First contract from new marketing efforts !!

[Jim Keller]

A few weeks ago after seeing more and more NOD's and NOS properties we had tracked years ago reappear on Property Radar I made a commitment to get to the bottom of it. Sean O'Toole from property radar graciously gave me some good ideas on how to fine tune his web site to find old modifications and low and behold we have a we deal today. I love sharing my success with the bigger pockets community, I hope others feel the same.

On to our new deal.... simply put, the home owner was NOD and NOS 5 years ago and Modified then. You can see the old assignment adding all the back payments and fee's to their loan balance on property radar. Five years pass and they still didn't keep up, and fall back behind again. I sew the new NOS and knock on their door, but a law office got to them first. I didn't give up, I asked to see the paperwork and that's where they made their mistake. I see bad paperwork, and knew we could knock the law office off this deal. I gave the seller a few gems to share with the law office and they agreed to let the deal go for a payment of $500.00 "I can't believe I was ever intimidated by a Lawyer".

I know see how the loan modification scheme the banks gave home owners will be a huge landslide of new business for us investors.  I have heard as much as 50% of NOS's in Southern California have some sort of equity position.  I know for our company we will have an outsourced virtual assistant type company compile a steady list of "likely" second time loan mod defaulters.  These list will be distributed to our field "bird Dogs" and we hope to have many scheduled purchase appointments in the up coming months.

I just can't say it enough.... "I love this business"  Our seller today was getting ripped off by the law office and the affiliate real estate office owned by all the same crooks.  they even were charging her a 10% real estate commission.  I was able to net her an extra $25,000 on her net proceeds.  She was in tears, we did the right thing and I know we will get referrals from it.  The referrals may be for me to buy out right and rent or flip.  Some of the referrals will be to my real estate agents that I work with, ether way the seller gets more money and I get more deals.

[Jim Keller]

Originally posted by @Account Closed:

Thanks @Sean OToole and @Jim Keller

I can see the theoretical advantage in being able to identify potential motivated sellers prior to notice of default, but I'm not sure this class is all that motivated, they have after all had special treatment for the last 5 years, I'm guessing they are pretty darn comfortable.

David thanks for the responce, they all lead with "I'm not going to sell my house" and I say no problem...... and then ask what is your plan if the bank just sells it?  

We use this system to get in front of the seller before anyone else, and it works.  In my original post I made it sound like this was some new thing for us.  It's really not we have been buying and listing short sales from sellers like this for the last 8 years.  It's only the last few weeks that I have identified this "class" of sellers that has me so excited. 

Simply put if you have been placed in a mod by your lender for 5, 6, 7, even 8 years ago and your loan goes back into NOD or NOS today and you need $34,000 to reinstate "the bad deal" and you think you have $90,000 equity you as a home owner have almost nothing, after listing and paying commission..... other than a sale date in 3 or 4 weeks with a bank that just wants their money and know's that there is a small amount of equity they will not postpone the sale like the first time this happen to the owner, they will just SELL THE OWNERS HOME FOR THEM... Which is where we started this post.

@Sean O'toole

Sean's company helped me locate thousands of these type sellers in my market.  The cost for those leads is $54.00 per month no letter postage or anything just a farm of possable sellers.