I am part of a real estate team in Kenosha that focuses primarily on identifying people in foreclosure and consulting with them. There are many options for people in foreclosure and for no cost we sit down with them and explain the foreclosure process and go over their options. Some people need to sell and owe more than their house is worth. We are able to do what is called a short sale for them. Where the lender accepts a reduced pay off as balance in full and promises not to come after the sellers for the difference owned to them. Also, when other agents in the area are faced with a seller that is in a position where they owe more than the house is worth, they can send them to us and we do the shortsale and send them a referral fee. Not all people that meet with us need to sell, we have a referral network of attorneys and investors that can help them out also.
Another aspect of our business is BPO and REO work. We do Broker Price Opinions for asset managers and market and sell REO (Bank Owned) properties.