Thursday, December 15, 2011

New wave of foreclosures and short sales in 2012

According to RealtyTrac the number of foreclosure filings declined by 3% in November. Foreclosure filings have been artificially depressed for more than a year now due to the robo-signing scandal that has slowed the processing of paperwork with the banks while they have taken homes out of the foreclosure pipeline in order to clean up their books. The paperwork issues are nearly resolved which means the possibility of banks repossessions and NOD filings will come back stronger than ever. Even though we are experiencing a seasonal decline; Novembers numbers suggest a new set of incoming foreclosure waves, many of which will roll into the market as REO'S or short sales sometime early next year.





The number of notices to homeowners who have missed at least one payment have fell as well. I have had many people tell me that they have missed more than one mortgage payment and have not had any lender correspondence sent to them. A report from a housing market analyst for IHS Global insight says; there are as many as 6 million mortgage borrowers who have missed payments, and with the economy still struggling, in most cases, their problems will be resolved through either a short sale or a foreclosure.



It is coming. I believe 2012 will be a massive year for short sales. I have alot of homeowners I know who are on the fence and trying to save their homes. The question still remains; is it realistic in this economy? Is it better to stop the bleeding now and move forward shedding all the baggage that seems to be weighing us down on many levels? Or keep holding on to things that no longer do us any good. . There are people facing serious illness, divorce, job less and death. I know that seems harsh to say but that is the reality of where we are. I don't know about you but I am ready for a new wave of peace and if that's means surrendering to what is in order to allow something better to come in; or just take the next indicated step. Trust and allow, maybe what we feel we are losing will come back even better than what we could have ever imagined possible. I am holding that faith for myself and others and in the mean time cleaning up my side of the street to be ready for the miracles that could potentially take place.




Helping homeowners facing these difficult situations to see things in a different light may bring some much needed clarity in order to move forward and make a decision to help achieve their goals.




The following steps in order can help you achieve this with your clients



1. Listen



2. Go over all options available



3. Pre qualify



4. Help the home owner come to the conclusion on their own on what best fits their needs after going through all the pros and cons of each option. After explaining options verses their personal circumstances they will have a better understanding of where they are at and the importance of moving forward.




5. Set expectations and shed some light on future positive outcomes in taking action and getting on the road to recovery.




(Quote) Develop an attitude of gratitude, and give thanks for everything that happens to you, knowing that every step forward is a step toward achieving something bigger and better than your current situation. ~ Brian Tracy



Lotus Realty Group is hiring REALTORS. Please contact us for more details.



REALTORS, what is in your business plan this year? What are you doing to create a system that will allow you to build your short sale business? How often are you out there prospecting and how do you know if you are taking the listings that are going to be successful and not a waste of your time?





Call us today and let us show you a system that works to help you expand your business and effectively and efficiently close short sale transactions.



LOTUS REALTY GROUP



PROFESSIONAL SHORT SALE NEGOTIATORS




At Lotus Realty GROUP, helping people ethically succeed is at the forefront of who we are...