Hi,
I am pretty sure everyone here would love to have a higher conversion rate of SS through their leads, I just wanted to create this little discussion to see if we could help each other out. The big question is how to get the owner to say YES to have you list their property as a SS, these owners could be:
-unmotivated
-just waiting for a miracle (or for something to happen to the bank and suddendly they will own the home is free and clear)
-got denied of a loan mod or loan mod terms not favorable, but kept reapplying in hopes of getting a different result "this time" (insanity definition here)
-in the process of a loan mod but has an Auction Date within the next 3 months
-don't care if it gets foreclosed on
-have the "I will die in this house" or "I'm not moving anywhere" attidude
-fed up with dealing with the bank
-got misinformed by trusted ones (family members, friends, neighbor, etc.) with the wrong information
-I got a lot of, "so and so told me to let it go to foreclosure, that way the bank can't come after me,"
when they have a 2nd mortgage or the property was an investment property.
-"I have an attorney" or "I'm working with an attorney to stop the foreclosure"
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I just had a client refuse to close on an approved short sale with Chase. He wanted to wait until January 11. Obviously I've not explained the short sale process recently enough. Then He asked me to raise list price 50k because our market has turned. I keep trying to reach out to him and he puts me off. My Lawyer told me not to cancel the listing because I am known for my short sale experience. Seriously??????
Hi Trong:
I have an important question for you that relates to this new FHA short sale you are referencing......You indicated your friend is an investor, correct? You referred to it as a rental property in your post. How long has it been a rental property? With the HUD Pre-Foreclosure short sale program the guidelines do require the home is owner occupied with some minor exceptions. This is a really big deal with these FHA deals.
See:
portal.hud.gov/hudportal/documents/huddoc?id=DOC_16788.doc
or
www.hud.gov/offices/adm/hudclips/letters/mortgagee/2008ml.cfm
Bert Gor
RE/MAX Professionals Select
The Short Sale Group, Inc.
630-842-6000
www.hud.gov/offices/adm/hudclips/letters/mortgagee/2008ml.cfm
I recently had a Chase SS who we found out was going to get $20K from Chase to complete the SS. I proudly posted onto my FB and I had a friend contacted me about her rental property. After talking to her a bit, I found out the reason she didn't pursue SS was because her brother told her that the loan was with the city (it was FHA) and that the loan does not qualify for a SS. How he got that info, I have no idea. So after talking to her more and educating her about FHA SS and the guarantee incentive of at least $750 from FHA to do the SS and potential more from the servicer BoA, potential tax liability, re-qualifications, and all of the benefits of SS vs a Foreclosure, she signed up and I am looking to list it this week. Before my post on FB, she was just waiting for the bank to foreclose because she thought there were no other alternative.
Trong - There is part of your answer. If you find your FB posting is effective for business, use it. Build on it. As for converting unmotivated sellers, I don't normally try. They have to realllllly want to do a short sale to proceed. It's a lot of work on their part. I want to make sure they hold up their end, because my team sure does a lot of work on their behalf.