Archive for March, 2006

Hello all,

I know the 800 number has been down for about 2 months. I talked to my co. today and it is going to take about a week to get it back up. Either way, I decided to offer online IM help from now on via AOL and ICQ messengers.

As far as support, I will try to answer your questions to the best of my ability. I am not an attorney, but I have worked with many, and completed and assisted on many foreclosure transactions. So pick my brain.

If you have any questions about using or signing up for our service, you can ask me right now if I’m online!

I have also posted these contact indicators in the Members area here

 

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SheriffSalesOnline.com and Sheriff Sales Online LLC is not a law firm, nor a substitute for an attorney’s advice. While we provide legal information, this information is general in nature and may not be specific or suitable to your situation. Nothing contained herein or on the SheriffSalesOnline.com website is intended to be, or should be taken by the reader as legal, financial or tax advice.

117,259 properties nationwide entered some stage of foreclosure in February, a 13 percent increase from the previous month and a 68 percent increase from February 2005, according to the Monthly U.S. Foreclosure Market Report from RealTrac.

“This is the third straight month the U.S. foreclosure rate has moved higher, and it’s the second straight [...]

Jeffrey M Posner
http://www.sheriffsalesonline.com
Ever since I started out in this business, I was confronted with this question. Before I knew what to say, I found myself asking it of others. So what is this magic formula of talking to owners in foreclosure?

It can be approached in many different ways. So to keep it simple, I will give you an approach that can work wether you are an individual, investor or Realtor.
Before I go into this script, I am not currently a licensed Realtor and I can not make any claims as to what laws apply for different states. However, I will structure this as close to the law and Realtor code of ethics that I studied when I went to school.

Here is a sample approach:
(You) Hi my name is (First Name) and I work for (xyz company) mostly doing field reports on people in foreclosure. Now I am not here to bother you or make this any harder, but if you did have a moment to answer a few questions I could show you all the possible options you have.

(Owner) I’m not interested… I have it solved…We are refinancing… I already sent in the payment….whatever their rebuttal may be?
(You) Are you sure, it will only take a few moments. I can come back later or call you to explain your options.

If they say No:

continue

In my recent travels I have been reviewing the results from past sales in a few different New Jersey counties. Two counties in particular showed that some properties are selling for less than the advertised judgment amount in the Public Notice.
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This is a very different story than what we were seeing just a few months ago. Now I am not talking about 20-30k less, but a few thousand is enough to notice a change in market conditions. Not to mention the recent proactive effort by most lending institutions. Did you know that most banks, for one of the first times in history, are calling up the homeowners and trying to make a deal with them before it gets too bad?

In fact GMAC has just funded an entire organization to assist with homeowners in trouble. It is called http://www.995hope.org/ . Press Releases say that GMAC contributed about 20 million in seed capital funds to get it going.

What does all this mean? We’ll I’m not actually sure at the moment, but my feelings are that this is going to be a big problem. I am already hearing from REO realtors who are getting calls from their bank contacts telling them to get ready.
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So if the REO market is starting to pick up and properties are starting to sell for less than advertised judgment amounts, I think we can make a safe assumption that the market will yield many bargains in the months to come.

Jeffrey Posner
contact@sheriffsalesonline.com

With 3,300 active foreclosures in Wayne County, Michigan - the most in the nation - field service companies in the Detroit area are so backlogged the only promise they’ll make is that they will return your phone call in 5 business days.
Calls to most Metro Detroit firms result in a voice message saying someone [...]