Working Default Listings
The best place to start when you are focused on real estate short sales is with default listings, otherwise known as notices of default listings, or NODs.
When a homeowner is behind in their mortgage payments, three or more months, a notice of default is recorded and posted with the county recorder where the property is located.
What are the options for homes that are in default?
Your assistance during these first 90 days before the actual foreclosure is scheduled, is the best hope a homeowner in distress has.
These pre foreclosure lists are of public record, and are available to you through the county records. They are free to search at the county records office during normal business hours.
Pre Foreclosure Success Tip
To be successful in the pre-foreclosure market, you must be consistent. Set up your calendar to do your research in an organized manor, and complete your follow-ups.
It is not uncommon for the homeowner to tell you straight out that they are not in default. Embarrassment and fear of being scammed are among the many worries these property owners are facing. Be as respectful as you can, and try to show some understanding for their situation. Often times, there are other issues going on with them as well.
When you are able to list their home and sell it as a short sale versus the homeowner going through the complete foreclosure process, you will be doing them an invaluable service.
Where can I get a notice of default list for homes?
Property owners in default are trying everything to stop a foreclosure from occuring. Often times they wait way too long. This is where you come in.
To be completely efficient with your time, I recommend subscribing to this Default Listings Service.
You will be able to free up your days for viewing pre foreclosure homes. Working with default listings can be extremely profitable, and rewarding as well.
You can assist homeowners avoid foreclosure and the high tax consequences that it will bring, and these clients will bring you referral after referral. You can bet on it!
The link above for Pre Foreclosure Lists is the best service that I can recommend to you. By sampling their FREE data base it's easy to see how it will work for you, too.
When a homeowner is falling behind on their mortgage payments, or if they're already delinquent, it's important for them to know what is ahead for them and what their options are. Here is where you step in as their lifeline.
Ultimately, the faster you take action, the more choices they will have regarding their financial future.
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