Simple Steps To Working Short Sales

When it comes to finding new listings, short sales may be your answer. In an effort to avoid foreclosure some homeowners may resort to a short sale. A short sale is the sale of a home for less than the value of the mortgage with approval from the lender. Before a home can go through the foreclosure process, the lender must file a notice of default, at the County Recorder Office. A NOD is the formal notification to the homeowner that they have lapsed in mortgage payments. All of these records are available at the Recorder's office and it is your job to do the research to find these listings. These public records are accessible by anyone but you must research through all the paperwork to find the names of the people to contact. Although this may be time consuming, you going to the clerk's office will put you ahead of all the other agents fighting for these listings. Some counties have the records online so you could save some time by checking your counties website for these records.



Once you have found potential short sale listings, you must market yourself to these potential clients. Most homeowners are not educated in the subject of a short sale so you want to simplify your pitch to them and let them know you are here to help them. With your help you will eliminate the fear and get their home sold as quickly as possible. In your marketing messages you might use a tag line like "Don't lose your home to foreclosure; I can sell your home within 60 days!" The ultimate goal here is to educate the homeowner that they have options and you can get their home sold before it goes into foreclosure.
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As with everything there are challenges with doing a short sale, but they can all be outsourced. With a short sale there is always a lot of paperwork that must be completed, a large percentage of transactions fall through, and they are very time consuming. These simple problems can be fixed through outsourcing. There are many qualified people to handle the tedious work of a short sale and many of them don't require payment until close. Your best tool in a short sale is delegation! And when it comes with transactions that fail, take advantage of the new contact made. The potential buyers may be interested in your other listings and can lead to another sale!



Home sales are plentiful and rewarding. With a little research you can gain many new listings and new clients to add to your contact list. Take the time to do the research and you'll find more success in your business model.