosure, they are probably getting all sorts of letters and phone calls from collection agencies, etc etc, and are loath to answer the door or phone for that reason. Keep on plugging!
NT
I am able to get a great deal of information at the Assessor’s office and the Recorder of Deeds. In my state, there is a redemption period when a property is foreclosed. Usually it’s 90 days, but it can be as long at a year. In that period, the mortgagee can pay the note off in full and redeem the property. I am attempting to contact homeowners at this stage as well, and offering them cash for keys.
On bank REO’s…I went into a handful of banks yesterday as I was running other errands around town. I was not well received. Some don’t have REO departments, and a few outsource their mortages to “Investors” who are responsible for foreclosing on the properties. I am going to try more banks in my area today. I think some of the smaller lenders may be more receptive.
Hey NT, thanks for your encouragement. I’d be loath to answer the door if I were in their position too. It’s a numbers game so I just have to keep doing what I’m doing.