All Forum Posts by: Brett Sodders

Thanks Andrew and Matt for the solid advice!

Dale,

Do you honestly think agents would market to me? I highly doubt that. You mention not to waste time marketing to agents, but then how do YOU produce leads? I have contacted literally hundreds of NOD's through mail marketing and have gotten nothing but BS responses. Such as: "My house isn't even in foreclosure" or "This is private information, how did you get it?", etc.

So I've previously mailed hundreds of postcards to homeowners in pre-foreclosure status with absolutely no success. Homeowners seem to be really apprehensive about responding to such inquiries because of negative news regarding short sales/investors/modifications, etc. At least that's my belief... That and they probably get a LOT of mail concerning their situation and instead of confronting it they just let it compound. Regardless, I am considering marketing to real estate agents in the area. I tried to keep it short, sweet, and straight to the point. Here is my verbiage:

"You have received this postcard because I have an interest in the short sale properties you currently have listed. I am a real estate investor and I buy in Riverside County. Listing agents who understand the home buying game understand the importance of having a relationship with a full time residential cash buyer. Presenting ALL listings to a cash buyer is a wonderful way for you to make up to 9% commissions. You not only receive the listing commission and full selling commission (when the property is your listing), but also a second listing commission when we relist the property with you. I fully disclose my intentions to turn a profit to all necessary parties in order to avoid any potential legal issues in the process. So, if making more money with half the work interests you:
CONTACT US TODAY!"

Wuddaya think? Also, to those experienced in contacting agents... What do you do? Do you call or send some kind of marketing material via mail or email? I am also considering putting something similar together to send to probate attorneys....

Scott

I am interested as to what kind of responses the homeowners give concerning their reasoning for not listing with an agent. Care to give any examples?

Thanks,
Brett

Scott

I am interested as to what kind of responses the homeowners give concerning their reasoning for not listing with an agent. Care to give any examples?

Thanks,
Brett

Scott

I am interested as to what kind of responses the homeowners give concerning their reasoning for not listing with an agent. Care to give any examples?

Thanks,
Brett

I went to the Riverside County office in Hemet. I have considered buying 60 day lates, but I want to see what kind of response I can get going with this route. Foreclosure radar is good. It's a nice clean site that gives good information, but I pulled NOD's today that were filed 3/24/2010 (those were the latest I could get) and went home and signed up for the 3 day trial with FR. The NOD's they had listed were from 3/19. I'm hoping that 5 day period is enough to make it worth it. My BIGGEST problem was running into NOD's that I couldn't find the address on....otherwise it wasn't that bad.

So, you can't negotiate a short sale without a real estate license even if you have full disclosure? I had understood that Senate Bill 94 was enacted, but from reading what other investors said on here it wasn't preventing them from doing them. Can some of the investors in California that are doing short sales clear this up?

Sooo...I made my way down to the Recorder's office in California to do some research on NOD's for the first time. It was interesting and a complete PITA. I did get the information I needed though...well, for the most part. Got a few questions for you guys:

1. On a lot of the NOD's I couldn't find the address of the homeowner. I was expecting this, but I ALSO couldn't find an APN number. There was only a Loan Doc #, Title #, and an instruction #. Any idea how I could uncover that info to get the address of the homeowner? I noticed it was the problem only with certain Title companies that prepared the docs.

2. As I was doing some surfing around today I came across an REI site that suggested writing down the title companies that prepped the NOD's and contacting them to see if they will send you a list of any NOD's they file. Is this possible/legal? Anybody ever done it?

I think the funniest thing about it was the fact that the person at the desk told me NOD's weren't published in the paper and that I needed someone's name in order to search the database. I walked out and then was like F that and walked back in, sat down at the computer and uncovered all the information I needed right in front of his face.

James or Scott can you give an example of what you "typically" pay in commissions/financing (trans. funding)?