Marketing Effectivley Prior to Lis Pendens
I receive calls each day from Short Sale brokers that ask me how they can get in touch with borrowers that are presently 30-60-90 days past on their deed and have not received a Notice of Default yet. The particular issue is Lis Pendens lists tend to have a low conversion ratio. Nearly all of the time poor conversion ratios are attributed to the data going public at a certain point in time. In which event the market becomes loaded with telemarketing, direct mail and flyers. The second largest matter is that often once an Notice of Default has been written out, the borrower might have already abandoned the dwelling.
This is where our function comes in to ease the issues mentioned above. We obtain this pre-foreclosure data from the credit bureaus because mortgage lenders will report to the agencies when a client misses their note payment. If you contact a client at this stage, they are ideal prospects for a short sale. The borrowers have just neglected their 2nd or 3rd note payment and they need to make a determination shortly if they need to be able to hold on to their dwelling and credit. It is now time for you to make contact and educate the client about the future profits to enter into a short sale dealing.
