Preforclosure

[DaveS.]

In your experience, is using the newspaper to target potential short sale, preforclosed sellers a waste of time? If so, what is the best way to find these potential sellers earlier?

[DaveS.]

Let me ask this another way, since a lot of people have viewed the question but have not responded........

There are published lists of forclosed properties weekly. Is contacting the owners on public record through info gained from the newpaper a good way to get motivated sellers and work a short sale? Or are published lists found by subscribing to forclosure internet services a better way? Has anyone of you had any success with these marketing campaigns?

[Judd]

Edited

[Bill W.]

IMHO, using those services or even the paper is way too slow and probably not worth the money or the time.
In most areas, pro's work the foreclosure business. They have people AT THE COURTHOUSE EVERY DAY checking on the new filings. Those people relay the info to them via cell phone and a check of the property is done to see if there is any equity. Maybe 10 percent or less have any equity. Of that 10 percent, many of the owners will use that equity to refinance themselves out of the situation or will just sell.
IMHO, investors who think they are going to do deals through the services will probably do few deals. Once in a while, maybe they'll get one. In rural areas, perhaps there will be more opportunities.
Also, foreclosures is a game played by experts. If you are going to play, remember the odds will be against you. Either become an expert, or perhaps hook up with one with a proven local track record.