How to Find More Local Distressed Property Deals

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on Jul 25 in BestTransactionFunding
Real estate investors fed up with over-demanding lenders asking lofty prices for REOs and trying to sift through endless junk ‘wholesale’ deals online could find that they have been overlooking golden opportunities closer to home.

Consider these 6 new ways to identify local distressed property deals and find new leads:

1. Note Buyers

Note investing has become a hot trend recently and means many new investors acquiring distressed property notes which they are in turn offering modifications or principal reductions on for homeowners or foreclosing on them with plenty of equity to spare. These could be great opportunities for picking up bargain priced homes without having to deal with banks.

2. Aged Internet Leads

When borrowers first go into default the get burnt out by all the phone calls, marketing mail and offers of help they receive and often choose to do nothing out of frustration. However, after a few months the pressure on them builds and they are often more receptive to purchase offers. Acquiring these aged leads can often increase conversion ratios for real estate investors and lowers lead cost from many dollars to cents apiece.

3. For Rent Signs

Instead of just scouting the neighborhood for new Realtor and FSBO signs hunting for rent signs can bring distressed property leads with less competition. Distressed homeowners will often try to rent their homes first when they can’t afford them or need to relocate because they don’t believe they can sell if they are underwater. With a little coaching these can be great prospects.

4. Code Violations

Cities are cracking down harder on home maintenance, dishing out code violations and fines for simply forgetting to mow the lawn for a couple of weeks. Many homeowners, especially those who are already struggling can’t keep up with these demands. Make offers on these.

5. Arrest Reports

While potentially harder to piece together watching arrest reports could unveil some highly motivated sellers desperate for bail money or needing to put together cash for a defense attorney. Domestic violence cases also frequently mean homes being abandoned or needing to be sold. Attorneys, bail bonds offices and even cops could be a great lead course here.

6. Divorces

Divorces frequently mean homes need to be sold and one if not two parties needing to find new housing for a double dip on leads. Try tapping divorce attorneys and even potentially relationship counselors for a constant flow of these distressed property leads.
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