Yellow Letter / Listsource question for wholesale properties

[Perry Schoolfield]

I'm using the listsource mailing list for my yellow letters to locate
properties to wholesale, and have had some success.

For those that are familiar with the selection criteria you go through on that website when building a list, I have a couple of questions for you:

I'm choosing the absentee owner list.

Under "Property" criteria there is a place to specify a date range for Last Market Recording Date.

Under "Mortgage" criteria there is a place to specify a date range for Mortgage Origination Date.

Since I'm wanting to choose properties that have a maximum amount of equity, it is logical I would want to specify the beginning date of one (or both) of those date ranges as far in the past as possible.

I've noticed however that for the particular counties in Texas in which I'm interested, the counties must have not started recording those dates in the database until about Oct of 1992. So, if I want to selectively choose mortgages that are more than about 20 years old, that is not possible
(as the dates don't exist in the database).

(It seems to me if you could specify the beginning dates of those date ranges to be blank, that would pick up all those old mortgages before oct '92. I actually suggested that to one of the company reps, and he said he would pass it along to the computer development staff. I'm not holding my breath on that).

Am I missing something here, or is there a better way to select those
high equity properties?? What has worked for you?

I know under Property Criteria there is a place to select based on % equity in the property, but I am very skeptical about the mailing list company really being able to determine that to any accuracy. (Am I wrong?).

Any thoughts or direction in this would be appreciated. Thanks.

Perry

[Michael Quarles]

Criteria for pulling equity...

1) last sale date. (Not recorded date) 1900 - 2005 absentee 1997 owner occupied
2) equity percentage 40-100%
3) minimum equity 30k

In my opinion there isn't a lot of reason to use mortgage data for equity however if you're pulling minimum equity for sub 2 resell then I would filter for adjustable mortgages in today's low interest rate.

For motivation

1) 65 year old or older for owner occupants
2) 15-22 year ownership for absentee
3) out of state absentee
4) fixed interest rate purchases absentee 2002- 2008
5) year built pre 1985

For resell

1) 3-5 bedrooms
2) single family
3) zips which support 2/3rds of median