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Short Sale Tip of The Week 5-27-09 "Early"
Posted on 20. May, 2009 by ctlms in Short Sale, foreclosure
What to focus on when working with a seller in foreclosure
As you begin working with a seller that is in foreclosure, the most important thing that anyone must concentrate on is filling the seller’s NEEDS! Times are a lot different than they were a year and a half ago, and now sellers in foreclosure don’t care who you are or how many properties you’ve sold, listed, etc. They only care about what you can do for them NOW! You have to understand that every seller has different needs; whether it is finding an apartment in a certain school district so their kids can go to school with their friends, finding a rental house that takes pets, or just relocating to a different state. Your job as a real estate professional is to identify that right up front!
Now don’t get this confused with what a seller in foreclosure WANTS! Wants are totally different then needs. Wants are things that these sellers do not need in order to live, they are things they desire to have. For example: if a seller is married and has 1 child and requests a 4 bedroom house to move into, that is a want! They can live perfectly fine in a 2 or 3 bedroom house. Your job will be to let them know immediately that if you are going help them then they will have to be practical on what their needs are so you can “realistically” fill those needs.
A great tip to keep in mind: When you are looking at different ways to fill their needs, make sure you know the basics of the foreclosure laws and time-lines in your state. Reason being is that if a seller wants to sell a property in a “short” state (a state whose foreclosure process is less than 60 days), then you will have to know how much time you have to work with (you can go to www.CTLMS.com for foreclosure laws and time-lines for your state). After you understand the foreclosure time-lines and laws of your state then you can proceed in filling your seller’s needs.
And so with that, make sure that your seller’s needs are your number one priority! If they aren’t, not only will the seller recognize that immediately, but you’ll lose them in the blink of an eye!
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Bio
Sean Wilder started in the pre-foreclosure business in 2007. Previously he enjoyed successbusiness in the transportation industry, real estate investing and as a licensed Realtor. Sean brought the same determination and work ethic that lead to great success in his previous businesses to Loss Mit Services based in East Windsor, CT. His focus, combined with his drive to succeed, have been essential to his success as one of the area's top short sale negotiators.
Known for finding creative ways to overcome hurdles and never ending persistence; Sean, believes in the power of team. Sean and his team are in the trenches everyday, plowing through challenges and objections while negotiating with various lenders, and finding solutions to difficult problems. It is this daily experience that brings Loss Mit Services consistent success and provides them the knowledge to share.
Sean belongs to a number of industry groups and associations that allow him to collaborate, share, learn, teach and stay updated on the latest changes in the pre-foreclosure industry at the federal, state, local and lender specific levels.
Effective Oct 1, 2009 all debt negotiation companies that offer loan modification, short sale, or foreclosure rescue services needed to be licensed by the CT Dept of Banking. Sean and his company Loss Mit Services were the 1st to be awarded the Debt Negotiation License NMLS # 828273 which can be verified at the CT Dept of Banking Website by Clicking Here. In addition, effective Oct 1, 2011 Debt Negotiators were required to also be licensed Mortgage Loan originators and Sean also has received this license, NMLS# LO-831853.
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