Preforeclosures: 4 Shortcuts for Closing in Record Time

Working with distressed properties has the potential to be an extremely lucrative area of specialty for any agent. There are some inherent difficulties, to be sure, and this is responsible for putting a lot of people off the idea of getting into the pre-foreclosure game in the first place. However, these complications are much easier to overcome than you might think. The fact that other agents are choosing to ignore the secret real estate goldmine is their loss – and your gain! Follow our shortcuts to learn how to make some serious sales.
#1: Inform Yourself
You shouldn’t be surprised to learn that owners of distressed properties might well be feeling pretty distressed themselves. They’re in a difficult financial situation, probably desperate for a way out, but they could also be very wary about making things worse for themselves. You could help them, but they need to trust you. How do you gain that trust? By knowing your onions!
Be able to explain to your clients all the options that are available to them. Make sure you understand the legal implications and requirements in your state so that the advice you give is rock solid. Having a team of experts at your fingertips is critical: attorneys, CPAs, loan managers, bank representatives etc. Remember that agents can be held liable for their advice, so you will be protecting yourself as well.
#2: Who You Gonna Call?
Once you’ve hit the books and have your side of things covered, start finding out what other professionals in your area specialize in other aspects of pre-foreclosure. There will likely be tax implications for your client, as well as complex legal ramifications, so it is highly probable that they will need to consult an accountant and/or an attorney before the process is through. Be all over this. You should be able to recommend the top guys in town, and ideally have a good working relationship with them yourself.
#3: The Right Buyer
Buying a pre-foreclosure property can be as much a specialized business as selling them. Pre-foreclosures will be most attractive to investors, since they will be the kinds of buyers with the capital to move ahead with a swift sale and the flexibility to allow the seller time to move out of the property. Start cultivating relationships with people looking for great deals to get a foothold in the investment property market.
#4: Get Prospecting
You need the best lead generation tools with the most reliable data and up-to-date information to start finding those listings. REDX provides consistent high-quality pre-foreclosure data and leads as well as the tools to go with them. Give us a call today to find out why REDX is the best investment you can make.