More Foreclosures to come by the MILLIONS

The other night I was chatting about real estate with a close friend of mine, who also happens to be an appraiser. We got to talking about what we think will happen in the near future with the foreclosure ratings and I started to grow a little concerned. Previous to talking with my appraiser friend, I had heard rumors about MANY, MANY more foreclosures that are projected to come to the surface. It was not until I came across multiple articles posted by RISMedia that I started believing those rumors and began to prepare for the next wave of distressed properties...

Currently, about 65% of the recent home sales have been distressed properties and the U.S. Treasury Department says there is more to come in 2010 - by the MILLIONS. So get ready, because they are coming whether you are ready or not!

Okay, don't stress, just freshen up on your skills and prepare for the worst - like mom always says. I made a list comprised of tips on how to effectively target prospective buyers of foreclosures. I combined the list of tips RISMedia gave and added a few of my own. This is what I came up with:

• Include the terms "foreclosures" and "bank-owned properties" in your listings and html tags. ALWAYS, check with your seller first to make sure they are not sensitive to seeing these terms when describing their property.
• If you have a personal web page, add a section about describing to the public what defines a short sale and a foreclosure. Follow with a link to your distressed properties.
• If clients contact you in regards to foreclosures and short sales, comprise a list for them and/or add them to an MLS property search.
• When working with a client, extensively educate your clients, buyers and sellers, on what constitutes a short sale and foreclosure.

For more tips and information regarding distressed properties, click here to go to the source of this article.