Quick and Dirty Guide to Foreclosures
At this moment, there are 4 good reasons to work foreclosures.
First, there is an abundance of foreclosures.
Second, working foreclosures adds to your toolkit of buyer services.
Third, working foreclosures at pre-foreclosures stage helps out a struggling human being—the seller who is on the brink of defaulting on his loan.
Fourth, there is very little competition.
Most agents view foreclosures as junk prospects, but when RealtyTrac released some numbers on Tuesday, June 12, 2007, relating to foreclosures, all I could see was leads aplenty.
As the Good Books says: the fields are white for harvest but there are so few laborers.
According to its data, RealtyTrac said, more than 176,000 people got foreclosure notices in May, an increase of 90 percent since the same month one year ago and the highest figure ever recorded in their monthly report.
90 percent. That’s scary. But also an excellent opportunity for you to help another human being save credit, equity or face. Rewarding in itself, of course…but you’ll make a few thousand for your time, too.
Now, the first step in working this niche is finding the best ways to locate foreclosures. Bandit signs, courthouses, banks, other real estate agents and loss mitigation specialists are all good sources.
One of the best places to find foreclosures, however, is by subscribing to an online foreclosure and pre-foreclosure service.
After you’ve located them, your next step is to contact the foreclosure.
In addition to pursuing foreclosures, you could also establish some ads that would bring the foreclosures to you. There may be a higher cost, but the quality will be supreme, because these people are looking for help and have sought you out. The following message, on a flier, in the Classified section or in a homes magazine would be sufficient and to the point:
Don’t lose your home to foreclosure.
Learn your options. Preserve your credit.
For a Free Recorded Message 24 Hours a Day
Call 1-800-xxx-xxxx
Enter Extension #XXXX
Let me know in the comments if I missed something that isn’t covered by one of these resources. Happy reading!
