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Success Plan 2008
(Working the Foreclosure/Repo Market)
You've now
contacted at least 500 potential sellers and buyers by
telephone, 500 homes in your target market area, sent out or
delivered thank you notes to everyone you've been in contact
with, and left business cards everywhere you've been over
the last month... right? If you haven't, then you have no
right to say ANYTHING about the current situation
of the real estate market. If you have been regularly
following up with your plan, you know first hand the
situations some homeowners face.
This week we want to help you approach, council and coach the homeowners that are facing foreclosure or are having a home repossessed. Keep in mind that you are the professional, and working with a homeowner who is facing foreclosure can be a very sensitive situation. There are many things you can do to help ease the stress and aggravation many homeowners feel, but you need to assess every foreclosure or repossession independently and with extreme care. If you do not know the homeowner situation regarding the foreclosure, you can risk jeopardizing your reputation and career. Now that we've given you an advanced warning, we'll walk you through the steps of dealing with homeowners to get the listing, successfully market the listing and close the deal where you and the homeowner profit. There are several ways you can find foreclosures and repossessions. First, any home going to foreclosure has to be listed as public record, so you can find a listing in your local newspaper or from your local Clerk of Courts Office. These are homes that are already going into foreclosure, so if you target these homes, you need to work fast. In order for you to get the listing, you need permission from the homeowner. The homeowner still has possession of their property until foreclosure relieves possession form the deed holder. You need to convince the homeowner that you can sell their home, possibly delay the foreclosure and work with the lender to get the best possible market price for the property. This means that you have to work together with the homeowner and the lender to get the listing. Most lenders do not want to have the home go to foreclosure due to expenses incurred in the process. You also need to assess the homeowner's needs. When you contact the homeowner, you need to find out if they want to keep their home. Some homeowners have no desire to keep their home, and going to foreclosure is something that they relish. If you do not know the homeowners intentions, ask! You need to know if they want to keep the home. If they do, you can offer services that can help keep them in their home. If they do not want to keep their home, or there is no way they can continue to afford living in their home, you need to get the listing and begin an aggressive marketing campaign that can sell the home. You need to know the base cost of the home, the bank assessed value, the homeowners expectations. The second way to approach Foreclosures and Repos that have not happened is though your door to door knocking approach. You can contact potential listings through direct mail too, but it is much more cost effective to deliver your message door to door. You can also search the internet for foreclosure websites and look at the HUD.gov website for recent information. There are hundreds of foreclosure websites popping up, so be wary of the site you choose to use for foreclosed homes in your area. This week we'll help in 2 ways... we'll give you some more scripts designed specifically for calling homeowners of distressed properties, and as a special bonus, were giving you a flyer that you can print out, photocopy and put in the doors of your target market area. ~~~~~~~~ Foreclosure / Repo Scripts ~~~~~~~~~ ~~~~~~~~ Door to Door Contact Sheet ~~~~~~~~~ Don't give up on your plan. Keep making your cold calls, keep knocking on doors (now you have a new flyer to use) and keep building your database of clients and customers.
Did you miss the first Personal Business Mastery
Newsletters of 2008? Catch up on what you missed and build
your business success!
■ 2008 Personal Business Mastery (Volume 1) ■ 2008 Personal Business Mastery (Volume 2) ■ 2008 Personal Business Mastery (Volume 3) ■ 2008 Personal Business Mastery (Volume 4) ■ 2008 Personal Business Mastery (Volume 5) |
WEBSITE OF THE WEEK Realty Trac  RealtyTrac.com is the 3rd largest real estate website on the internet. Recent revisions include detailed information on Foreclosures and Repossessions in every state. Get educated on the foreclosure laws and sign up for a free trial where you get updates on the most recently listed foreclosures in your area. 'Become the best!' TM Personal TECH TIP SECRETS FOR SUCCESS  Microsoft ® Windows
Turn off annoying security notifications in Windows XP.
CLICK HERE
CLICK HERE Learn more great tips from the past newsletters: Personal Business Mastery Archive <CLICK HERE> Need to develop your business plan? Annual Business Action Plan (CLICK HERE) SPECIAL BONUS: Weekly Success Tracking Worksheet Download this worksheet to keep track of your business and your goals every week! |
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"I appreciate people who are civil, whether they mean it or not. I think: Be civil. Do not cherish your opinion over my feelings. There's a vanity to candor that isn't really worth it. Be kind." Richard Greenberg, NY Times Magazine, 03-26-2006 FAQ: Frequently Asked Questions Q: How does a foreclosure
effect the neighborhood and market A: Foreclosed properties can hurt the value of nearby properties and even have a negative effect on local crime rates, research shows. Municipalities also take a financial hit: In a study on foreclosures in Chicago, researchers found that each foreclosure cost the municipal government more than $30,000, according to a report by the Homeownership Preservation Foundation in Minneapolis. Even one foreclosure can decrease the value of the other homes within 1/8-mile by 1.44 percent, according to research by Dan Immergluck, associate professor of city and regional planning at Georgia Institute of Technology.
Do you have a question? The Sellstate FAQ is
here to help. |
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| www.sellstateuniversity.com | |
 © Copyright 2008 Sellstate Realty Systems Network, Inc. All Rights Reserved. Sellstate Personal Business Mastery Newsletter provides advice and suggestions for improving the real estate related client/customer relationship and development of fundamental skills that are becoming a real estate professional. Following the advice of any real estate professional is considered 'advice' and does not ensure personal success. Sellstate provides training and advice to real estate professionals to assist their real estate careers. Any advice given is based on real estate experience and systems that have been put into place as the primary and fundamental structure of business development. Subscribing to or use of Sellstate Personal Business Mastery Newsletter does not certify success; however, the advice and suggestions given as part of the Sellstate Personal Business Mastery Newsletter and training can increase the ability for real estate success, procurement of listings or real estate sales, and further develop the skills necessary for a professional real estate career. |
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