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How Can You Help Distressed Home Owners?

By
Real Estate Agent with Solid Source Realty GA 320764

Did I hear right?

According to recent NAR reports, if nothing else sold EXCEPT distress properties (meaning REOs and short sales) there is now approximately 2 years worth of distressed properties on the market?   Furthermore, there are 1 - 2 homes on EVERY street that is in trouble. And it is projected that over 7 0f 10 homeowners go into foreclosure with no visible intervention!

This sounds like a perfect storm brewing, and a prime opportunity  for distressed property specialist to increase their outreach efforts and consult some of these people.

Yes, there's a lot of duck-paddling going on.


Like ducks on a pond, people who seem to be floating effortlessly along are in fact paddling furiously just beneath the surface. Many are in denial about where they really are. It's up to us to keep reaching out, offering professional help.

Real estate professionals seeking to help home sellers in distress should be looking particularly for those who got option ARMS that are due to reset this year. Those owners' payments could more than double this year.
 

How can you get to them before this happens?


That's the challenge.

Focus on the data. Ask yourself, "What are the percentages of distressed properties for sale in my marketplace? What's closing? Who is actually selling?" foreclosure home auction

This year, it behooves us all to develop a plan to help distressed sellers. People that don't have to sell are mostly staying out of the market, (or are pricing too high for the market.)

I know that many others in the AR community are working on plans to serve this market. Let's share some ideas here.

I'm reaching out with a very personalized card and testimonial letter to people whose foreclosure announcements I'm finding in the county organ (the newspaper through which the requisite 4 pre-foreclosure announcements are published.)

How about you? What are you doing? 

Comments (6)

Bridget Cella
Re/Max Connection - Sewell, NJ
e-Pro, Realtor

Some very stunning statistics - God help us all!

Feb 12, 2010 07:03 AM
Elva Branson-Lee
Solid Source Realty GA - Atlanta, GA
CDPE - Atlanta Real Estate & Short Sale Agent

Bridget - I know. The numbers ought to rouse us to action.

Rick - I'd like to read your post. You should comment again and leave us a link to it.

Feb 12, 2010 02:17 PM
Jeffrey Smith
Author of 'Realtors Guide To Short Sale Success - Eustis, FL
Short Sale Education

Thanks for the stats Elva and comic sans is my favorite font. I juwished it w consid  "professional" by everyone else.

Feb 13, 2010 12:59 AM
Elva Branson-Lee
Solid Source Realty GA - Atlanta, GA
CDPE - Atlanta Real Estate & Short Sale Agent

Jeffrey - I learned how to make my blog a little more fun to look at by asking for, and recieving, help from my AR friends.

Feb 13, 2010 02:19 PM
Troy Erickson AZ Realtor (602) 295-6807
HomeSmart - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Elva - I am very aware that there are going to be a huge number of distressed home owners in the coming years.  I, like you, are having some difficulty in how I could best help them.  Things are not going to get better anytime soon.

Mar 01, 2010 01:52 PM
Elva Branson-Lee
Solid Source Realty GA - Atlanta, GA
CDPE - Atlanta Real Estate & Short Sale Agent

Troy - Every day I seem to be hearing more dire predictions than the day before. Let's hope it will NOT be as bad as they say.  Of course, it would be easier for us to help if the lenders were more willing to participate in the solution. But that's a whole other can of worms! Don't get me started.

Mar 12, 2010 04:10 PM