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Getting the Right Pre-Foreclosure & Short Sale List

Looking for a pre-foreclosure list? Before you spend a dime of your marketing budget, be sure to know the answers to these five key questions:

1)      What is a pre-foreclosure lead?

It depends on who you ask, but it really comes down to one simple variable: whether or not the homeowner is currently late on their mortgage. A lender reported mortgage late on their credit report is the only way to know for sure – and it’s the 1st sign of trouble. Make sure the list you buy is a current pull from one of the three credit bureaus.


2)      What information comes with the list?

A good pre-foreclosure list includes the homeowner’s name, primary address, phones where available, mortgage balance, monthly payments, credit score, and mortgage payment history. Remember, this is sensitive information, and should be treated that way when talking to the prospect. One sure way to turn someone off is to start a conversation by saying “we know you’re late on your mortgage”.


3)      What makes a good sales pitch?

Whether your goal is to get a short sale listing, modify their loan, or buy the property as an investment, remember to approach the homeowner with care. Most homeowners are emotionally attached to their home, and want to know if there are options to stay despite falling behind into pre-foreclosure. It’s best to save the reality of losing their home until the other possibilities are presented.


4)      What’s the best way to contact pre-foreclosure leads?

It varies based on your geographic area. If you’re farming locally, you can zero-in on specific zip codes and take a more personalized approach. That can include door knocking, door hangers or direct mail. Larger scale direct mail and phone campaigns are best for multi-regional and state-wide efforts. To help get your “foot in the door”, the message should include multiple options, including the possibility of staying in their home.


5)      What filters and selects can I control?

As the purchaser of the list, you should be in full control of which selects are ultimately chosen. Beware of list providers that force you to take any criteria you don’t want. Selects include how late they currently are as shown on their credit report (30, 60, 90, 120+), minimum mortgage balance ($100K+ for example), and specific geography, right down to individual zip codes. Current foreclosure filings can also be eliminated, assuring you’re getting a pre-foreclosure list, and not a post-foreclosure list.


As with any business transaction, you need to choose your marketing partners wisely. At Idea Engine Marketing, we have the expertise to manage the entire process for you, with complete transparency. If you’re serious about taking your marketing to a whole new level, contact me today for your free, personal consultation.


Click here to learn more about our Pre-Foreclosure and Short Sale Lists.

John Rooney, Principal
Idea Engine Marketing
Sales: 888.980.IDEA (4332)
Office: 858.240.7848
Cell: 858.761.3003
Fax: 888.710.6834
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