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?"
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?
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