Short Sale Leads...

[Raymond Berndt Jr.]

Hey all,

I'm just really getting started and I am wondering about which group to market my direct mail campaign to when it comes to Short Sales. I have subscribed to my local city legal newspaper and I am wondering if it is more effective to campaign to the people who have just had Lis Pendens filed or the records of the Foreclosure sale itself. I think I am kind of confused when it comes to the short sale process... are the banks still willing to short sale if the foreclosure has reached final judgement and the auction has been scheduled, or is it more effective to find those home owners who just had Lis Pendens filed and save the bank the trouble of the rest of the foreclosure process.

Thanks

[Jonathan Katz]

Raymond,
You want as much time as you can get to sell that property. If you are marketing it normally it is going to need to sit on the market for sometime because of the amount of inventory in the market. Reports state that properties are staying on the market for 6-8 months. Lis Pendens means that process has already started and that the clock is ticking. Your best best is to advertise to people before they have a problem. You can still look to close a short sale up to the date of the sale and if the lender so chooses they will give your deal more time. This is coming from someone who has worked for the banks internally and continue to negotiate these types of arrangements in bulk for our clients.

Mike,
You don't even need to be behind to get a short sale completed. I used to work for the largest lender in the US. I deal with this daily. Borrowers do not need to be behind. Please for the sake of the people that will read this do not spread these rumors. I hear these rumbling through out the blog-o-sphere and it is all wrong. Short Pay Offs are complete in most types of debt vehicles.

Regards to all,