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Short Sale Pre Foreclosure Article
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Contacting Homeowners Through Pre Foreclosure Leads
from:If you are considering buying a home through pre foreclosure leads obtained through a listing service or a real estate provider, it is important to develop an approach to speaking with the homeowner that is both positive and supportive. It is absolutely critical to keep in mind that this is a deeply stressful time for a homeowner that is likely facing foreclosure and developing a dialogue or introduction to your interest in purchasing the property has to be done with diplomacy as well as honesty.
Many homeowners, especially those that feel they have been mislead by lenders in the past, are often very hostile and highly defensive and mistrustful of anyone approaching them with "this is the answer to your financial problem" type sales pitches. When you obtain pre foreclosure leads, keep in mind that some people will be able to get refinancing, some will work with their lenders and not all are in dire financial situations. Approaching the homeowners from an interested and supportive stance is much more effective as they are less likely to group you in the category of untrustworthy or as being an opportunist to their misfortune.
Pre foreclosure leads can be contacted by several different methods. The cheapest and least intrusive to the homeowner is to send them a registered letter, letting the owner know that you are interested in purchasing their home. Using mass mail outs can also be effective, however this can be viewed by the owner as another ploy by huge companies that only offer discount prices for the home and property. By following up on only the pre foreclosure leads you are really interested in using a personalized, registered letter you may get more responses from homeowners.
Once the pre foreclosure leads have led to a response from the buyer, the next step is to set and appointment and meet with the buyer, typically at the property. If the buyer is seriously considering a short sale on the property, he or she will be willing to allow you to look through the property at this point. You should then obtain the information needed to speak directly to the lender, should you consider making an offer. Keep in mind that the owner may be unaware of current market values, so having some comparable sales information for foreclosed homes in the same area is very important. For owners this can be tough to understand if they value their homes at the original price, so you may want to provide this information to the owner before the meeting by mail to allow them to review this material privately and gain an understanding of the market.
Short Sale Pre Foreclosure News
Foreclosures down, short sales up. Are banks getting smart? - Christian Science Monitor
 CBS News | Foreclosures down, short sales up. Are banks getting smart? Christian Science Monitor Short sales began outpacing foreclosures in some states late last year. Six states saw more preforeclosure sales – typically, short sales – than foreclosures in the fourth quarter, according to RealtyTrac, an online marketplace for foreclosure ... Foreclosures reach lowest level since 2007 Mortgage foreclosures dropping nationwide; good news for Maine Foreclosure activity drops in April |
Big profits for home-flippers signal Phoenix-area rebound - Tucson Citizen
Big profits for home-flippers signal Phoenix-area rebound Tucson Citizen 25, 2012, under Arizona Republic News In another sign that metro Phoenix's housing market is slowly recovering, hundreds of homes across the region sold by banks after foreclosure or through short sales are being flipped by investors for almost double ... Phoenix Area Primed for Housing Recovery |
Speeding Up Short Sales - New York Times
 New York Times | Speeding Up Short Sales New York Times Fannie and Freddie must also respond to initial requests for a short sale within 30 days of receiving the buyer's submission. “Short sales are huge right now,” said Peter Spino, the foreclosure services manager for Community Housing Innovators in White ... Mortgage rates hit 4th straight record low |
Short sales prohibit sellers from being tenants - Las Vegas Review-Journal
Short sales prohibit sellers from being tenants Las Vegas Review-Journal This more stringent requirement could prompt lenders to find alternatives (including short sales) to actually going through the foreclosure process. Our local housing inventory is now lower than it has been in a number of years. |
Maddeningly long short sales may get shorter - Minnesota Public Radio
Maddeningly long short sales may get shorter Minnesota Public Radio Since November, she's been waiting for the company that services her mortgage to respond to her request for a short sale. "It's actually kind of depressing because you're looking at all your belongings boxed up and you're just waiting, waiting," she ... |
Washington metro area foreclosures down 7.9 percent in April - Washington Post (blog)
 Michigan Business Review - MLive.com | Washington metro area foreclosures down 7.9 percent in April Washington Post (blog) (David Zalubowski - AP) “More distressed loans are being diverted into short sales rather than becoming completed foreclosures,” Moore said in a statement. “Our preliminary first quarter sales data shows that pre-foreclosure sales — typically short ... US Foreclosure Activity Shifting Eastward According to RealtyTrac(R) US ... Foreclosure filings up in Philadelphia region Prospects for housing market get brighter in Shasta County; foreclosures fall ... |
About real estate: Nation's biggest lender offers payments to troubled ... - Chicago Daily Herald
About real estate: Nation's biggest lender offers payments to troubled ... Chicago Daily Herald The bank has sent me a default notice and is threatening to foreclose, but the letter also says I have the option to make a “short-sale” that will allow me to avoid foreclosure, wipe out all my mortgage debt and will actually pay me $5000 to leave. |
Home sales up nearly 10% in San Fernando Valley area - Los Angeles Daily News
Home sales up nearly 10% in San Fernando Valley area Los Angeles Daily News By Gregory J. Wilcox, Staff Writer The San Fernando Valley's housing market perked up in April with sales increasing nearly 10 percent and foreclosure activity plunging 45.5 percent, a research center said Friday. Last month there were 226 foreclosures ... |