Oops! My Mistake Is Your Gain.

Posted on 20. May, 2009 by ctlms in Blog

Looks like we had a scheduling error with the email system and next weeks tip went out along with this weeks tip.

Oh well, guess I will need to write a new tip for next week.

Enjoy, and as always Visit the Ask The Expert Page to leave your questions.

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!

Visit the Ask The Expert Page to leave your questions.