Marketing to Properties Headed to Auction in 7 Days

[Mike Schorah]

What should someone expect when marketing to properties that are headed to auction in 7 days?

I’m starting to realize a few things about properties headed to auction:

• - There seems to be some interest off of lists that are 90 days until auction. The issue is that there are little to no properties on this list.
• - There is a healthy amount of properties on lists that are 60 days until auction. The issue is that 50% seem to have vacated their residence.
• - Roughly half of people I make contact with flat out lie and say that they were never in pre-foreclosure. And the other half insist that the bank is going to come to their rescue and do a loan mod.

Marketing when the N.O.D. Is filed compared to when it’s scheduled for auction is definitely 2 different worlds. It’s like comparing a shocking event (e.g. watching Russia invading Ukraine on TV) to a zombie apocalypse.

I read someplace that 60% of pre-foreclosure deals come within the final 3 days before auction. Does that mean you have a very low contact rate due to most people vacating but yet a very high close rate due to people snapping out of it?