Here is the KEY. You are are not looking for people who have just recently filed. When people file for bankruptcy, a big weight has been lifted off their shoulders. They are not motivated at that time. The best way to get tons of short sale leads is to find people when they have lost or are about to lose their bankruptcy protection.
Every “newbie” investor is mailing to pre-NOD (notice of default) lists when people are late, or the foreclosure is listed in the local Legal Newspaper. This is the hard way ! You will be mailing to these people well after that. 90 percent of the time, I am the only piece of mail they are receiving.
Some Statistics for you to Work With
Here are a few statistics from the Administrative Office of the Bankruptcy Courts. Bankruptcy filings have climbed ever since the new bankruptcy law took effect in 2005. Even if they start going down, there will be plenty of people that need the type of help you can offer them.
The Bankruptcy filings for the year ended June 30, 2010 was the highest since the new bankruptcy laws went into effect in October of 2005. The statistics include joint filings, for example for husband and wife. In accordance with a study reported in September, 2001, Young, Old, and in Between: Who Files for Bankruptcy? 31.9 % of the filings for the year ended June 30, 2001 were joint filings of husband and wife.
Now how does this help you? Well the first step you are going to want to take is to learn the process you are going to be dealing with in this course. Bankruptcy laws help people who can no longer pay their creditors get a fresh start – by liquidating assets to pay their debts or by creating a repayment plan. Bankruptcy laws also protect troubled businesses and provide for orderly distributions to business creditors through reorganization or liquidation.
Bankruptcy is not as scary as people think for an investor. This is why I love bankruptcy. Most investors fear the legal system. They think it is a hassle. If you know your way around the process, it is very, very easy and you have very little competition.
You see, we work with homeowners that have nowhere to go. They cannot file for bankruptcy again. Once a “Motion For Relief From Stay” has been filed or they are dismissed for not making the trustee payments, there is nowhere else for them to go. They are going to lose their house. This is where we come in. We are their last resort. We are the lifeline they have been looking for.
70 to 80 percent of the people that file for bankruptcy lose their bankruptcy protection. The only thing left is foreclosure.
Take this information contained in this post, and you will put your short sale business in overdrive. Then you will have to be sure you have our short sale automation software so you can handle more business:- www.ShortSaleAutomation.com - FREE 7 day trial, Free short Sale instructions, support - then only 39 a month!