Notice of Default
I have a few questions.
I am in a hot market and REO lists in San Diego are skinny. There are a number of Notices of Default. I pulled out about 3 months of them, drove by and wrote a hand written letter. One called, I made an offer on a short sale and lost the owner. I am not getting the hits I need to make a deal. How can I increase my hit rate?
Second question - I would like to know how to refi on a QuitClaim deed? Specifically, I think the due of sale clauses on the orginal owner's mortgage force the refi, but title insurance and finding a lender seems to be a question. My credit is prefect (well over 700). Problem??
Last question - I am a little worried about door knocking. What is an easy and natural way to hit the key points without causing too much emotion? I want the house, not the personal problems.
Goal - I am looking for one property as a rental that I can cover expenses out of the rent. Nothing fancy, no rip offs, just a moderate discount to make the numbers work in a hot market location. Ideas, suggestions, laughter?
Hi Frank,
We go to the court house about once per week and get the freshest list of NOD's. We bring the list home and write (print from computer) 2-4 letters. We address then and send them 1 per week for 2-4 weeks. We ususally start getting calls on the 2nd or 3rd letter. We have not been succesful door knocking, so we decided to use the constant mailing approach. We use to call the NOD's, but we were regularly being told by people (who were in denial) that their house was not in foreclosure. When people do call us from one of our mailings, we visit with them briefly on the phone, qulaify them in our own way, and sympathize with their situation.
My advice, don't give up yet. Even if you find one FHA short sale and get it for 82% LTV, the will cover your down payment money in the property. Keep going and best of success!
Thanks, I hear ya. Keep writing and wait for the realization to hit. I will write a second round of followup letters.
I did drop by one property that I am interested in last night (I am a little uncomfortable with it, but .. OK) It seems that the people in these situations are just very strange. This guy took my card, but really told me nothing. I could see he pulled up the tile in the place.
Thanks again. Any comment of financing with non-standard deeds? Quit Claime deeds?