OfflineI know that some here on DG family use the yellow letters. I have started using them too and found little success to none. I usually get them returned to sender Vacant and unable to forward. I am assuming that the homeowner has been foreclosued on and the bank now owns the house. I am wondering what step in the foreclosure process it is in. I'm hoping for some Reo's to lock on contract and assign to my buyer's list and, if negotiating with the bank, will allow to lock on contract for at least 30 days. Any advice from the well seasoned investors on here would be much appreciated! 
Thanks:
"Each frown I meet only prepares me for the smile to come. Each misfortune I encounter will carry in it the seed of tomorrow's good luck. I must have the night to appreciate the day. I must fail often to succeed only once. I will persist until I succeed."
----OG Mandino
"Cut not the wings of your dreams,
for they are the heartbeat and the freedom of your soul." ~ Flavia
Kathy Wholesales TX
KM WholeSale Properties LLC
469-587-9967
1888-591-1096
For me, the least effective part of my marketing is my mailing campaign. Door knocking, phone calls and bandit signs work a lot better. We mail to pre foreclosure people as soon as they get the notice of default if we can't contact them by phone. Then we door knock after the mailer is sent out. Unless they respond to the mailer of course! By mailing at the time of their first notice, most people are still in the house. A 2% response rate on mailers is considered good. 2 out of 100 respond. That does not mean you will get a deal from the 2 that do respond! 1000 mailers = 20 responses.
On your REO plan. Major banks will not extend your earnest money refund time past the inspection period. That is usually 7 to 10 days. You can set closing out to 30 of 45 days but you will lose your earnest money if you do not close. The earnest usually goes non refundable after the inspection. Any variation or additional escape clauses will result in your offer being rejected when dealing with any major lender (bank). So flip that house within your inspection period and you will be OK!
Also, you can't assign REOs. You need to double close (dry or wet) or buy them in an LLC or trust and sell those entities. Or basically put your buyer directly on contract for a fee.
Good Luck!
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site