Are you looking for a good opportunity to wholesale or invest your money in Florida? Then you’ll want to keep this blog post in mind because we’re about to list the eight types of off market properties that will earn you substantial discounts when buying them. Get ready to make even more profitable deals when working with these leads!
As you are no doubt aware, there’s a place where realtors post every home for sale. Known as MLS listings, this database contains information on properties whose owners are already convinced to sell. Every agent and investor can access this information to search for opportunities. Though it sounds like the perfect place, this option tends to have fewer discounts, and there’s little room for negotiation.
That’s why we recommend diving into off market properties! These listings aren’t part of the MLS yet, so you’ll be dealing with less competition. In addition, the homeowners here are what’s called motivated or distressed sellers. This means that they have a hard time keeping their properties. Therefore, it’s entirely possible that you’ll get a bigger discount on the property, even if you have to put in a little more effort to get them to sell.
How do you find off market properties in Florida?
You can do this for free by watching for garage sales, burned houses, code violations, and other visual signs you might spot when driving for dollars – you can find more information on this topic here. However, the best way to have access to off market properties is to sign up for a listing. This way, you secure a pipeline of leads that keep coming to you.
At Real Estate IQ, we have the Off Market Leads in Florida (and also Georgia, Utah, and Texas). When you sign up for it, you’ll receive daily lists with eight different types of distressed sellers directly in your inbox. All you have to do is check out the spreadsheets and find the opportunities that appeal to you the most.
At this point, you may be wondering where this information came from, since these are homes that haven’t hit the market yet. Well, we can’t speak for every listing out there, but our information is mined straight from the courthouses. Our research team is responsible for gathering the data, analyzing it, and sending it to you. It usually takes one to two days for leads to get on the list once the paperwork is filed in court, which means even less competition for you!
8 off market leads to get the best discounts
When you subscribe to an off market list, you want to make sure you’re getting the freshest information and the best kind of leads. Even though you may become an expert at dealing with one or two particular leads, it’s important to have variety. This way, you can see which leads are best in your area.
Here, we’ve selected eight leads that will get you the best discounts – and they’re all included in our Florida Our Off Market Leads (keep in mind that they may vary by area):
- Probate*: in this case, you’re working with people who have lost someone and inherited property. Timing is crucial here, as heirs might still be grieving. We recommend patience and consistency: it could take a few months or even a year to close a deal.
- Pre-foreclosure*: this list gathers people who are in trouble because they can’t pay their mortgages. Sometimes they’re only a few months behind and can resolve the problem; others just stretch the situation with renegotiations but end up back on the foreclosure list.
- Lis pendens*: it consists of the notice that there’s a lien on the house and, therefore, the process to take possession of the property is imminent. In Florida, it can be six months prior to foreclosure.
- Tax sales*: these are properties where people owe a tax debt, so the county forecloses on their homes. It’s essential to flag them and contact the owners before selling as you can offer to pay off their debt, for example.
- Loan modifications*: this list compiles loan modifications requests accepted for the first time. Although in some cases people are able to improve their situation, 80% of loan modifications fail. So, it’s a pretty exciting list to select leads, contact them, and follow up a few months later.
- Divorce*: this is where you work with divorcing couples who want to sell their properties and divide their assets.
- Delinquent taxes: unlike tax sales, this list gathers cases where people owe a tax debt, but the county has not yet foreclosed.
- Code violations: this is like driving for dollars but without leaving your office chair. These leads consist of properties that somehow don’t abide by the area rules (i.e., overgrown grass, broken rooks, trash piling up in the front). Sometimes, this is due to the fact that the owners aren’t able to take care of the house and be better off moving somewhere else.
- Evictions*: in here, you’ll find people who are behind their rent and is about to get kicked out.
One of the difficulties that may appear when working with off market properties is locating the owners. The thing is that some of these leads don’t live in the property but only own its title (this is the case, for instance, of heirs). Thus, it’s not worth paying a visit to the address because you’ll probably find it empty.
For that reason, having a skip tracing service is priceless. And our Premium Off Market Leads comes with phones and addresses included! Along with the property information, the leads marked with an * will come to you with:
- Up to 5 cell phone numbers
- Up to 5 landline numbers
- Up to 5 email addresses
- The contact information of a close relative
- Flags for bankruptcy and deceased
To sum up, having access to off market listings is an excellent idea if you’re looking to maximize your profits. But we don’t want you to take our word for it: you can discover that by yourself when subscribing to our products!
Disclaimer: The blog articles are intended for educational and informational purposes only. Nothing in the content is designed to be legal or financial advice.