Having lived in Phoenix, AZ for 10.5yrs I witnessed the entire Real Estate cycle. I saw prices go from $140K on average then a 47% home value increase in a 12 month period…then a HUGE market crash in 2008 and home values fall all the way down to $112K on average. This left thousands upon thousands of homeowners underwater/negative equity where they either just let their home go to Foreclosure or they tried to successfully short sale their home. For those of you who don’t know what defines a short sale it is when a homeowners owes more on their home than what it is worth and tries to sell their home “Short” by asking the lending bank to accept less than what is owed on the property. There are many qualifications that banks look for before willing to accept a short sale but they are getting approved easier and easier in 2012 than they were in 2008 0r 2009. As of right now there are over 4000 distressed Northern Virginia homeowners that are in the needs of a Real Estate agent.
Though the Northern Virgina area was not as hard hit as Phoenix it still has many homeowners that are underwater or behind on their payments. These homeowners are scared, stressed, and looking for answers to questions such as: What is the difference between a Short Sale and Foreclosure? Will I get a 1099? What happens to my credit? Will is a deficiency judgement and will I have one? Will I lose my security clearence? All of these are questions that a homeowner asks when considering doing a short sale. Where do these homeowners go when looking for the answers to these questions? They go online just like 98% of people go when beginning their home buying/selling search. As a Director of Sales/Marketing for Stewart Title and Escrow I get asked by Real Estate agents what is the fastest way to grow my business and get more listings? I tell them…Short Sales!! Think about it…you don’t have to get “highest and best,” the sellers don’t care about the list price, they just want one thing: To Avoid Foreclosure and have you get them out of their current situation. When you successfully close their short sale the sellers in my experience send numerous referrals to the Real Estate agent since they more than likely know other people in the same situation AND those sellers will become buyers in a couple of years. Sounds like a residual income to me while helping homeowners in the best way possible.
There are several thousand people in the Northern Virginia area that are in need of a good Real Estate agent. These homeowners are looking for you…for your services…to help them! Having a good website that can be “found” is important along with videos, blogs, past client testimonials, and other key information that tells the consumer that you have value, experience, and the certifiably knowledge to help them successfully short sale.
Stewart Title and Escrow has the ability to help you as Realtor target market for short sales with lists of homeowners 30-60 days late on their mortgage. Theses homeowners are great candidates for short sales. We can provide the data by City, Zip, Sub, Lender Specific, and Loan Origination amount. When you target market to these homeowners having a great “Call To Action” to drive them to your website where they can gather information like videos, blogs, and other key data is important.
Need help growing your Real Estate business? Getting Found online by your ideal client? Targeting Short Sales so you can grow your listing inventory? Please fill out the form below and I will contact you shortly. -Wade “DCTitleGuy”
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