A recent report from ‘Lender Processing Services’ (September 2011) found that the average number of days a mortgage is in delinquency before being foreclosed is 624 days- a new record high. In addition, 40 % of homeowners with loans in foreclosure have failed to make a payment within two years and 72 % have failed to make a payment in a year or more.
What do these numbers mean for your business? One would suspect that the motivation to explore a short sale option may not develop until several months of missed payments have passed. If this is the case, then staying in regular flow with your sphere is crucial to being able to develop the conversation that would lead to a listing appointment exploring a short sale.
This script can help you develop the conversation with those in your sphere who may be facing financial difficulty.
Prospect: How’s the market?
Agent: Well there are some great opportunities out there, but there are also many people having difficulty making their mortgage payments. I find myself spending much of my time helping them explore their options and letting them know there is help.
Prospect: Really, what kind of help?
Agent: There are several choices they can take, short sale, cash for keys, the Government HAFTA Program.If you know of anyone who might need my help, let me know. A few minutes at their kitchen table could make a world of difference once they know they have choices.