Postcard Mailout
Wow. After getting 5 calls on my first mailout in May, I thought things would pick up or at least stay the same. My mailout in June produced -0- calls. The July mailout started hitting people's mailboxes last Thu or Fri. I received a copy of it in my mailbox last Friday, but I didn't check my mail on Thu, so it could have come either day. Regardless, I have received -0- calls so far, which has me perplexed. I narrowed down my mailouts to only two subdivisions, but the volume was still the same. Perhaps I'm being a bit premature, but when I got the calls in my 1st mailout, they all came within a few days of the mailout hitting the mailboxes. I guess if this fails, I'll cut back on my mailouts even more and do some other marketing. My wife and I have discussed this recently, and decided if the mailouts fail this time (looking that way), we'll print out flyers ourselves and hand deliver to the properties. This will take a lot of time, IMHO, which I don't have. I may enlist the aid of some money-hungry teen-agers in lieu of doing it myself. We'll see.
HUD offer
My last offer was for a property that had a FMV of around $155k. It was listed for $137k (88%FMV), and my Net-to-HUD offer that got rejected was for $112,500 (73%FMV, 82%List). I found out this morning that two people put bids on the property, after my offer was rejected. One was a Net-to-HUD of $117k and the other, which ended up winning, was a Net-to-HUD of almost $133k (and an offer of $142.5k). I'm not too discouraged as I know I have to stay within my criteria in order for the deal to work for me. There are several more properties that are listed as being in the "Lottery Round". They expire this Wed, and, if they are like the last "Lottery Round" properties, should become available to "All Bidders" next week. I have my eye on two of them. We went to see those two this past Saturday on a family outing, and one of them looks better than the other as far as condition (of course, I just did a "peek through the windows" type of inspection). I still need to run numbers to find out an offer price, tho.
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2 comments:
I think summer is a two-edged sword. On the one hand, it's the time of year most people move. On the other hand, it's also the time of year most people go on vacation. I would continue the mailings through September at least, to give those vacationers time to get back.
Very true. I am also guilty of not practicing what I preach. I need to put up some bandit signs in the entrances/exits to those subdivisions in order to better market my services for those people. The rate of foreclosures dropped drastically in the last two months, so the five I witnessed in April/May for those areas was an anomoly. Still high, but not high enough to get the phone ringing off the hook as I first dreamed would happen. :-/
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