Increasing Business By Defaults
By Brad Andersohn | May 2, 2008
In August of 2005, the real estate market began to shift and adjust. Notice of Default recordings were on the rise, Trustees Sales began to emerge, then the Foreclosures, REO’s, (Bank Owned) and Real Estate Auctions started to dominate many of our markets across the country.
I’ve discovered a way using technology and information, to help increase your real estate business. At the same time, you can be helping people to buy homes, and make a difference in your local market.
Here’s how it works.
When a property goes into default on a “Non-Owner Occupied” home, the owner is the one that gets notified. They have 90 days to get caught up in payments, or the home goes into a Trustees Sale. Unfortunately, no one is notifying the renter or tenant. They are always the last to find out.
Are You Looking for Buyers? Using some of the data sources available, you can find out who’s rental properties are in default. Contact the renters/tenants, and let them know that whether they like it or not, they may be moving soon. This may come as quite a surprise to them, but better you letting them know early, than the Bank at the last minute. Imagine finding out you have 30 days to “Get Out!”
You’re giving them 90 days to find a replacement property, the Banks aren’t so generous.
With homes at lower prices, rates still under 8%, and all the first time buyer programs available, renters have a chance at homeownership, and what better time than now to buy! Get the Defaulted Properties report in your area, have the tenants pre qualified, and then put them into a home, you’ll be their “Hero!”
The Primary focus of these NOD reports traditionally, has been to try and save the home for only the Owner Occupied or try and get them to sell. This is what companies like Notice-of-Default.com do. Surprisingly, no one is helping the renters and tenants.
You can Make a Difference!!
Resources for NODS: National Notice Of Defaults, Dataquick, Reno, San Diego, Try your newspaper and local Title Company for a current list of defaulted properties in your area. Then there is always Google.
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Author's Website: http://www.activerain.com
Topics: Mortgage, Lead Acquisition, General, Marketing |
3 Responses to “Increasing Business By Defaults”
Comments
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May 2nd, 2008 at 12:50 pm
Great article Brad w/ good advice. can you tell everyone how they know it is a Non-owner occupied property?
May 2nd, 2008 at 1:08 pm
Thanks Eric, the graphic I uploaded it shows the owners mailing address to be different than the subject property address. In most cases, (except for PO Boxes) it’s a rental or investment property.
May 5th, 2008 at 7:37 am
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