Hello all Superstars,
I can use your help and guidance, here. This is a description of my dilemma.
I'm used to doing short sales in Ohio, where I am from. Ohio uses the "judicial process" and results in a Sheriff's sale.
Now, I've relocated my business to California. i want to ramp up my listing inventory, and of course, I know short sales will be a great way to do so (and help some distressed homeowners, hoping to build a lasting business for years to come by winning them over!)
California uses both "judicial" and "non-judicial" foreclosure process. And what I am finding out to be the most common, is the "non-judicial process" which involves a trustee sale.
I am aware of the timeline of the non-judicial process: the lender must notify the delinquent borrower, give them an initial meeting, the borrower then has 14 days to seek advice and arrange another meeting. 30 days after this contact, the lender can start foreclosure proceedings by filing a NOD. 90 days after filing the NOD the lender can serve the homeowner with a Notice of Sale. 20 days after NOS the property can be sold by the trustee.
What I am doing, for lead generation, is calling NOD homeowners and trying to give them the SFR pitch about their options, attempting to setup an appointment, and convert to a listing. I have a mentor in the office that isn't really up on short sales, and has advised me to brush up on the California process as my mentor thinks this approach to getting listings is going to be a waste of my time.
What do you guys think, any help/tips/advice would be greatly appreciated!
All the best,
We have a group set up for CA short sale superstars. This will help.
Just meet with borrowers and get listings. Many banks aren't even pursuing foreclosures if the property is pending a short sale so you wont have to worry about the process to much. Just know the 'foreclosure date' and get it extended when necessary.