How to Find Motivated and Distressed Sellers
There are many different types of motivated sellers are looking to sell their properties outside the conventional real estate advertising cycle. These distressed sellers are absentee landlords, divorce filers, those looking for new jobs or school districts and REO’s or real estate owned properties, which is a property taken back by a lender, usually a bank during foreclosure. FreedomSoft gives you instant REO leads.
Looking outside the conventional real estate advertising cycle such as signs and classified ads, here are some creative ways you can find motivated sellers to include in your marketing.
Begin by searching the Internet. Many banks maintain online lists of foreclosed properties. A few national lenders who maintain websites of bank-owned properties are Countrywide, Bank of America and Chase Mortgage. Realtor.com, Zillow.com and BuyBankHomes.com allows you to search by foreclosures. BackPage.com and CraigsList.com are also great places to find motivated sellers in pre-foreclosure, divorce, bankruptcy and probate.
Lenders will sometimes hire an asset management company to manage foreclosures on the lender’s behalf. Subprime mortgage companies use HomeEq Servicing, Wells Fargo uses Premiere Asset Services and Keystone Asset Management is an agency that deals with defaults.
Government agencies can be helpful. Look at Housing Urban Development, or HUD, and Fannie Mae for foreclosure homes. The Department of the Treasury has homes seized by the Internal Revenue Service.
While some experts agree that auction companies often get higher prices due to the auction frenzy created among its bidders, sometimes you can find a real gem at one. Some auction houses to check out are Real Estate Disposition Corporation, J. P. King, United Country Auction Services, Williams & Williams and Bid 4 Assets.
Foreclosure.com and Realty Trac are web-based foreclosure companies who charge a fee for providing you with a list of foreclosure properties. They reason that it takes time, trouble and expertise to locate and assemble accurate national foreclosure lists. You may find it is worth the fee to let these companies search for you.
Another effective way to find wholesale deals is by using a bird dog. Bird dogs can range from casual contacts, such as mail carriers and service people, to professionals who are trained to scout for properties. Search for high school or college students looking to earn extra income. Also, new investors trying to break into the business make great bird dogs. Have your bird dog fill out a detailed form about the property and take pictures of the front and back. Then pay them either a referral fee or a per-lead fee.
Keep in mind that not all foreclosures are great bargains and you can run into unexpected nightmares. There can be drawbacks to buying foreclosures but some foreclosed homes are diamonds in the rough. If you are inexperienced at buying foreclosures, you may want to hire a real estate agent for guidance and assistance.
In addition, continue to use conventional real estate advertising such as direct mailings, emails, bandit signs and newspaper ads to find motivated sellers. Attract them to contact you and build a rapport with them. Word of mouth is a great marketing tool.
A consistent flow of motivated seller leads is probably the most important aspect of your real estate investing business success. FreedomSoft will automatically provide many instant sellers leads for you as well as capture and maintain leads you obtain on your own.
A consistent flow of motivated seller leads is an important aspect of your real estate investing business success. FreedomSoft will provide many instant sellers leads for you. Visit www.Preston-Ely-Freedom-Soft-Review.com to review this new software system.