PROPERTY ALERTS
REAL ESTATE AGENTS EDUCATION
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The Promise Behind The Preforeclosures Market For Real Estate Agents
Every day agents are talking about the pre-foreclosure market—it is the buzz...at sales meetings, at trade shows, on internet message boards, even at the local REALTOR association... everyone wants to know how we can help the debtor while still making money in an ethical manner.
Jerseypreforeclosures.com is designed so you can increase business back to the way it was during boom time when agents were able to get multiple listings every month. The Pre-foreclosure market allows agents to utilize every aspect of the profession by helping home buyers that are not able to sell their properties to investors The major reason why this occurres with home owners that are faced with Pre-foreclosure is the house has little to no equity left in it and in order to satisfy the MTG amount owed to the bank the property will need to be listed with an agent and sold for 80%- 90 % percent of the market value. Investors cost usually require the property to have to bought at 65% to 70% of the value in order to make a profit upon sale of the house and since the bank is owed more than that it often does not become an option for investors purchase the property.
There is no better time and no better resource than jerseypreforeclosures.com to get multiple listings we offer the most information in the business:
- Our information is reliable and comprehensive, just what you need when marketing your real estate services to individuals faced with property foreclosure.
- We Offer more information on the property than any other site accuracy on what is owed on the property to find the rite deals for you.
- Our listings are updated every day, distinguishing us from other preforeclosure sites.
- We provide the owner's mailing address, in addition to the preforeclosure property address which saves you time and money marketing to right person, the owner, not a renter or a vacant house.
- Downloadable Excel spreadsheets and Map Quest integration for each property listing.
HOW AGENTS CAN HELP NEGOTIATE A SHORT SALE WITH THE BANK FOR THEIR INVESTORS LISTS OR HOME BUYERS
With so many combo loans and adjustable rate mortgages adjusting over the next couple years the media found a great WOW FACTOR story by portraying a crashing real estate market... the funny thing is that we are actually in a booming economy... this is the time to explore the pre-foreclosure market, because banks are more than willing to accept less than the full mortgaged amount for default homes.
Anyone in arrears becomes a candidate for what is known as a Short Sale...lenders advocate for agents to get involved in Short Sales and they even have a formula established to account for a full commission and even sometimes an additional $1500 loss mitigation fee…every time you turn around the newspapers are flashing up foreclosure data; banks cant afford these loans on there books; they will discount their loans just to get rid of them, especially in the case of a combo loan…they will heavily discount the 2nd. More and more realty brokerages are catching on; it is actually very easy…default FHA loans for example, have a formula already built in if the debtor is regarded as in imminent foreclosure they will accept 82% of the debt just to get rid of the problem... imagine three similar 350K homes for sale in a neighborhood but yours is listed 287K with full commission built in…this is the way to the lifestyle your used to.
So many of the sub prime sales that we closed for the past 5 years are now showing up as default, Monmouth County alone recorded 730 pre-foreclosures during the first quarter. You could have made full commissions on a large portion of that number. If you consider 1% of 730 is 7. Ask yourself, are you capable of closing 7 more houses this year?
How do you find these clients?
There are essentially 2 main methods:
- The first method is to develop a referral system. Contact large lending institutions and the local mom and pop brokers... tell them that you work with clients with less than perfect credit, clients that banks can not refinance because of there credit history... clients that are in default on their loans and are headed towards repossession... Banks will refer you all of their clients who they can not help. Its just good business.
- the more commonly used method you will want to employ is to subscribe to a variety of lead source lists and develop a marketing system; could be direct mail, door-to-door, or cold calling—just be mindful of the do not call registry. In order to do this you must obtain an up to date and accurate preforeclosure data source.
Preforeclosure data is your main vein to the source of home owners in default right now. With this list you can directly tap into a steady stream of business.
Jerseypreforeclosures.com is the most accurate and up-to-date tool available to find homeowners in pre-foreclosure.
I would like to take this one step further by offering you our promotional program so you can be ahead of the curve and start working in this exciting field right away.
Updated: July 31
