Pursuing Propeties That Are Postpone At Auction
Hi. I attend an auction this morning and several of the properties were either postponed to next month or were pulled due to a bankruptcy filing. Has anyone pursued these types of properties? If so, what approach did you use.
Thanks
winuinc
HI Winuinc,
If a property is postponed at a auction, there is generally a good reason for it.
One reason as you mentioned is that they have filed BK, another reason may be a last minute repayment plan, another may be because the bank is getting ready to short it to an investor.
It is good to stay after these via a new mailing campaign, etc. However, it may be more profitable to be focusing on an active foreclosure list!
Best of Success!
BAMZ
You/your surrogate has to either attend all the sales and keep records (database ) of postponements and/or use a reporting service.
A property which is postponed will not be advertised again. This will catch many of the auction attendees by surprise. Hence you have a distinct advantage because of your records.
You also can pursue them during this postponement interval for possible acquisition. These people have just about played their last hand and now are facing reality.
Thanks for the suggestions. I'm sending blank cards that say something like Congratulations on stopping the auction and if you need assistance in the future, to give me a call. I'm only following those where I already had a pre-foreclosure mailing campaign.
winuinc