Direct Mail to Notice of Default Recipients

[Bobby Vernazza]

Hello Fellow BP'ers!

I am in the process of acquiring more properties to fix and flip/buy and hold, however I have not been getting too many leads. I have been doing the driving for dollars method, sending out letters every week to new and reoccurring properties. In addition to this, I have been keeping a keen eye on the Sheriff Sales in my area. I know the whole Sheriff sale process fairly well, as well as all the redemption right's details and timelines. My question is that I am looking for another avenue to pursue for lead generation and thought about NOD recipients. When the homeowner is filed a Notice of Default, they have roughly 140 days to get the loan caught up or their house will be auctioned off. So what it I create a marketing scheme to send letters to these individuals about 7 days after they were filed the NOD, 30 days, 60 days 90 days and so on until the final date of auction. I will most likely not get a response on the first letter because the homeowner thinks that they can borrow the money from Aunt Sue and Uncle Rob, but as the date gets closer and closer they will be getting more motivated.

If I get a response on one of the properties, I will then assess the value and financial situation, see how much they owe and proceed accordingly with a short sale (if possible) or simply buy the house from them.  Does this seem like a pretty good strategy?  What do you guys think?  I look forward to hearing what you have to say on this topic.  Thanks in advance for any advice!