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Building Urgency With Short Sale Homeowners

Published February 2, 2011 in Bank America Short Sales - 0 Comments

Short Sale Power Hour

We are a couple weeks from the close of the year and there are lots of things going on with homeowners across the country. We have seen a change in homeowners minds as it relates to short sales, loan mods, and foreclosure.

It is a bit more difficult this time of year. Many potential customers just want to get past the holidays before they deal with their house. Despite this idea, we have to continue to create urgency with prospective sellers.

We were reading today on the subject of homeowners that are being denied loan mods and trial loan mods. You have to be able to employ real information to put urgency into these potential clients.

Here is what is really going on. The HAMP plan will help steer clear of foreclosure for 800,000 homeowners by the wrap of 2012. It was supposed to help 3 to 4 million. Through the end of October, they have completed about 500,000 loan mods. Nonetheless, the 90 day delinquency rate is over 20%. The Treasury expects a 40% redefault rate over a five year period. Something else to impart with homeowners, conversions from a trial loan mod to a permanent loan mod have dropped every month ever since June.

Trial modifications are really just an application fee to look at your file. It’s a few months of payments before the homeowner has to do something else. You have GOT to put this information into your possible clients’ hands. If you are tired of homeowners getting taken advantage of, this information has to be brought to the attention of homeowners.

Do not forget about our holiday sale. All of our teaching materials are on sale Thursday and Friday, December 16th and 17th. We’ve reduced prices severely to help you help homeowners.

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