Would you like to pursue a new real estate niche that leads to fast closings?
When an agent called to ask me if I would write a set of letters for a new real estate niche he wanted to pursue, I agreed, but thought it would have little appeal.
Now, however, I’m reconsidering. Perhaps this IS a good niche to pursue.
The niche – and the new letter set, is prospecting to people who have received a Notice of Trustee’s Sale.
That means they have as few as 20 days in which to sell their homes and avoid the stain of foreclosure – not to mention the loss of all the equity they had in the house.
I had assumed (and we all know how dumb that is) that anyone who got that far into a foreclosure wouldn’t have much, if any, equity to lose. The agent who called me said that wasn’t so. He was looking at pending foreclosures with a great deal of equity. There was enough to pay an agent’s fees and give the owner something in their own pockets.
But – right now isn’t there a moratorium on foreclosures?
Yes, but how long will it last? I’ve found articles that say it was for 60 days, others that say 90 days. Whatever it is, it seems safe to assume that the banks aren’t going to let that go on indefinitely.
When foreclosures start again, those prospects won’t have time to waste.
The prospects you find need to sell, and sell immediately. Otherwise they lose all of their equity and have a foreclosure on their credit reports.
In order to help them, you would first need to do the research – following up to get details on properties you see posted in a newspaper’s “legals.” Then you’d need a ready source of buyers who can act quickly. In other words, you need investors with cash.
What if you don’t have a pool of investors?
Why not partner up with one or two buyer agents who specialize in helping investors? You could also (gasp) contact iBuyers to see if they’d be interested in paying your fee for bringing them properties to buy. I know some do cooperate with listing agents.
At a time when many sellers are choosing to wait for COVID-19 to run its course, these sellers must act now.
Otherwise, they lose everything.
That means you could have some closings coming your way long before your “normal” buyers and sellers are ready to move.
In addition, you could get to feel like a hero – saving people from foreclosure.
Click here to learn more about the Notice of Trustee’s Sale prospecting letters.
The price? Only $37 for a set of 5 letters.
Time graphic courtesy of stuart miles @ freedigitalphotos.net
Hero Image courtesy of Sira Anamwong at FreeDigitalPhotos.net