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I have been to the courthouse to contact Trustees of estate sales and sent many letters. I have sent letters to listings that are advertised on my neighborhood website, passing out my cards and talking to people, visited builders to let them know about my service. Additionally I have used Craigslist and Facebook advertising. So far nothing. Anybody have any ideas to help me out?
Hi Beverly
Trustee sales always mean that there are a lot of back payments and not usually a discount. Not a good source
Your best bet for Highest Bidder Sales are VACANT houses. These are the most motivated sellers or all. And, if they don’t want to do a Highest Bidder Sale, you can discuss a Master Lease.
to find them:
You can drive for $ to find them
You can talk to mail delivery people and FedEx or UPS drivers
or you can hire bird dogs to find them for you (ad on craigslist in part time jobs section)
Put flyers are at UHaul rental places.There are two different kinds of Highest Bidder Sales
wholesale deals – junkers
pretty house deals which could be for a cash sale or if you can negotiate to buy subject to the mortgage, you can sell with seller financing that wraps the underlying loan.
It is always better to deal directly with the owner of the property with no middle people involved.
Hi Beverly
My mom and i have done a lot of theses type of deals. You need to remember Highest bidder sales are just one tool in your tool belt. They won’t work on all situations. We have found that highest bidder sales work best when you have a house that need cosmetic work. Now we have done them on pretty houses. but most of our really good one can through houses that need some work. ie – 160k house that needs 20k. Starting bid at 60k, ended at 115k. contract set for 80. This is a typical one.
I find that if you go after house and try and get them under contract to flip. 1 out of 5 will be a highest bidder. but we live in Houston TX so your market may be different. I would try out of city owners, code violation, tax delinquent or abandon houses.
Hope this helps.
Thank you so much Rob. I’m going to check into this and see where are these would be located because I have some pretty shabby neighborhoods in the Minneapolis area but I would not want to work in. I’m used to selling high-end houses when I was in real estate and working for Builders. I will let you know because I am definitely going to work on it. Hopefully it’s Jackie pointed out I’m going to go through postal workers and other delivery drivers. Appreciate you taking the time thank you again.
Hi Beverly,
You can also try going after Probate. You can get a list down at the county courthouse. We did many houses that we would put under contract, get title cleared, have the house cleaned out, do the inspection, and TK would do the marketing. The house would be sold and cashed out within three weeks. Jackie would always tell us that pretty houses were much easier and she was right but we did have an excellent system.
Pretty houses are great for the most down HBS and these can go very fast also.
We are looking at a house now that is a rental and the owner lives next door. The renter was a dear friend of the owner’s deceased wife and could never evict him. The renter has lived there 15 years and never threw anything out. We are in the process of making several offers and one will be to do a HBS and split proceeds. Once we get in we’ll be able to put some numbers on paper and will post them.
HBS’s are fun.
If you have any questions don’t hesitate to call.
Patti McGreger
713-443-6850
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