4359171930?profile=originalWith REO's on the decline, or at least reaching a plateau, many agents are migrating to short sales in order to fill their pipeline of listings, and the transition can be challenging. While many agents are loathe to embrace short sales, they are a necessary evil in today's market. As illustrated in the classic "Who Moved My Cheese" tail of Sniff, Scurry, Hem and Haw, when the cheese is scarce, it's incumbent to venture out of your comfort zone and seek cheese elsewhere. With such a staggering amount of homeowners in pre-foreclosure, there's an abundance of cheese to be found with short sale listings, but how do you approach distressed homeowners? 

 

There is a plethora of pre-foreclosure data sources on the web, but the common thread is that they are public record information which everyone else has access to. These lists are generally compiled once the Notice of Default (NOD) or Lis Pendens (Latin for "suit pending") is filed, the legal instruments the lender files to re-possess the property. While this data is inexpensive or oftentimes free, the drawback is the fierce competition. Once the homeowner's hardship reaches the public domain, they are deluged with solicitations. One agent told me a homeowner on the NOD list showed him three garbage bags full of mail. 

 

4359171896?profile=original"Soft" credit data provides a distinct, early edge over the competition by targeting homeowners 30, 60, or 90 days past due on their mortgage payment, as reported by the lender to the leading credit reporting agencies. Since this information is not yet public record, you can be the first to reach out to distressed homeowners before your competition knows a property is in distress. You can select distressed homeowners by geography, number of days delinquent, loan balance range, number of mortgage liens, and other precise criteria available through a tri-bureau platform. 

 

Who's your niche audience? We can go to the drawing board and tell you exactly how many struggling borrowers need the help of a real estate professional. > Request a free count

 

 

 

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Comments

  • This is great information. I especially like the information you provided in your free ebook. Great Tips.  

  • I completely agree.  In fact, I've even heard of banks starting to assign short sale listings to agents much like they do with REOs.  Are there any good lead gen networks we can join for short sales?

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