6,393,404
Been buying them for decades, everyone has a different tipping point as to when they decide that they need help. Most wait far too long.
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Ryan Huggins - Thousan...
Thousand Oaks, CA
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Lyn Sims
Schaumburg, IL
-
Susie Kay
Plano, TX
-
Michael Jacobs
Pasadena, CA
-
Greg Large
Grove City, OH
-
Pete Xavier
Pacific Palisades, CA
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Kevin J. May
Hobe Sound, FL
-
Bob Crane
Stevens Point, WI
2,071,025
Sell it for the highest and the best.
No doubt, you want to help them from the bottom of your heart, Gene.
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Doug Dawes
Topsfield, MA
-
Richard Weeks
Dallas, TX
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Susie Kay
Plano, TX
-
Michael Jacobs
Pasadena, CA
-
Bob Crane
Stevens Point, WI
-
Pete Xavier
Pacific Palisades, CA
-
Valeria Mola
Sunny Isles Beach, FL
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
1,598,452
Wishing your the best in this situation and keep us posted, Gene.
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Doug Dawes
Topsfield, MA
-
Richard Weeks
Dallas, TX
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Susie Kay
Plano, TX
-
Michael Jacobs
Pasadena, CA
-
Bob Crane
Stevens Point, WI
-
Pete Xavier
Pacific Palisades, CA
-
Valeria Mola
Sunny Isles Beach, FL
953,617
Plenty of experience, biggest thing is that I did not approach them as a real estate agent, I dressed down, usually in my jeans and hide my nice car around the corner. Your approach is to help them the best way you could and go over ALL the options as "their advocate". Best to learn all you can about loan modifications, among other things. If the best way happens to turn out to be a short-sale solution...than you're their man.
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Fred Griffin Florida R...
Tallahassee, FL
-
Susie Kay
Plano, TX
-
Michael Jacobs
Pasadena, CA
-
Bob Crane
Stevens Point, WI
-
Valeria Mola
Sunny Isles Beach, FL
644,025
you did not specify what kind of "help" you have in mind. help comes in many forms with distressed homeowners, develop a plan of establishing trust and having more than one solution.
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Doug Dawes
Topsfield, MA
-
Carol Williams
Wenatchee, WA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Fred Griffin Florida R...
Tallahassee, FL
-
Pete Xavier
Pacific Palisades, CA
-
Michael Jacobs
Pasadena, CA
5,104,931
I don't. Distressed properties were "a thing" some years back when the market went sideways... not so much right now.
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Jennifer Mackay
Panama City, FL
-
Doug Dawes
Topsfield, MA
-
Richard Weeks
Dallas, TX
-
Bob "RealMan" Timm
Minot, ND
-
Fred Griffin Florida R...
Tallahassee, FL
-
Susie Kay
Plano, TX
-
Michael Jacobs
Pasadena, CA
1,153,794
It's not a field for the faint of heart and while it may yield some great connections know that the lenders feel none of your compassion to do so. It's not recommended at this stage of your experience in my opinion.
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Fred Griffin Florida R...
Tallahassee, FL
-
Lyn Sims
Schaumburg, IL
-
Michael Jacobs
Pasadena, CA
-
Bob Crane
Stevens Point, WI
1,239,901
Know your default FNMA laws. The laws of forgiveness gave away for free has stopped. It is considered taxable if I hear right. In our area if one bought a property this year never paid a Penny there is enough equity to take a profit out of a regular sale.
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
-
Valeria Mola
Sunny Isles Beach, FL
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Bob Crane
Stevens Point, WI
5,230,079
What market are you in, Gene? We have very few distressed properties in our area and it's been like that for several years. During the recession, I did a ton of short sales but, again, it's been years since I have had to!
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Jennifer Mackay
Panama City, FL
-
Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Doug Dawes
Topsfield, MA
-
Richard Weeks
Dallas, TX
-
Bob "RealMan" Timm
Minot, ND
-
Pete Xavier
Pacific Palisades, CA
4,572,183
Not my specialty. I can offend no advice. Good luck.
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Doug Dawes
Topsfield, MA
-
Richard Weeks
Dallas, TX
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Susie Kay
Plano, TX
-
Pete Xavier
Pacific Palisades, CA
2,684,109
If you are going to work REOs, shorts, distressed, etc. find out who in your Board is already working that field. In Tallahassee we have one agent who handles HUD, another for FNMA, one for FHLMC, another who does local bank portfolios, etc. and I know 2 guys who are masters at short sales.
Find those people in your own Board or Association. Meet those people. Preview their listings. Take them to lunch. Pick their brains.
Then do what Caroline Gerardo said in her answer on this page.
And call Sally K. & David L. Hanson !
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Pete Xavier
Pacific Palisades, CA
-
Sally K. & David L. Ha...
Brookfield, WI
2,390,620
Check with Sally K. & David L. Hanson .
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Doug Dawes
Topsfield, MA
-
Pete Xavier
Pacific Palisades, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Sally K. & David L. Ha...
Brookfield, WI
-
Fred Griffin Florida R...
Tallahassee, FL
509,449
I can see that you have a good heart, Gene Joyce ! They probably won't open the door if you knock. You may want to leave your flyer with your bio as a distressed property specialist or short sale and foreclosure resource, and how you can help them.
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Pete Xavier
Pacific Palisades, CA
-
Susie Kay
Plano, TX
921,504
Depends on the type of 'distress.'
There is a suggested distress wyen a LIS Pendens is filed.
Then there is the distress that comes with phone call and post mailing announcing 'Past Due.'
Then there is the distress obvious when the occupant has been booted and the lender has a problem.
Then there is the distress caused by illness and dimenished ability to maintain a property.
Or the emminate distress when someone is incarcerated.
Or the situation most families willl find themselves in should they fall ill and the medical bill flow in.
We may not be able to know the cause of the distress but we all recognize the most obvious remedy. That may not be selling their house. So I would start with real help and that may end with a housing situation change.
For example: A house not so long ago has a damaged shingle on the roof for months. It was on the front of the house so everyone could see it. I identifed a roofing company with a 'special' deal for them. So, they fixed the roof so they could sell the house.
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Lyn Sims
Schaumburg, IL
-
Michael Jacobs
Pasadena, CA
1,543,817
I worked nothing but distressed properties 2007-2011. I rarely approached owners, I was referred or contacted directly by them through my distressed property marketing.
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Pete Xavier
Pacific Palisades, CA
5,216,398
The Hanson's in Milwaukee could be of help. Not my specialty!
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Sally K. & David L. Ha...
Brookfield, WI
3,340,443
Feel free to give us a call...there have not been lots around recently in many areas...you want to know first of all...the universe of that area in your area. Next you want to take the poper training so you can help people who are upside down. You can feel free to call us: 414 525 0563 anytime,
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Fred Griffin Florida R...
Tallahassee, FL
417,221
Have your arrows sharp and ready. Know the laws, have hand outs with legal time lines. Have a lender who may be able to refinance temporarily or offer a reverse mortgage if available. Have the crew that can clean up, spruce up and do the defferred maintenance if they can sell. Have the game plan for each lender or servicer rules. Be ready to help with time and a shovel
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Fred Griffin Florida R...
Tallahassee, FL
1,844,301
Distressed is relative. I would just go help regular folks buy or sell. There isn't that much of that going on in my area at least these days. Why cut yourself short?
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Fred Griffin Florida R...
Tallahassee, FL
1,196,798
Several good answers here already. Best wishes in your endeavor
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Pete Xavier
Pacific Palisades, CA
-
Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
3,988,007
Many people in this situation are in denial. There is a website a friend of mine uses that lists properties in pre-foreclosure.
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Debe Maxwell, CRS
Charlotte, NC
-
Doug Dawes
Topsfield, MA
-
Bob "RealMan" Timm
Minot, ND
1,622,432
To many realtors and investors go after defaulted/distressed homeowners, be patient, personal, and kind. Those people are already under a huge amount of stress and pressure.
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
5,583,278
they're tough to find.... when we sell to one of our builders, we don't take a commission, and after hearing that, the seller never speaks to another agent.... our builder gets the deal and we get the finished end product...
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
12,488
Have a good heart. Be there to offer advice whether it involves a transaction for you or not. Sometimes best path is to sell, sometimes best path is to finance, sometimes best case is to get an attorney involved. It is a sometimes a litigous situation and be very careful because if you say or advise the wrong thing the arrows could be pointed back at you.
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
2,781,173
Just like you are approaching us...approach them. Where are they? Years ago, I discovered a source that fell into my social lap. It had to do with being friendly to everyone I meet/met and practicing sharing, caring, with dialog and all the rest of which I like to do. People just open up and even referred others for help. I was even surprised as to how much the mailman knew too. People who need help face a paradox of a sort. They are ashamed to state it. Thus one must be inviting, subservient and sincere to attract their trust.....
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
7,836,134
Provide the needed advice.
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
378,517
It's a tough niche and I wouldn't hire someone to help me if I was in bankruptcy or doing a short sale if they didn't have experience. Have you sold short sales? foreclosures? If not I suggest partnering with an experienced agent for your first few to get it right.
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
2,220,323
Not my specialty, good luck to you Gene.
-
Debe Maxwell, CRS
Charlotte, NC
-
Anthony Acosta - ALLAT...
Atlanta, GA
1,725,996
With genuine honesty and forthright sharing if information and services. Sometimes it works, othertimes; not
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Debe Maxwell, CRS
Charlotte, NC
-
Doug Dawes
Topsfield, MA
4,800,082
I would think that approaching them with the utmost empathy would be the first step.
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Debe Maxwell, CRS
Charlotte, NC
-
Doug Dawes
Topsfield, MA
3,416,038
Something i have been doing it for 20 years, they thing is, that the owner has to want to work with you, many have given up. Others owe more than it is worth. You have to have a seller willing to work with you or you are dead in the water before you start. I like to send letters and personalize to their situation
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Debe Maxwell, CRS
Charlotte, NC
-
Doug Dawes
Topsfield, MA
4,882,355
Those are the properties we try to buy. You could always list them pro bono.
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Debe Maxwell, CRS
Charlotte, NC
-
Doug Dawes
Topsfield, MA
1,090,637
First, talk with agents in your area who are experienced in short sales, REOs and pre-foreclosure. They are all different animals and you may find it is not what you expect. Ask what training is needed and if there is enough of a demand in your market for this to be a niche for you.
If you are still interested, get trained before proceeding. Distressed properties are highly specialized and not for everyone. Short sales and foreclosures are pretty much a thing of the past in my area, you may find the same in yours.
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Debe Maxwell, CRS
Charlotte, NC
-
Doug Dawes
Topsfield, MA
2,178,603
You have to convince them you truly want to help them... not yourself. As the late great Zig Ziglar said: You can get anything you want in life if you help enough other people get what they want.:" Write them a letter and convince them you truly want to help them. It's all about them. Not you!
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Debe Maxwell, CRS
Charlotte, NC
-
Doug Dawes
Topsfield, MA
3,345,091
Define "distressed property" ... how you want to help them?
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Debe Maxwell, CRS
Charlotte, NC
1,502,998
I connect them with my investors who'll buy it for a fix 'n flip.
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Debe Maxwell, CRS
Charlotte, NC
3,986,258
I have worked a few and I always try and save the house first
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Doug Dawes
Topsfield, MA
4,936,677
5,868,554
5,772,575